Logistics group Exel remains confident that it will meet full-year profit expectations.

Exel - which has depots in Littlemore, Banbury and Didcot - is to announce results for the year to December 31, 2002, in March.

Chief executive John Allan said: "The first nine months of 2002 have confirmed the resilience of Exel's business model.

"We have been able to focus on delivering high levels of customer service that has translated into good new business wins and a strong rate of contract renewals.

"Cash generation has also been good. We remain confident that the group will meet market expectations."

He added: "Trading conditions for many of our customers remain difficult and there are few signs of recovery."