Eddie Stobart upbeat on half-year results
In the first six months of the new ownership structure led by executive chairman William Stobart and chief financial officer Brian Corrway, GWSA reported revenues of circa £407m and underlying EBIT from the unaudited management accounts is expected to be at least £8m.
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In the first six months, GWSA said it had successfully completed phase one of the business re-organisation resulting in a significant reduction in the cost base and the long-term property liabilities.
ESL has benefited from strong exposure to the fast moving consumer and grocery sectors and a growing demand for warehousing, it said.
The news marks a welcome return to positive underlying EBIT for ESL, which made a statutory loss of £238.9m last year after ratcheting up exceptional costs of £200.2m
GWSA said the ‘Eddie Stobart’ and ‘Stobart’ brands will deliver significant future cost savings and allow the group to further differentiate the business from its competitors.
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