Stobart posts turnover high STOBART GROUP revealed last week that
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its chilled pallet distribution business made a loss of £13.4m in the past 12 months, but its Eddie Stobart division has shaken off a bad few months with profit and turnover rising significantly.
Back in January, Stobart revealed it would close its chilled business and restructure its board of directors in a move that saw former Autologic MD Avril Palmer-Baunack become chairwoman. She stepped down on 2 April after a boardroom shake-up.
For the 12 months ending 28 February 2013, however, turnover at Eddie Stobart rose to £517m, compared with £459m the previous year. Operating profit in Stobart Group's transport and distribution division increased from £27.7m to £29.7m.
After buying Autologic for £12.4m in August 2012, it sold its vehicle services business to Paragon Group for film. The company said it plans to bring the Autologic transporter fleet up to the standards of the rest of its fleet.
Chief executive Andrew Tinkler told CM that with the decision made not to have an executive chairwoman, the business now had to look to deliver value: "We are really excited about the next two years, as volumes increase at Autologic and we have growth plans for transport."