Logistics company Stobart has been ejected from the FTSE 250 after its share price dipped.
Stocks in the firm fell by a quarter in the last year and have been underperforming the FTSE 250 index by almost 20 per cent in recent weeks.
Stobart – which runs businesses including the famous Eddie Stobart road haulage brand – has been a member of the FTSE 250 since March 2009, but will drop out of the index from Friday (March 15th).
According to a report by the North West Evening Mail, the company’s £25 million plan to redevelop Carlisle Airport has been halted.
Carlisle City Council’s decision to grant planning permission for a 394,000 sq ft freight distribution centre is being challenged by Irthington farmer Gordon Brown.
At 16:20 GMT today, Stobart’s share price stood at 84.50, slightly down on the start of the day’s trading. Less than a year ago, its stocks were as high as 140.
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