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Eddie Stobart revenues drive past £600m

Date added: 19/01/2018

Group revenues have driven past £600m at supply chain and logistics business Eddie Stobart, which floated in April, with chief executive Alex Laffey reporting that the company will "look forward to the current year with confidence" following a string of new contract wins.

The company has posted group revenues for the year ending 30 November 2017 of £618m, which represents year-on-year growth of 12 per cent. Underlying EBIT was in line with expectations, which the company told investors reflected strong organic growth and new contract wins.

Meanwhile, the recent acquisitions of iForce, Speedy Freight and The Logistics People continue to perform strongly for the group.

Eddie Stobart said that it has achieved strong and improved operating margins across all sectors and cash conversion for the financial year was ahead of 2016/17. Net debt was £109m in line with its targeted gearing levels.

Laffey said: "We are pleased with our performance during the year and to have delivered strong profit growth in line with expectations. The last quarter of the financial year saw a marked increase in contract wins some of which have now commenced and provide good visibility for the current financial year.

"Christmas trading across the group was in line with our expectations. The new financial year has commenced well with growth ahead of prior year across all sectors and further new customer contracts agreed with Homebase, Cemex and Knauf.

"We look forward to the current year with confidence."

Eddie Stobart, which is based in Warrington, completed an initial public offering on AIM in April 2017.


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