Logistics Development Group plc
Logistics Development Group plc, the AIM investing company, announces its audited final results for the year ended 30 November 2020
Full Year 2020 Results Summary
- On 9 December 2019, the Company concluded a transaction with DBAY Advisors Limited (“DBAY”), in order to provide additional liquidity of £70m to the GreenWhiteStar trading businesses (“GWSA Group”)1, which together with a new leadership team with significant experience of the logistics sector, put it on a stable footing and provided a platform from which to develop.
- At the reporting date, the Company’s only holding is the investment in GWSA Group via its 49% share in Marcelos Limited. At 30 November 2020, the Company revalued its investment in Marcelos Limited to £35.8m (thus incurring a £9.2m loss) to reflect the market capitalisation of the Company at the reporting date.
- The GWSA Group trading entities have continued to deliver excellent service to their customers and, despite the uncertain environment due to COVID-19 and Brexit, the business has benefitted from its exposure to the fast-moving consumer goods and e-commerce sectors and from growing demand for warehousing capacity. GWSA Group performance has exceeded our expectations.
- On 30 March 2021 GWSA Group advised LDG of its audited consolidated results for the year ended 30 November 2020. Highlights are:
- Revenue increased by 2% to £874.3m (2019 £857.5);
- Underlying EBITDA was £145.5m (2019: £4.2m). This includes the impact of the implementation of IFRS 16 Leases, which contributed £97.7m to EBITDA. Excluding the impact of IFRS 16, EBITDA increased to £47.8m (2019 £4.2); and
- Net Debt (excluding the impact of IFRS 16) reduced by £77.2m to £144.5m.
- The Company’s underlying EBIT2 in the period was a loss of £11.3m (2019: loss of £5.8m) before exceptional income of £3.4m (2019: exceptional costs of £128.7m) and statutory loss before tax was £7.9m (2019: loss of £134.5m).