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New contracts boost Stobart haulage

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New contracts boost Stobart haulage
Haulage firm Eddie Stobart has continued to drive growth for it parent company on the back of new contracts


Published: 10:07am, 23rd May 2011
Updated: 9:22am, 24th May 2011

Haulage business Eddie Stobart has continued to drive growth for its parent company after the division was boosted by new contracts from the likes of Tesco.

The road transport and warehousing division of Stobart Group posted a 30% rise in underlying pre-tax profits to £33.6 million in the year to February 28.

Eddie Stobart, whose trucks are a common sight on Britain's motorways and feature in a Channel 5 documentary, secured new chilled business with supermarket giant Tesco, as well as contracts with Irn Bru owner AG Barr and Robinsons company Britvic.

But the wider group saw profits decline 11% to £29.5 million in the period as other divisions, including Stobart Rail and Stobart Ports, weighed on performance.

The group said its recent three-year reshuffle - which has seen the company broken up into five new operating divisions - would now start to deliver.

The group posted a 12% rise in revenues to £500.4 million in the year, after the haulage business saw an 18% increase to £449.9 million.

The Tesco contract came after the supermarket giant opened a 500,000 sq ft chilled facility at Widnes, Cheshire. Eddie Stobart has also benefited from continued volume growth with consumer goods group Unilever.

The growth came despite a one-off £1.8 million hit from the disruption caused by the severe weather conditions in November and December last year.

Andrew Tinkler, Stobart Group chief executive, said: "These results are largely due to the ongoing strength of our transport and distribution business, significant new business wins and tight cost control."

The group said the fly-on-the-wall documentary Trucks and Trailers, which claimed to "lift the lid" on the world of the company, helped boost customers' understanding of its services.

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