Strong e-commerce growth at Eddie Stobart

E-commerce and logistics group Eddie Stobart announce that is more than doubled its revenue from e-commerce to £80.3 million in the first half of 2018, while retail saw a 28% growth to £102 million.

The Manufacturing Industrial and Bulk segment also saw significant growth to £91.6 million.

Meanwhile for the Consumer segment, revenue fell from £74.7 million to £70.1 million pounds this year because of the loss of the Britvic contract in 2017, that it is now re-secured.

Revenue across the group grew by 25.3% to £359.3 million in H1, while operating profit fell from £6.7 million in 2017 to £5.1 million.

The group said that underlying EBIT increased by 7.1 per cent to £18.1m. “Underlying EBIT growth has lagged behind sales growth due to the cost and complexity of implementing major contract wins. We expect to see the benefits of these contracts flow though in the second half of the year.”

Chief executive Alex Laffey said: “We have won new contracts with blue chip customers adding an annualised £158m of new business.

“The recent acquisition of The Pallet Network (TPN) further adds to the range of services we provide to our customers across the supply chain.”