Logistics Development Group plc
(the “Company”)
Interim Results for six months ended 31 May 2021
Logistics Development Group plc, the AIM-quoted investing company, announces its unaudited interim results for the six months ended 31 May 2021.
This period precedes the sale of the Company’s indirect interest in GreenWhiteStar Acquisitions Limited (“GWSA”) group, the holding company for the Eddie Stobart, The Pallet Network, iForce, Eddie Stobart Europe and The Logistics People businesses, as announced on 1 July 2021.
Interim Results for six months ended 31 May 2021
- At the reporting date of 31 May 2021, the Company continued to hold an indirect 49 per cent equity investment in GWSA Group(1), a leading UK end-to-end supply chain, transport and logistics group.
- In the reporting period, the Company acquired for £6m an indirect 10.9 per cent equity interest in an 18 per cent PIK loan note with indirect exposure to the performance of GWSA.
- On 31 May 2021, the Company revalued its indirect investment in GWSA to £57.9m (thus incurring a£22.1m gain) to reflect the market capitalisation of the Company at period end. This valuation is stated after adjusting for the recently acquired indirect investment in the 18 per cent PIK loan note.
- During the reporting period the GWSA Group trading entities continued to deliver excellent service to its customers and since the start of the HY21 period, despite the challenging operational environment due to Covid-19, had won substantial new contracts and made further progress in filling available warehouse space. The financial performance of the businesses continued to improve throughout the period, and senior debt was reduced on the back of improved cash flow generation.
- Underlying Profit(2) before tax substantially improved vs the comparative period at £21.5m (2020: loss of£16.4m) before exceptional items of £0.1m (2019: £3.4m) and the statutory profit before tax was £21.6m (2020: loss of £12.9m).
- On 29 December 2020, in line with its previously communicated intentions, the Board announced the successful fund raising of £16.2m (before expenses of £1.5m) and its conversion to an AIM Investing Company. The Company appointed DBAY Advisors Limited (“DBAY”) as its Investment Manager.
- On 9 February 2021, the Company announced a change of name to the Logistics Development Group plc.
- On 1 April 2021, David Facey joined the board as a non-executive director and chair of the Audit Committee.
DOWNLOAD FULL REPORT BELOW