Home Business NewsBusinessBusiness Growth News Eddie Stobart earnings accelerate to £55.3m

Eddie Stobart earnings accelerate to £55.3m

by Mark Fitt Political Journalist
28th Mar 19 9:55 am

Transport company, Eddie Stobart Logistics has posted a 35% rise in full year revenue to £843.1m in the 12 months to 30 November.

This is ahead of market expectations, pre-tax profit soared to £23.6m more than doubling from £9.9m the previous year.

Underlying earnings were in line with market expectations rising by 14% to £55.3m, net debt was £159.7m at period end, up from £109.5m which reflects working capital investment.

Alex Laffey, chief executive said, “We were pleased with our strong performance in 2018, during which we made significant progress in delivering our strategy of becoming a full-service logistics and supply chain organisation.

“Whilst we remain mindful of the current political and economic uncertainty, we are confident that our unique operating model provides us with the flexibility to respond rapidly to changing market conditions.”

Following major new customer contracts, the company incurred costs, despite the improved second half of the year.

In 2018 the transport company were reviewing whether or not to keep the well-known British brand.

On this front, the company said, “We remain committed to evaluating all of our options around our name and leading brand.

“We have engaged with a brand specialist and talked to customers, shareholders and employees regarding our brand and their perceptions of the value it brings.

“The board remains confident that, whatever the outcome, value will be created and retained in the long term for all key stakeholders.”

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