Eddie Stobart half-year revenue rises to £287m

Logistics firm Eddie Stobart said its reported revenue increased 7.6% to £286.8 million in the six months ended May 31, 2017, as it delivered its first results since its IPO in April.

However, the firm reported a loss of £6.3 million compared to a £1.7 m profit for the same period of 2016 “mainly due to the £12.6 million of exceptional items, principally relating to the IPO and associated refinancing.”

Eddie Stobart CEO Alex Laffey said: “Following our successful IPO in April this year, we have delivered a strong performance in line with our expectations.

“The acquisition of iForce Group is integrating well and has provided us with a strong platform to develop our e-commerce offer to existing and new customers.

“Our focus is now on leveraging cross-selling opportunities with existing customers, implementing synergies and developing new business.

“Post period end we have further strengthened our offering through the acquisition of Speedy Freight and the remaining 50% stake in The Logistics People.

“I am also pleased to announce our maiden interim dividend in line with our progressive dividend policy and underlying our confidence in the business.

“Our traditionally stronger second half of the year has started encouragingly and we are confident of delivering a full year performance in line with market expectations.”