Business
Trading Update of Associate Company
Trading Update of Associate Company.
About this update from Logistics Development Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7084B\n Eddie Stobart Logistics PLC\n 12 October 2020\n \n \n \n \n 12 October 2020\n \n \n \n \n \n Eddie Stobart Logistics plc\n \n \n \n \n \n (the \"Company\")\n \n \n \n \n \n Trading Update of Associate Company\n \n \n \n \n \n Return to profitability - progress on turnaround\n \n \n \n Eddie Stobart Logistics plc (the \"Company\") has been notified by its 49% indirectly owned associate GreenWhiteStar Acquisitions Limited (\"GWSA\"), the holding company of the Eddie Stobart, iForce, The Pallet Network and The Logistics People businesses (the \"GWSA Group\"), that it has published the following statement on its website:\n \n \n \n \n \n \n \n \n William Stobart, Executive Chairman of GWSA, commented:\n \n \n \n \n \n \"I am pleased to be back leading the GWSA Group. These results show we have put past challenges firmly behind us. The past six months have shown the strength of our differentiated business model which has allowed us to grow existing customer relationships, win new business, return the GWSA Group to profitability and overcome challenges presented by Covid-19. Looking ahead, we are confident that our renewed focus on our historic core capabilities as transport and logistics services provider for the FMCG and grocery sectors, and as a leading player in e-commerce logistics and fulfilment, will allow us to drive profitable growth going forward.\"\n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n \n \n \n HY results (£ millions) \n \n \n 1\n \n \n \n \n \n \n \n \n 31 May 2020\n \n \n \n \n \n \n \n 31 May 2019 2\n \n \n \n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue\n \n \n \n \n \n \n \n 416.5\n \n \n \n \n \n \n \n 421.1\n \n \n \n \n \n \n \n (1.1%)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBITDA 3\n \n \n \n \n \n \n \n 16.6\n \n \n \n \n \n \n \n (6.3)\n \n \n \n \n \n \n \n 363.5%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBIT 3\n \n \n \n ...