Eddie Stobart upbeat on half-year results

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• Eddie Stobart Logistics annual results make “difficult reading” as company records £238m loss
• Redundancies on the cards at Eddie Stobart Logistics
• Eddie Stobart Logistics audits under investigation by UK accounting watchdog

In the first six months, GWSA said it had successfully completed phase one of the business re-organisation resulting in a significant reduction in the cost base and the long-term property liabilities.

ESL has benefited from strong exposure to the fast moving consumer and grocery sectors and a growing demand for warehousing, it said.

The news marks a welcome return to positive underlying EBIT for ESL, which made a statutory loss of £238.9m last year after ratcheting up exceptional costs of £200.2m

GWSA said the ‘Eddie Stobart’ and ‘Stobart’ brands will deliver significant future cost savings and allow the group to further differentiate the business from its competitors.