Eddie Stobart Logistics PLC Pre-close trading update (7635K)
12 July 2017 - 4:00PM
UK Regulatory
TIDMESL
RNS Number : 7635K
Eddie Stobart Logistics PLC
12 July 2017
12 July 2017
EDDIE STOBART LOGISTICS PLC
("Eddie Stobart" or "the Company")
Pre-close trading update
Following its successful IPO on the AIM Market of the London
Stock Exchange in April 2017, the Company is pleased to confirm
that trading for the six months ended 31 May 2017 was in line with
expectations.
Eddie Stobart is one of the UK's leading logistics businesses
working across the full supply chain in the UK and Europe,
delivering innovative solutions and service excellence to a diverse
range of customers in the Retail, Consumer, Manufacturing,
Industrial & Bulk (MIB) and E-Commerce sectors.
Sales for the six months to 31 May 2017 grew by 13% to
approximately GBP287m, with operational efficiencies improving the
growth rate at an EBIT level. EBIT margins modestly expanded year
on year.
The second half of the financial year has commenced well despite
the challenges for the logistics sector due to the current
political and economic environment.
The second half is traditionally the Group's stronger period for
sales and margins as it includes the peak trading periods for
customers in the retail, consumer and e-commerce sectors. In
addition, the second half will benefit from a full six months'
contribution from the iForce business.
The acquisition of iForce, which was completed in conjunction
with the Company's IPO, is providing a strong platform for Eddie
Stobart to develop its e-commerce offer to existing and a new
customers. Management is now focused on leveraging cross-selling
opportunities with existing customers, implementing synergies and
developing new business.
In line with its acquisition strategy, Eddie Stobart has
acquired a 50% interest in Puro Ventures Limited, trading as Speedy
Freight, a provider of nationwide B2B express freight services.
This acquisition complements the Group's service offering to
business customers in the E-Commerce and MIB sector and broadens
its capabilities across the whole supply chain.
The Board is confident for the second half of the financial year
and looks forward to announcing the Company's interim results on 31
August 2017.
Alex Laffey, Chief Executive Officer, commented:
"We are pleased that following our successful IPO in April we
have continued to trade well. Our ongoing investment in the
business and targeted acquisitions are giving us greater
capabilities across our E-Commerce and Manufacturing, Industrial
and Bulk sectors. Our operations continue to trade well as we move
into the second half of the financial year, and we look forward to
delivering a full year performance in line with market
expectations."
ENQUIRIES:
Eddie Stobart Logistics plc
Alex Laffey, CEO via FTI Consulting
Cenkos Securities Plc (NOMAD) 020 7397 8900
Elizabeth Bowman, Jeremy Osler, Harry Hargreaves
FTI Consulting 020 3727 1340
Nick Hasell, Alex Le May, Matthew O'Keeffe
This information is provided by RNS
The company news service from the London Stock Exchange
END
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