24th Mar 2020 11:43
(Alliance News) - Eddie Stobart Logistics PLC on Tuesday noted it is difficult to yet work out how Covid-19 is going to impact trading.
Eddie Stobart Logistics is technically a cash shell, owning 49% of the trading entities of Eddie Stobart, the logistics and supply chain business.
The company was rescued by shareholder DBAY Advisors Ltd late in 2019. DBAY provided GBP70 million of financing in return for a 51% stake in Greenwhitestar Acquisitions Ltd, which holds all of the logistics assets.
Eddie Stobart Logistics noted the trading business has said there are currently "exceptional" volumes which would normally only be seen around the festive season. It is "well-placed" to continue operating, it said.
"The company notes that, at this stage, no conclusion can be drawn as to the potential impact of the exceptional volumes highlighted above on the profits or losses attributable to the company for the year ended November 30, 2020," said Eddie Stobart Logistics.
Shares were 4.9% higher on Tuesday morning in London at a price of 12.40 pence each.
By George Collard; [email protected]
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