Eddie Stobart fell into the red in 2024, posting a pre-tax loss of £883,000 after recording a £4.9m profit the previous year, according to its latest financial results.
The multimodal transport company, part of the Culina Group, provides supply chain and transport services to major retailers and e-commerce businesses across the UK and Europe. It operates more than 2,700 vehicles and 3,500 trailers, employs over 3,600 staff and runs 43 depots nationwide.
For the year to 31 December 2024, revenue rose to £556.8m, up from £505.7m in 2023. However, operating profit almost halved to £12.8m from £24.3m the previous year, with finance expenses of £13.7m pushing the business into loss.
In its strategic report, the company said operating profit had fallen by 47.4%, “primarily due to increases in short-term vehicle lease expenses”.
Eddie Stobart said it had continued to strengthen its customer base and focus on key strategic priorities, including tighter control of central costs and overheads, improved efficiency and greater profitability through a refocus of its customer portfolio.
The report also noted that “challenging market conditions continue to impact the business” but added that directors were satisfied the company continued to deliver a market-leading service.
It concluded: “The company is well funded and financially robust, so the directors are confident the business is well placed to meet the challenges of the economic climate and market conditions.”
Year: 2018 | Body Type: Tractor unit | Cab Type: Sleeper | Registration: PN67HHV | Mileage: 717,161 km | Power: 460 bhp
Year: 2024 | Body Type: Tipper | Cab Type: Day | Registration: TYAFEA01BRDD22881 | Category: Rigids
Year: 2023 | Body Type: Tractor unit | Cab Type: Sleeper | Registration: BV73EKG | Mileage: 160,904 km | Category: Tractor units
.png)
