Eddie Stobart holding company "exceeds expectations" in annual results

The holding company for Eddie Stobart said revenues had increased by 2% for the year ending 30 November 2020, to £874.3m.

GreenWhiteStar Acquisitions (GWSA), which as well as Eddie Stobart also includes Eddie Stobart Europe, iForce, The Pallet Network, Logistics People and an investment in Speedy Freight, said underlying EBITDA profit during the period was £47.8m, compared to £4.2m the previous year.

The company said the impact of changes in accounting standards – IFRS 16 – further increased its underlying EBITDA profit to £145.5m.

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In its review of the period, GWSA’s minority investor, Logistics Development Group (LDG), said it was supportive of measures that had been implemented to streamline and refocus the operating business within the GWSA Group over the previous 12 months.

LDG added: “Despite the significant pressures created by the Covid-19 pandemic and the general economic uncertainty arising from Brexit, the GWSA Group performance has exceeded our expectations and the business is well placed to continue to benefit from the increasing growth in e-commerce and a wider appreciation of the importance of the supply chain.”

The results came as Eddie Stobart began advertising for Class 1 drivers in the North West, as well as in Doncaster – where its Twitter feed said they were needed “to support a new contract with one of the UK’s major leading retailers with various shifts available".