Eddie Stobart says GreenWhiteStar Acquisitions to generate GBP33mln full-year earnings

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Eddie Stobart Logistics PLC (LON:ESL) said its 49%-owned associate GreenWhiteStar Acquisitions (GWSA) benefitted from increasing demand for logistics and transport services during the pandemic.

In the year to November 30 it is expected to generate underlying earnings (EBITDA) of GBP33mln.

READ: Eddie Stobart motors higher as associate company secures major contract with Morrison’s

GWSA is the holding company of the Eddie Stobart, iForce, The Pallet Network and The Logistics People businesses.

In the six months to May 31, its revenue dipped 1% while it swung to EBITDA of GBP16mln against a GBP6mln underlying loss the year before.

The increased profits reflected progress on the turnaround plan and the company expects further progress to come.

Net debt at period-end was GBP242mln and it is expected to be cut further over the next months.

Shares shot up 20% to 8p early on Monday.

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