Profit down by 8.6% at Stobart
Page 6

If you've noticed an error in this article please click here to report it so we can fix it.
EDDIE STOBART, the transport and distribution division of Stobart Group, has revealed an 8.6% drop in pre-tax profit in the first six months of its financial year, despite a 15.4% increase in turnover.
For the six months ending 31 August, Stobart Group’s transport operations reported £265.9m of turnover with £13.7m pre-tax profit, compared to turnover of £230.4m and pre-tax profit of £15m a year ago. The Carlisle-based haulier blames the profit dip on fluctuating volumes caused by retail promotions, which created issues in load planning efficiency – an issue it warned CM about in May.
It says it will look to improve margins through cost reductions, rather than “substantial growth in top line revenue”. Overall, Stobart Group posted a turnover of £281.1m, up from £243.7m a year ago, with pretax profit down slightly at £14.7m compared with £15.4m a year ago.