Money: Eddie Stobart reveals earnings woes and accounting hit - PressFrom - United Kingdom
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MoneyEddie Stobart reveals earnings woes and accounting hit

22:22  09 july  2019
22:22  09 july  2019 Source:   msn.com

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Haulage firm Eddie Stobart Logistics has warned first-half earnings will be at the lower end of expectations and revealed a hit of around £2 million to last year’s results after an accounting error. Shares in the group were 4% lower, having fallen by around 10% at one stage, on the earnings woes .

Eddie Stobart , the UK logistics and haulage group, will have to restate parts of last year’s earnings after its new finance chief found problems in its accounting policies around leasing. The company told the stock exchange on Tuesday that it plans to issue an adjustment to the earnings it had filed at the

Eddie Stobart reveals earnings woes and accounting hit © Katie Collins Eddie Stobart has warned first-half earnings will be at the lower end of expectations (PA)

Haulage firm Eddie Stobart Logistics has warned first-half earnings will be at the lower end of expectations and revealed a hit of around £2 million to last year’s results after an accounting error.

Shares in the group were 4% lower, having fallen by around 10% at one stage, on the earnings woes.

It said current trading issues have been caused by slower-than-expected productivity in its contract logistics and warehousing units, and exiting a “problematic contract” at the end of March.

On the accounting mistake, it said results for the year to November 30 2018 are likely to be restated after new chief finance officer Anoop Kang found problems in its accounting policies around leasing.

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Stobart Group is one of the UK’s leading infrastructure and support businesses operating in the energy, aviation, and rail and civil engineering sectors. Stobart Group also holds a portfolio of infrastructure assets and investments.

The last few years have seen Eddie Stobart Logistics grow exponentially, expanding into new markets and operating across more and more of the supply chain. We cover the entire process, from start to finish. Now opportunities abound as we continue with our growth plan and we’re always looking for

It is set to lower the 2017-18 underlying earnings by around £2 million, with the cumulative effect of the adjustment, dating back to 2017, reaching £11.5 million.

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Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit
Eddie Stobart reveals earnings woes and accounting hit

The group said the issue relates to the lease accounting on “four legacy sites”.

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China was the “key reason”, and accounted for almost 25% of global wealth decline, according to the report. Europe also saw a “noticeable dip”, the report says, while the Middle East was the only region to record increases in Eddie Stobart reveals earnings woes and accounting hit . PA Money News.

Eddie Stobart , the haulage group renowned for its distinctive green lorries, plans to list on the London Stock Exchange through a reverse takeover to create a £250m transport and logistics business. The group has agreed to be acquired by Westbury Property Fund, the listed commercial property

Further details will be revealed in its interim results on August 29.

Eddie Stobart, whose new finance boss Mr Kang took up the role in April, had previously reported annual underlying earnings of £55.3 million last year.

The group gave assurances that, despite the half-year trading knock, it still expects to be on track with full-year forecasts thanks to expectations for a stronger second half.

It said first half group revenues rose by 8% on a like-for-like basis after a number of contract wins.

Eddie Stobart Logistics was spun out of Stobart Group in 2014.

It operates a network of more than 2,000 vehicles, 3,500 trailers and 24 distribution centres throughout UK and Europe.

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