Eddie Stobart Logistics nets £100m of new business in six months

Eddie Stobart Logistics has won business with an annual value of £100m in the first six months of its trading year, the operator said in a trading update today (28 June).

Recent high profile contract wins have included taking Cemex and Britvic from Wincanton.

The news came as it revealed a deal to buy The Pallet Network for £53m.

The operator has also seen group revenue surge 25% year on year in the first six months to 31 May 2018 to £357.7m, it said.

“This reflected strong organic growth from recent contract wins and the contribution from acquisitions (iForce and Speedy Freight), which continue to trade in line with expectations” Eddie Stobart Logistics said in its update.

Read more

• Speedy Freight built momentum in the year Eddie Stobart Logistics snapped up half of the business
• Eddie Stobart’s push into manufacturing, industrial and bulk delivers growth
• Eddie Stobart rebrand could see iconic name disappear from UK’s roads

It added that its performance, as in previous years, would be weighted towards the second half of the year with the first half absorbing the costs of implementing new contract wins.

Other factors include “the exceptionally poor weather and the reorganisation of our warehousing division to accommodate increased demand from both iForce and Eddie Stobart customers”.

“We remain confident of delivering full year results in line with market expectations,” the statement concluded.