Eddie Stobart has struck a deal to buy the remaining 50 per cent stake in the Logistics People for up to £6m as it reported strong growth in its maiden set of half-year results since floating.
The Warrington-based supply chain and logistics business has acquired the remaining 50 per cent of TLP Holdings, the parent company of the Logistics People, for £5m on completion and up to a further £1m payable by the latest in November 2020 subject to it reaching profit targets. The Logistics People staffing business is headquartered in Kettering.
At the same time, Eddie Stobart has posted a 13 per cent rise in underlying revenues to £286.8m for the six months ending 31 May 2017. Underlying EBIT increased by 14 per cent to £16.9m over the same period.
Eddie Stobart completed an initial public offering on AIM in April 2017. It acquired iForce Group in April 2017 and then bought a stake in Speedy Freight in July.
Alex Laffey, chief executive of Eddie Stobart, said:
"Following our successful IPO in April this year, we have delivered a strong performance in line with our expectations.
"The acquisition of iForce Group is integrating well and has provided us with a strong platform to develop our e-commerce offer to existing and new customers. Our focus is now on leveraging cross-selling opportunities with existing customers, implementing synergies and developing new business.
"Post period end we have further strengthened our offering through the acquisition of Speedy Freight and the remaining 50 per cent stake in The Logistics People.
"I am also pleased to announce our maiden interim dividend in line with our progressive dividend policy and underlying our confidence in the business. Our traditionally stronger second half of the year has started encouragingly and we are confident of delivering a full year performance in line with market expectations."
Source: Insider Media