Eddie Stobart stays upbeat
THE grim winter weather and sluggish economy hit profits at Stobart Group, the logistics firm famed for its distinctive Eddie Stobart trucks.
Pre-tax profits dropped 11.4 per cent to £29.5million for the year to February but chief executive Andrew Tinkler said the results were “solid” and in line with its expectations “despite the economic challenges and tough operating environment”.
Revenues rose 12 per cent to £500million. The shares rose 2p to 128p.
Tinkler said the company remained upbeat following a £115million fund-raising last month, which will be used to restructure the business into smaller parts.
The firm also announced it had won a £90million contract with Sweden’s Iggesund Paperboard.
The company played down the impact of higher fuel costs, saying in most cases the price was passed on to customers. However it admitted facing pressures from rising costs and Tinkler said the firm would remain focused on efficiency.
One benefit of the recession has been that it has prevented us from becoming complacent and forced us to concentrate on where to reduce costs
“One benefit of the recession has been that it has prevented us from becoming complacent and forced us to concentrate on where to reduce costs,” he said.
