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(Reuters) – Eddie Stobart Logistics <esle.L> said that it expects the operating profit of the first half is at the bottom of its forecasts, penalized by the slowdown of certain activities and the end of the "problematic" contract, dropping shares at 9% in the first transactions.
The company also said Tuesday its 2018 adjusted EBIT would be reprocessed and reduced by around £ 2 million after a review of previous declarations under the new chief financial offer Anoop Kang.
Eddie Stobart, who provides transportation and warehousing facilities to construction companies, retailers and industrialists, appointed Kang CFO in April and announced operating profit before interest and taxes (EBIT) of £ 55.3 million for the last year.
"This (expected forecast in the first half of the year) is partly due to slower than expected improvements in the productivity of our logistics and contract warehousing operations and the short-term adverse effects on the business." 39, operational efficiency of our transportation network. contract, "said the company.
Nevertheless, the company expects its annual results to be in line with its expectations, in the perspective of a strong second half year.
Eddie Stobart, who operates a network of more than 2,000 vehicles, 3,500 trailers and 24 distribution centers in the UK and Europe, was not available for further comment on his contract.
(Report of Yadarisa Shabong and Pushkala Aripaka in Bengaluru, edited by Gopakumar Warrier)
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