Eddie Stobart Logistics PLC Year End Trading Update (4405N)

TIDMESL

RNS Number : 4405N

Eddie Stobart Logistics PLC

18 January 2019

The information contained within this announcement (the "Announcement") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

18 January 2019

Eddie Stobart Logistics plc

("Eddie Stobart" or the "Group")

Year End Trading Update

Eddie Stobart Logistics plc, a leading UK end to end supply chain, transport and logistics group provides the following trading update for the financial year ended 30 November 2018.

Group revenues for the financial year grew 35% to approximately GBP843m (2017: GBP623.9m), ahead of market expectations. Revenues excluding contributions from our acquired subsidiaries, iForce, Speedy Freight and The Pallet Network (TPN), increased by 18%.

This reflects significant and broad-based growth across all our sectors with GBP162m of new contract wins during the year, organic growth within the existing customer base and continuing strong performance by our acquired subsidiaries. TPN, which was purchased on 29 June 2018, has made a notable contribution to our strategy of building a more resilient network and has traded in line with expectations.

We continue to invest in our transport operations, warehousing network and technology to support our future growth plans. Net debt as at period end was approximately GBP154m (2017: GBP109.5m), reflecting working capital investment required to support the significant levels of sales increase and the additional debt associated with the purchase of TPN.

As anticipated, margins improved in the second half following costs incurred in the first half in implementing these major new customer contracts. Margins are expected to improve further in 2019. Underlying EBIT for the period was broadly in line with market expectations.

The Group's audited results for the year ended 30 November 2018 will be released on 28 March 2019. Numbers in this statement are subject to audit.

 
 Eddie Stobart Logistics plc                     (0)1925 605400 
 Alex Laffey, Chief Executive Officer 
 Damien Harte, Chief Financial Officer 
 
 FTI Consulting                                  (0)20 3727 1340 
 Nick Hasell / Alex Le May/ Matthew O'Keeffe 
 
 Cenkos Securities Plc (Nomad & Joint Broker)    (0)20 7397 8900 
 Nicholas Wells / Giles Balleny / Harry 
  Hargreaves 
 
 Berenberg (Joint broker)                        (0)20 3207 7800 
 Chris Bowman / Toby Flaux / Laure Fine 
 

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January 18, 2019 02:00 ET (07:00 GMT)