Business
Final Results
Final Results.
About this update from Logistics Development Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3943H\n Logistics Development Group PLC\n 06 April 2022\n \n \n \n \n 6 April 2022\n \n \n \n \n \n Logistics Development Group plc \n \n \n \n \n \n (\"LDG\" or the \"Company\")\n \n \n \n \n \n Final Results for year ended 30 November 2021\n \n \n \n \n \n Logistics Development Group plc, the AIM listed investing company, announces its audited final results for the year ended 30 November 2021.\n \n \n \n \n \n Full Year 2021 Results Summary\n \n \n \n \n \n · \n It was an exciting year for the Company, which culminated in the successful disposal of Marcelos' investment in GreenWhiteStar Acquisitions Limited (\"GWSA\") and its subsidiaries Eddie Stobart, The Pallet Network, iForce, Eddie Stobart Europe and The Logistics People (together the \"Eddie Stobart Businesses\") to Culina Group Limited, one of the UK's leading logistics companies, which is owned by the German Müller family. \n \n \n \n \n \n · \n The Company had a cash balance of £131.9m at the end of the year, following the disposal of the Company's 49% shareholding in GWSA and the £6.0m PIK Loan note held by the Company which generated a cash inflow of £125.2m.\n \n \n \n \n \n · \n The Company reported strong results for the year ended November 2021, with an underlying EBIT1 of £84.6m (2020: loss of £11.3m) before exceptional income of £0.1m (2020: exceptional income of £3.4m) and a profit before tax of £84.7m (2020: loss before tax of £7.9m). \n \n \n \n \n \n · \n The Company now has no financial debt and a cash balance of £131.9m or approximately £0.19 per ordinary share. \n \n \n \n \n \n · \n The proceeds from the disposal will be used twofold. Most of the funds will be deployed in investments identified by our investment manager, DBAY. As you might be aware, post period end during a general meeting held on 31 January 2022, shareholders approved a broadening of the investing policy. This will allow DBAY to invest in opportunities outside the logistics sector, broadening the opportunity set available to LDG. On 10 March 2022, the Company announced its first investment under the new investing policy, as amended after the General Meeting held on 31 January 2022 (the \"General Meeting\"), investing £6.3m in Caretech Holdings PLC for approximately 0.88% of Caretech's issued sha...