Partner Article

Stobart expects "strong" financial half

Haulage specialists Stobart Group have said they expect a “strong second half” to the year after new contracts and cost reductions.

Teaming-up with Innovative Logistics to bolster their offerings has given them new contracts, said a company statement, while they also focused on cost cutting in new acquisitions, although they did not provide further details.

Trading in the first half of the financial year equalled the previous sixth months, while “as a result of recently announced contracts, new business wins and action taken to reduce costs” leaves them confident of a good financial year.

A company statement said: “The encouraging aspect is that the business is gathering momentum, helped in no small measure by the group’s pay-as-you-go model which we believe is enabling the group to not only retain existing customers but also win new accounts.”

The company added they expected annual profits to rise from last year’s £23.1m to £29m this year.

The group, which employs around 1,000 staff, recently won a major contract with Tesco to haul non-food goods from Teesport.

The statement, which covered the periods from June 17 to August 21, added: “Stobart has a strong, diverse customer base and is showing resilience in the current climate.

“The board remains confident that the group will continue to prosper and deliver strategy to become the UK’s leading provider of multimodal logistics solutions.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .