ABP steers toward profit target

ASSOCIATED British Ports said it expected pre-tax profits for this year to be at the top end of market expectations. Analysts have forecast up to £126m for the year ended December, from £139m last time.

The shares rose 10p to 386p as ABP said turnover from continuing operations was expected to rise at least 8%. Contracts won in the past two years have underpinned a rise of at least 7% in profits from continuing UK ports and transport activities.