Eddie Stobart keeps on trucking with revenue and profit up strongly
Logistics company Eddie Stobart grew profit 14 per cent and revenue 35 per cent last year, it announced today.
The company, known for its liveried lorries with names such as Amber Daisy, Teletubby and Destiny Tori, said its growth was driven by new contract wins, acquisitions and more business from existing customers.
The company grew revenue 35 per cent to £843.1m from £623.9m last year and boosted underlying earnings before tax 14 per cent to £55.3m.
Read more: Eddie Stobart revenues beat market expectations
E-commerce revenue grew 65 per cent to £171m from £103.4m, retail increased 43 per cent to £241.1m and consumer grew 26 per cent to £182.1m.
Net debt increased to £159.7m from £109.5m, which the company said reflected new debt associated with its acquisition of The Pallet Network and working capital investment to revenue increase which it expects to normalise in 2019.
Chief executive Alex Laffey said "We were pleased with our strong performance in 2018, during which we made significant progress in delivering our strategy of becoming a full-service logistics and supply chain organisation.
Read more: Eddie Stobart accelerates growth with new contract wins
“Whilst we remain mindful of the current political and economic uncertainty, we are confident that our unique operating model provides us with the flexibility to respond rapidly to changing market conditions.
“The new financial year has started in line with the board's expectations."