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Eddie Stobart Logistics PLC

Eddie Stobart issues profit warning and is suspended from AIM as it fails to publish interims in time, CEO steps down

The logistics group said a review into its figures was likely to result in its adjusted EBIT for the first half being “significantly lower” than anticipated

Eddie Stobart Logistics PLC - Eddie Stobart suspended from AIM as it fails to publish interims in time, CEO steps down

Eddie Stobart Logistics PLC (LON:ESL) has issued a profit warning and its shares have been suspended from AIM after failing to publish its interim results in time.

The transport firm said that it was reviewing its revenue recognition and dividend policy, as well as re-assessing the recoverability of certain receivables and the “appropriateness of certain provision”, and as a result, its half-year figures were now expected to be published in early September as opposed to the original date of 29 August.

READ: Eddie Stobart Logistics reveals brakes on profit this year and last

Stobart added that the impact of the review on its adjusted earnings (EBIT) was likely to result in the number being “significantly lower” than anticipated, although revenues were predicted to be in line with previous guidance.

Meanwhile, the company said its chief executive, Alex Laffey, will step down with immediate effect and be replaced by Sebastien Desreumaux, the head of contract logistics and warehousing.

The drama is likely to cause yet more headaches for beleaguered fund manager Neil Woodford, whose Woodford Asset Management fund is Eddie Stobart’s largest shareholder with a 22.89% stake.

The shares have been suspended at their last close price of 71p.

--Adds Woodford Asset Management shareholding--

Quick facts: Eddie Stobart Logistics PLC

Price: £0.71

Market: AIM
Market Cap: £269.34 m
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