Stobart Group is to discontinue its chilled operations “as a stand alone unit” insisting that the “change will not affect Stobart’s national network solution for customers”. In an interim management statement today (17 January), Stobart said the Eddie Stobart transport and distribution division continued to perform in an uncertain economic environment but its chilled operations remained very challenging. MT.co.uk understands that discontinuing the chilled operations – primarily the former Innovate Logistics business it acquired out of administration in July 2008 […]
City Link failed to turn a profit on Friday posting a pre-tax loss of £26.4m while turnover for the year was up 4.8% to £321.7m. Rentokil was disappointed and said the “financial performance in the year was behind our initial expectations”.
Shares in road transport businesses continue to trade at record highs for the calendar year, despite a relatively quiet August and an oh-so-slight dip in the value of the MT basket of shares.
The combination of the £16m sale of its former automotive logistics division and securing a “significant” customer wins towards the end of its last financial year helped Eddie Stobart Logistics generate a £21m surplus, which was used to repay its debt.