Eddie Stobart Logistics has said that its revenue and profits are growing, and it is ahead of its targets, in its first year of trading under the majority ownership of private investors.

It was revealed to investors that in the period since its partial disposal on 10 April 2014 to the close of its financial year on 28 February 2015, Eddie Stobart Logistics made an underlying pre-tax profit of £14.8m, of which Stobart Group takes a £7.3m share.

This marked a fall year-on-year, as in the financial year-ending 28 February 2014 pre-tax profit from discontinued operations at Stobart Group (which included approximately 92% of the former transport and distribution division) stood at £21m.

Stobart Group did not report any turnover figures from its investment (2014: £559.6m). Underlying EBITDA in the same period rose by £400,000 year-on-year to £38.5m.

A spokesman for Eddie Stobart Logistics said that the reason for the profit drop was  "down to costs associated with the change in the financing of some of the business, relating to the acquisition of 51% of Eddie Stobart out of Stobart Group".

In March 2014 Stobart Group sold a 51% stake in transport division to Douglasbay Capital (Dbay) – the former owners of TDG - for £280.8m.

As a result Stobart Group now has a 49% investment in the group headed by Isle of Man-based Greenwhitestar Holding Company 1, which owns Eddie Stobart Logistics.

The spokesman added: “We’re seeing very healthy growth in the Eddie Stobart Logistics business - revenues are growing and profits are growing in line with this. We’re ahead of our early targets, and this is being further propelled with the arrival of Alex Laffey bringing exciting developments in new areas and sectors, which in turn will deliver further significant future growth."

In April former Tesco Distribution director Laffey became chief executive of Eddie Stobart Logistics with William Stobart becoming executive chairman as a result.

In its annual report Stobart Group said that Eddie Stobart Logistics had recently taken a 28 acre facility in Dagenham incorporating 487,243ft2 of warehousing, including cold storage facilities and a rail connection.

It also said that “depth has been added to the management team, sales and business development, IT and HR to drive the business over the coming years”.

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