Logistics Development Group plc
(“LDG” or the “Company“) 

Final Results for year ended 30 November 2021 

Logistics Development Group plc, the AIM listed investing company, announces its audited final results for the year ended 30 November 2021. 

Full Year 2021 Results Summary 

• It was an exciting year for the Company, which culminated in the successful disposal of Marcelos’ investment in GreenWhiteStar Acquisitions Limited (“GWSA”) and its subsidiaries Eddie Stobart, The Pallet Network, iForce, Eddie Stobart Europe and The Logistics People (together the “Eddie Stobart Businesses”) to Culina Group Limited, one of the UK’s leading logistics companies, which is owned by the German Müller family. 

• The Company had a cash balance of £131.9m at the end of the year, following the disposal of the Company’s 49% shareholding in GWSA and the £6.0m PIK Loan note held by the Company which generated a cash inflow of £125.2m. 

• The Company reported strong results for the year ended November 2021, with an underlying EBIT(1) of £84.6m (2020: loss of £11.3m) before exceptional income of £0.1m (2020: exceptional income of £3.4m) and a profit before tax of £84.7m (2020: loss before tax of £7.9m). 

• The Company now has no financial debt and a cash balance of £131.9m or approximately £0.19 per ordinary share. 

• The proceeds from the disposal will be used twofold. Most of the funds will be deployed in investments identified by our investment manager, DBAY. As you might be aware, post period end during a general meeting held on 31 January 2022, shareholders approved a broadening of the investing policy. This will allow DBAY to invest in opportunities outside the logistics sector, broadening the opportunity set available to LDG. On 10 March 2022, the Company announced its first investment under the new investing policy, as amended after the General Meeting held on 31 January 2022 (the “General Meeting”), investing £6.3m in Caretech Holdings PLC for approximately 0.88% of Caretech’s issued share capital. On 1 April 2022, the Company announced that it had acquired further shares in Caretech Holdings Plc for a further consideration of £6.8m. As a result the Company now owns 1.74% of Caretech’s issued share capital. 

• Secondly, since LDG’s share price has consistently been trading at a discount to the Company’s cash per share, the Board decided to initiate a share buyback program to narrow the discount over time. This has also been approved by shareholders at the General Meeting and the Company has since commenced the buyback programme which should allow the Company to narrow the discount to net asset value at which LDG’s ordinary shares currently trade. 

(1) Underlying EBIT is an alternative performance measure (see Note 3) and is defined as profit/loss before interest and tax adding back exceptional items. 

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