Annual results of Eddie Stobart holding company “exceeded expectations”
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Eddie Stobart’s holding company has announced figures that show a 2% rise in revenue for the year ending 30 November 2020.
GreenWhiteStar Acquisitions (GWSA) own Eddie Stobart, Eddie Stobart Europe, iForce, The Pallet Network and Logistics People. They also have an investment in Speedy Freight.
In a statement, the Logistics Development Group (LDG), a minority GWSA Group investor said that, despite the uncertain environment due to COVID-19 and Brexit, the GWSA Group had benefited from its exposure to the fast-moving consumer goods and e-commerce sectors and from growing demand for warehousing capacity.
It said that performance had exceeded its expectations.
According to the audited consolidated results for the year ended 30th November 2020, the GWSA Group’s highlights were:
- Revenue increased by 2% to £874.3m (2019 £857.5);
- Underlying EBITDA was £145.5m (2019: £4.2m). This includes the impact of the implementation of IFRS 16 Leases, which contributed £97.7m to EBITDA. Excluding the impact of IFRS 16, EBITDA increased to £47.8m (2019 £4.2); and
- Net Debt (excluding the impact of IFRS 16) reduced by £77.2m to £144.5m.
The company added that its underlying EBIT2 in the period was a loss of £11.3m (2019: loss of £5.8m) before exceptional income of £3.4m (2019: exceptional costs of £128.7m) and statutory loss before tax was £7.9m (2019: loss of £134.5m).
Photo credit: Alan Sansbury, Wikimedia Commons