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Eddie Stobart Logistics losses widen in H1 as exceptional costs weigh

By BFN News | 09:01 AM | Monday 28 September, 2020


Logistics group Eddie Stobart Logistics reported wider first-half losses on exceptional losses. For the six months ended 31 May 2020, underlying pre-tax loses widened to £16.3 million from £3.9 million year-on-year as revenue The company recorded exceptional items of £3.4m in relation to the transition costs of £2.9m associated with the disposal of GWSA and audit fees of £0.6m. The company said it remained committed to converting into an investing company before 9 December 2020, which would require a shareholder vote and fund raise of at least £6.0m. 'To further align the interest of DBAY and the Company's shareholders, DBAY has agreed that the Company has the right, at the time it becomes an investing company with DBAY as investment manager, to purchase up to 49% of the 18% PIK notes that DBAY has used to fund the Eddie Stobart group,' the company said. At 9:01am: (LON:ESL) Eddie Stobart Logistics PLC share price was -0.5p at 7.25p Story provided by StockMarketWire.com

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