Logistics firm Stobart Group says that it will press ahead with plans to transform itself into a fully multimodal logistics provider. The commitment is revealed in its preliminary results for the 14 months ending 29 February 2008 - the company's first set of full accounts since the firm gained a stock market listing via its merger with Westbury Property Group in September 2007.
The results reveal a pre-tax profit of £3.5m, with turnover at £108.8m, the majority of which derives from the
Eddie Stobart and O'Connor Group businesses. The firm says that the market increasingly demands "an integrated international approach to service large multi-national businesses".
It adds: "Stobart Group will continue to invest in its port and rail operations linked to the existing haulage network to create fully intermodal port facilities capable of handling significant cargo volumes with road, rail, sea and inland waterway access." Investment at its Widnes rail terminal and the nearby Port of Weston will allow it to handle "significant cargo volumes".
It says that part of its success is due to efficiency gains: it claims a fleet utilisation level of 82% and says that with customers increasingly switching to its shared-user network, plus the acquisition of James Irlam & Sons, it hopes to increase this further.
Reed Business Information Limited.©2008
