Eddie Stobart Logistics has posted better interim revenues and profits, with the promise of improved fortunes heading into the traditionally stronger second half.
The AIM-listed business reported a 25.3% increase in turnover of £359.3m in the six months to May 31, while last year’s £7.583m pre-tax loss was turned into a £2.862m pre-tax profit this time around.
Eddie Stobart Logistics chief executive Alex Laffey said:
“We are pleased to have delivered a strong first-half performance as we continue to implement our strategy of becoming a leading provider of end-to-end supply chain solutions.
“This has been demonstrated year to date, as we have won new contracts with blue chip customers adding an annualised £158m of new business.
“The recent acquisition of The Pallet Network further adds to the range of services we provide to our customers across the supply chain.
“As previously indicated in our January trading update, our performance, as in previous years, will be weighted towards the second half of the year with the first half absorbing the costs of implementing new contract wins and the second half experiencing the benefits of these new contracts.”