Eddie Stobart Logistics revenue up 9.4% to £624m

Warrington-based Eddie Stobart Logistics plc said its revenue rose 9.4% to £623.9 million in the year to November 30, 2017 — its first year as an AIM-listed company.

Profit before tax fell 11.6% to £9.9 million while operating profit slipped 1% to £26.6 million.

A final dividend of 4.4p per share is proposed, making a total of 5.8p per share for the full year in line with the firm’s progressive dividend policy.

The famous logistics firm said it renewed about £41 million of existing contracts and secured an additional £89 million of new volume with existing and new customers.

Eddie Stobart Logistics enjoyed 37% revenue growth within its manufacturing, industrial and bulk (MIB) business, and 111% revenue growth in its E-commerce division.

The firm also completed the acquisitions of iForce, Speedy Freight and Logistic People during the period.

Eddie Stobart Logistics chairman Philip Swatman said: “Whilst our existing business in continental Europe is small, we have ambitions to develop this, replicating our successful model in the UK.

“We will be keeping the Brexit position under review but, to date, we have seen no significant impact from Brexit on our business.”

Eddie Stobart Logistics CEO Alex Laffey commented: “We have made good progress in implementing our strategy of becoming a leading provider of end-to-end supply chain solutions.

“This has been demonstrated by our performance over the past 12 months, especially within our two key growth sectors, Manufacturing, Industrial and Bulk, and E-commerce.

“Overall we are pleased with our progress in 2017. 

“The new financial year has started well and in line with the board’s expectations.”