Eddie Stobart tipped into the red in 2024, falling from a pre-tax profit of £4.9m to a loss of £883,000, its latest financial results reveal.
The multimodal transport company, which is a Culina subsidiary, provides supply chain and transport services to major retailers and e-commerce brands across the UK and Europe. It runs a fleet of more than 2,700 vehicles and 3,500 trailers, employs over 3,600 staff and operates across 43 depots.
According to the company’s recently published results for the year to 31 December 2024, revenue rose to £556.8m (2023: £505.7m) during the period.
Eddie Stobart’s operating profit almost halved to £12.8m, down from £24.3m in 2023, whilst a £13.7m bill for finance expenses helped tip the company into the red, resulting in a pre-tax loss of £883,000.
The company’s strategic review of the results noted that operating profit had fallen by 47.4%, adding that this was “primarily due to increases in short term vehicle lease expenses”.
The review said the business “has continued to build on its solid foundations as a unique transport network, strengthening its customer base and continuing to focus on the key strategic priorities”, which it said includes the management of central costs and overheads and driving efficiencies and improving profitability through a re-focus of the customer base.
Looking ahead the report acknowledged that “challenging market conditions continue to impact the business” but said the directors are “satisfied the company continues to provide its customers with a market leading service”.
It added: “The company is well funded and financially robust, so the directors are confident the business is well placed to meet the challenges of the economic climate and market conditions.”
