Eddie Stobart reports strong growth in first results after IPO

Transport and logistics firm Eddie Stobart posted double-digit growth in the six months leading up to 31 May as its underlying revenue rose 13% to £286.8m bringing EBITDA up 14% with it to £16.9m.

However, the firm said it had turned a £1.7m profit in 2016 into a £6.3m loss in 2017, principally because of £12.6m worth of exceptional items, most of which came as a result of its initial public offering.

Stobart's e-commerce revenue leapt ahead 51% while its manufacturing, industrial and bulk division moved forward 22% on the previous year.

The company reported underlying earnings per share of 4.0p and basic earnings of 2.5p per share.

Edie Stobart had £17.6m of cash and equivalents on hand as of 31 May and had dropped its net debt down 62% in the last twelve months, from £186.8m to £97.7m.

Chief executive, Alex Laffey said, "Following our successful IPO in April this year, we have delivered a strong performance in line with our expectations. The acquisition of iForce Group is integrating well and has provided us with a strong platform to develop our e-commerce offer to existing and new customers. Our focus is now on leveraging cross-selling opportunities with existing customers, implementing synergies and developing new business."

As of 1135 BST, shares remained stable, up 0.51% to 159.00p.