Napster
No ⭐
Trucking group Stobart, whose Eddie Stobart lorries are a common site on Britain's motorways, said its business had made a strong start to the year thanks to new multi-million pound contracts with Irn Bru maker AG Barr and Tesco.
The haulier, which is recasting itself as a transport group by offering rail, air and sea freight as well as warehousing services, said its performance in the first six months of the year was in line with management expectations and "significantly ahead" of the same period last year. "We expect continued growth in the second half as new contracts start to deliver, whilst we recognise the economic environment remains challenging," said its chief executive Andrew Tinkler.
Stobart said volumes at trucks division Eddie Stobart were "strong" thanks to a recent deal – worth about £7m a year – to provide transport and warehousing for Scottish drinks group AG Barr which also makes Tizer. Other notable wins include a £25m-a-year distribution contract with Britain's biggest supermarket chain Tesco.
The company said volatility in load volumes had been a problem during the period and it was working with its customers to overcome them. Despite this issue Tinkler said overall trading at the division, which operates over 1,850 trucks, was in line with targets and significantly ahead of last year.
Stobart said trading at its rail arm had fallen short of management expectations as a good performance on freight was undermined by weakness at its engineering services business which supplies Network Rail. Uncertainty over future government spending meant orders from the state-owned rail infrastructure company were unchanged from a year ago. Tinkler said the rail division remained an important part of the picture with its expertise relevant to other projects such as an ambitious plan to transform Southend Airport into a hub for cheap passenger flights to take on London City Airport for the Olympic Games in 2012. He said he expected the new railway station and control tower at Southend to be finished this year
The haulier, which is recasting itself as a transport group by offering rail, air and sea freight as well as warehousing services, said its performance in the first six months of the year was in line with management expectations and "significantly ahead" of the same period last year. "We expect continued growth in the second half as new contracts start to deliver, whilst we recognise the economic environment remains challenging," said its chief executive Andrew Tinkler.
Stobart said volumes at trucks division Eddie Stobart were "strong" thanks to a recent deal – worth about £7m a year – to provide transport and warehousing for Scottish drinks group AG Barr which also makes Tizer. Other notable wins include a £25m-a-year distribution contract with Britain's biggest supermarket chain Tesco.
The company said volatility in load volumes had been a problem during the period and it was working with its customers to overcome them. Despite this issue Tinkler said overall trading at the division, which operates over 1,850 trucks, was in line with targets and significantly ahead of last year.
Stobart said trading at its rail arm had fallen short of management expectations as a good performance on freight was undermined by weakness at its engineering services business which supplies Network Rail. Uncertainty over future government spending meant orders from the state-owned rail infrastructure company were unchanged from a year ago. Tinkler said the rail division remained an important part of the picture with its expertise relevant to other projects such as an ambitious plan to transform Southend Airport into a hub for cheap passenger flights to take on London City Airport for the Olympic Games in 2012. He said he expected the new railway station and control tower at Southend to be finished this year
