Stobarts statement for the financial year ended 30 November 2018 reported strong trading, with Group revenues beating market expectations, increasing 35% to around £843m (2017: £623.9m). Revenues, excluding contributions from acquired subsidiaries iForce, Speedy Freight and The Pallet Network (TPN), increased by 18%.
The group reported significant and broad-based growth across segments, with £162m new contract wins during the year. Meanwhile, TPN, acquired on 29 June 2018, has contributed to building a more robust network and has traded in line with expectations.
The group continues to invest in transport operations, warehousing network and technology to support future growth plans. Net debt stood at £154m (2017: £109.5m), reflecting the working capital investment required to support substantial levels sales growth in and the additional debt related to TPN’s acquisition.
Margins improved in H2, succeeding costs incurred in H1 for implementing the major new customer contracts. Margins are anticipated to improve further in 2019.