Stobart is still restructuring the former Innovate business it acquired out of administration in 2008 – a process that has been “more challenging, costly and further reaching than first planned”. The admission came as Stobart Group revealed profit rose 10% at its transport and distribution division (Eddie Stobart) to £14.2m in the first six months ended 31 August. This was despite a 5.6% fall in turnover to £251.1m. “We have improved our margins in [Eddie Stobart] through more effective financial […]
Viridor Waste Management has purchased paper collecting and processing business Pulp Friction for £9m as it looks to diversify. Pulp Friction has an O-licence for up to 28 vehicles and 22 trailers spread across two locations in Erith, Kent. Colin Drummond, chief executive of Viridor, said: “The acquisition of this paper collection and processing business is in line with the group’s strategy of expanding its waste management activities, particularly in collection and recycling.” Pulp Friction processes around 100,000 tonnes of […]
The MT basket of transport shares continues to have a little wobble in September, but it is worth keeping in mind just how much share values of transport firms have risen in the nine months of the year so far – pointing towards a more sustained recovery in the sector.