Stobart maps out post-merger benefit
The owner of the famous Eddie Stobart haulage firm said today it was confident of “further strong profit growth” in the current financial year.
Formed out of a merger with ports firm Westbury last year, Stobart Group reported pre-tax profits of £3.5m (€4.4m) for the 14 months to February 29, based on revenues of £108.8m (€137.8m).
Stobart said the results were in line with forecasts, while it added the purchase of haulage firm James Irlam & Son would enhance profits.
The group now operates more than 1,500 trucks and 2,900 trailers, as well as a rail freight service and a port. It is focused on developing the company as a leading “multimodal transport and logistics provider”.
Stobart counts many of the UK’s leading names amongst its customers, including Tesco, Crown, Johnson & Johnson and Masterfoods.
It said it achieved an “impressive” fleet utilisation level of 82% in the last financial year, meaning 18% of miles travelled were without a load. The company said this reflected an integrated approach to traffic planning and its strategy of pursuing complementary contracts that maximise fleet utilisation.
