HAULAGE business Eddie Stobart is driving growth for its parent company – after landing a string of new contracts.
The road transport and warehousing division of Stobart Group posted a 30% rise in underlying pre-tax profits to £33.6m in the year to February 28.
Eddie Stobart, whose trucks are a common sight on Britain’s motorways, secured new chilled business with supermarket giant Tesco, as well as contracts with Irn Bru owner AG Barr and Britvic, which includes a bottled water plant at Birkby.
But group profits fell by 11% to £29.5m following a muted showing by other divisions, including Stobart Rail and Stobart Ports.
The group said its recent three-year shake-up, which has seen the company broken up into five new operating divisions, would now start to deliver.
The group posted a 12% rise in revenues to £500.4m after the haulage business posted an 18% increase to £449.9m.
The Tesco contract came after the supermarket giant opened a 500,000sq ft chilled facility at Widnes, Cheshire.