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Stobart acquisitions help to boost group performance
Page 8
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By Chris Tindatt PRELIMINARY results for the world-renowned Stobart Group show that it made a profit of £3.5m in the 14 months ending 29 February 2008.
The transport and logistics firm, which was formed through the merger of Eddie Stobart Ltd and Westbury Property in 2007. underwent enormous change during the financial period with its acquisition of the container logistics concern O'Connor Group and post-year-end purchases of James Irlam & Sons and WA Developments.
The group also reported ongoing activities revenue of £108.8m, with the results reflecting strong performances, primarily from Eddie Stobart Ltd, as well as O'Connor Group.
A further acquisition -of TDG's trailer business has given the group a -significant foothold for the development of business in Ireland".
Group chief executive Andrew Tinkler says the figures are in line with expectations and are a boost to its aim to focus on multimodal transport and logistics. He remains confident in the industry's future, and says the company will exploit growing opportunities on the continent.
"There is a growing requirement for an integrated international approach to service large multinational businesses," he says. "An expanding Europe is creating further trading lanes across more marketplaces, so, undoubtedly, transport is a growth industry with a future we believe lies firmly in multimodal transport and logistics solutions."