Eddie Stobart Logistics PLC Year End Trading Update (4405N)
18 January 2019 - 6:00PM
UK Regulatory
TIDMESL
RNS Number : 4405N
Eddie Stobart Logistics PLC
18 January 2019
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
GBP843m (2017: GBP623.9m), 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 GBP162m 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 GBP154m (2017: GBP109.5m),
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
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END
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