18 Jan 2019 07:00
The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
18 January 2019
Eddie Stobart Logistics plc
("Eddie Stobart" or the "Group")
Year End Trading Update
Eddie Stobart Logistics plc, a leading UK end to end supply chain, transport and logistics group provides the following trading update for the financial year ended 30 November 2018.
Group revenues for the financial year grew 35% to approximately £843m (2017: £623.9m), ahead of market expectations. Revenues excluding contributions from our acquired subsidiaries, iForce, Speedy Freight and The Pallet Network (TPN), increased by 18%.
This reflects significant and broad-based growth across all our sectors with £162m of new contract wins during the year, organic growth within the existing customer base and continuing strong performance by our acquired subsidiaries. TPN, which was purchased on 29 June 2018, has made a notable contribution to our strategy of building a more resilient network and has traded in line with expectations.
We continue to invest in our transport operations, warehousing network and technology to support our future growth plans. Net debt as at period end was approximately £154m (2017: £109.5m), reflecting working capital investment required to support the significant levels of sales increase and the additional debt associated with the purchase of TPN.
As anticipated, margins improved in the second half following costs incurred in the first half in implementing these major new customer contracts. Margins are expected to improve further in 2019. Underlying EBIT for the period was broadly in line with market expectations.
The Group's audited results for the year ended 30 November 2018 will be released on 28 March 2019. Numbers in this statement are subject to audit.
Eddie Stobart Logistics plc | (0)1925 605400 |
Alex Laffey, Chief Executive Officer | |
Damien Harte, Chief Financial Officer | |
FTI Consulting | (0)20 3727 1340 |
Nick Hasell / Alex Le May/ Matthew O'Keeffe | |
Cenkos Securities Plc (Nomad & Joint Broker) | (0)20 7397 8900 |
Nicholas Wells / Giles Balleny / Harry Hargreaves | |
Berenberg (Joint broker) | (0)20 3207 7800 |
Chris Bowman / Toby Flaux / Laure Fine |