LOGISTICS group Stobart yesterday said its place in the food and drink sector meant it was riding out the recession better than its rivals.

About two-thirds of its work involves the transportation of food and drink, where business volumes have been protected because consumers are tending to replace premium products with cheaper alternatives.

It admitted its port operations had been affected by a reduction in the number of Far East imports, but said overall the downturn in the economy has not affected Stobart in the same way it has for many other firms.

The company argued that its ‘‘pay-as-you-go’’ model also provided Stobart and its customers with less commercial risk.

Profits from continuing activities improved to £23.1m in the year to February 28, as Stobart benefited from strong performances in its road transport and rail divisions, as well as steady progress in ports and air.

The group said its famous Eddie Stobart brand had less than two per cent of the UK’s total road haulage business, meaning it still had plenty of opportunities for growth.

Chief executive Andrew Tinkler added: ‘‘We will grow, but we will also be mindful of risk to ensure the right decisions are made.’’ Stobart shares rose more than ten per cent following their annual results yesterday.