Business
Half-year Report
Half-year Report.
About this update from Logistics Development Group Plc
[{"type":"text","content":"\n \nRNS Number : 3530P Eddie Stobart Logistics PLC 31 August 2017 \n\n31 August 2017\n \n \nEddie Stobart Logistics plc\n(\"Eddie Stobart\" or the \"Group\")\nInterim Results for the six months ended 31 May 2017\n \nEddie Stobart, a leading UK logistics and supply chain company delivering innovative solutions and service excellence to a diverse range of customers in the Retail, Consumer, Manufacturing, Industrial & Bulk (MIB) and E-Commerce sectors, is pleased to announce its interim results for the six months ended 31 May 2017. \nOperational Highlights \n· Successful initial public offering (IPO) on the Alternative Investment Market (AIM) completed on 25 April 2017 and supported by blue chip institutional investors raised £130m for the Company, used primarily to reduce gearing, partially fund the acquisition of iForce Group and provide Eddie Stobart with a financial platform to support its growth ambitions.\n· Experienced plc board in place with Philip Swatman joining as Chairman and Stephen Harley and Christopher Casey as Non-Executive Directors.\n· Acquisition of iForce Group for total consideration of £44.9m, a market leading provider of E-Commerce solutions, providing a strong platform for Eddie Stobart to develop its offer to existing and new customers in this growing sector.\n· Strong rolling pipeline of potential new business weighted towards strategic growth in E-Commerce and MIB. \n· Post period end, acquisition of a 50% interest in Speedy Freight, which offers nationwide B2B express freight services and supports Eddie Stobart's capability to move urgent, time critical and pallet sized loads. \n· Further investment into Eddie Stobart's Training Academy, including the acquisition post period end of the remaining interest in The Logistics People staffing business, to attract and retain quality staff for both Eddie Stobart and the wider commercial market. \nFinancial Highlights \n· First half results in line with expectations.\n· Continuing double digit turnover growth with Underlying Revenue1 up 13% to £286.8m (2016: £253.6m). Reported revenue incr...