Eddie Stobart unveiled its 2017 annual results, with over a £70m growth in underlying revenue to £623.9m, which the company has said fell in line with expectations.
The growth was partly attributed to lucrative contract renewals, and also having secured additional £89m of new volume with existing and new customers. During the period it saw significant growth within Manufacturing, Industrial and Bulk (MIB), (+37%) and E-commerce (+111%).
Warehousing storage capacity increased by c.17% across a number of new sites adding further capacity, while it also had completed acquisitions of iForce, Speedy Freight and Logistic People during the period, broadening Group capabilities with all performing to expectations.
Strong revenue performance has meant the company has meant it has been able to continue investment in technology solutions to enhance operational efficiency, support business growth and simplify back office processes, and also in recruiting and upskilling our existing employees through a broad range of courses delivered at our Training Academy in Warrington and our new second facility in the Midlands.
Chief Executive Alex Laffey commented: “We have made good progress in implementing our strategy of becoming a leading provider of end-to-end supply chain solutions. This has been demonstrated by our performance over the past 12 months, especially within our two key growth sectors, Manufacturing, Industrial and Bulk, and E-commerce.
“Overall we are pleased with our progress in 2017. The new financial year has started well and in line with the Board’s expectations.”