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Annual Report and Accounts 2018 Eddie Stobart Logistics Plc Annual Report and Accounts 2018

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Annual Report and Accounts 2018 Eddie Stobart Logistics Plc Annual Report and Accounts 2018 Eddie Stobart Logistics plc Delivering innovative supply chain solutions Annual Report and Accounts 2018 Annual Report and Accounts 2018 Eddie Stobart Logistics plc Annual Report and Accounts 2018 Who we are Eddie Stobart Logistics plc provides full end-to-end supply chain solutions across a number of leading brands within our core Consumer; E-commerce; Retail and Manufacturing, Industrial and Bulk sectors. Our specialised offerings in transportation, warehousing and value added services have helped develop strong partnerships within our diverse customer base. Our customers now recognise our overall supply chain capabilities. Our strategy is to deliver long-term value for customers and shareholders by further leveraging our existing skills to streamline our operations and further develop industry leading supply chain capabilities. Our vision is to be recognised for our pride and professionalism in delivering innovative customer solutions and service excellence Contents Strategic Report Governance Financial Statements 2018 key highlights 1 Board of Directors 28 Independent auditor’s report 39 Chairman’s statement 2 Governance 30 Consolidated income statement 44 Chief Executive’s statement 4 The Board 31 Consolidated statement of comprehensive income 45 Our Group’s network and scale 9 Audit Committee report 33 Consolidated statement of changes in equity 46 Our operating model 10 Remuneration report 34 Consolidated statement of financial position 47 Our strategy 12 Directors’ report 36 Consolidated cash flow statement 48 Chief Financial Officer’s statement 14 Statement of Directors’ responsibilities 38 Notes to the consolidated Our Group businesses 18 financial statements 49 Our people 22 Company statement of financial position 83 Corporate responsibility 24 Company statement of changes in equity 84 Risk management and principal risks 26 Notes to the company financial statements 85 Glossary 90 Eddie Stobart Logistics plc Annual Report and Account 2018 2018 key highlights Strategic report Financial We continue to implement our strategy towards Revenue delivering full end-to-end £843.1m Governance supply chain capabilities. +35% As a result, we have Underlying EBIT* increased our revenues £55.3m by 35% and our underlying +14% Financial statements EBIT by 14% Profit before tax Our overall revenue grew by £219 million driven by new contracts with annualised total revenue of £162 £23.6m million, organic growth from existing customers and +13 8 % contributions from our new Group businesses We have delivered a strong performance across Net debt each of our four core sectors with significant growth within E-commerce (+65%) and Retail (+43%) £159.7m We have combined our Eddie Stobart and iForce warehousing operations to simplify our offer, improve +46% productivity and utilisation and extend the range of solutions we offer to our new and existing customers Adjusted EPS* In June 2018 we acquired The Pallet Network adding much needed less-than-full truckload capability 11.4p through partner organisations and, as a result, improved our overall supply chain offer. Integration +16 % with the Group and synergy delivery is proceeding to plan Statutory EPS We have centralised our IT capabilities across the Group to simplify service delivery and realise 4.4p synergies whilst continuing to deploy innovative best-in-class solutions +267% We continue to invest in our people to ensure we have the right people in the right place to support Proposed total our end-to-end supply chain skills and capabilities dividend per share 6.3p * Non GAAP Alternative Performance Measures (see note 4 on page 61) of the financial statements for reconciliation to statutory IFRS measures 1 Eddie Stobart Logistics plc Annual Report and Accounts 2018 Eddie Stobart Logistics plc Annual Report and Accounts 2018 Chairman’s statement We have made great progress in developing our end-to-end supply chain capabilities and remain well placed to access Philip H Swatman Chairman future growth opportunities I am pleased to report another year Training for all our people remains a top priority of strong progress at Eddie Stobart and we are delighted that our training initiatives Logistics plc. In addition to winning won an industry award this year (for further detail see page 23.) Through our graduate a significant level of new contracts training scheme we help graduates gain the in our core transport and experience they will need to become future warehousing operations, we made leaders of our business. another successful acquisition, The Pallet Network, a leading palletised Financial performance freight distribution network. We are pleased with our 2018 financial performance with sales increasing 35% to Building our end-to-end platform £843.1 million (2017: £623.9 million) and Since the IPO, we have acquired four excellent adjusted EBIT increasing 14% to £55.3 million businesses, iForce, Speedy Freight, The (2017: £48.5 million). As noted in our January Logistic People and The Pallet Network, that trading update EBIT margin reduced in the have added to our overall supply chain first half of the year as a consequence of costs capabilities. Having visited the operations of People incurred in implementing our major new each of these businesses, the Board was We have appointed a new Chief Financial contract wins. impressed with the strength of the Officer, Anoop Kang, who will join us on 1 April management teams and commitment of the 2019, to succeed Damien Harte who is retiring Our sales growth demonstrates the increasing employees. Market-leading IT systems are due to family health reasons. Anoop brings attractiveness of our unique end-to-end used to deliver cost effective and efficient significant experience gained in a range of operating model, combined with the services. senior financial positions and we look forward performance and synergies generated by to him joining the Board. We are grateful to our acquired businesses. These businesses complement the core Eddie Damien for all he has done to lead us Stobart transport and warehousing operations successfully through the Company’s IPO The Board is recommending a final dividend of and are expected to enhance our opportunities and in our subsequent acquisitions. £18.1 million (4.76 pence per share) making for organic growth in the UK and expansion a total of £23.9 million (6.30 pence per share) in Europe. Going forward into the current year We have made good progress in strengthening for the 2018 financial year. we expect that these acquired companies our executive management team and have should contribute an increasing proportion of successfully recruited experienced and Outlook our turnover, positively impacting our growth talented individuals from within and outside the Whilst we remain mindful of the current political prospects. logistics sector. Whilst we have developed the and economic uncertainty, we are confident capabilities of our teams across all sectors, we that our unique operating model provides us have been particularly successful in recruiting with the flexibility to respond rapidly to individuals with sector-leading experience who changing market conditions. further strengthen our e-commerce skills and know how providing us with the capabilities to The new financial year has started in line with deliver our future growth plans and continuous the Board's expectations. operational improvements. Finally, I would like to thank fellow members of We continue to invest in the future and remain the Board, all employees, customers and wider focussed on attracting the best people into our stakeholders for their continued support and business and developing their skills. much valued contributions. Philip H Swatman Chairman 28 March 2019 2 Our end-to-end delivery journey Strategic report With our state-of-the-art technology we track, monitor and accurately predict all of our vehicle movements, providing full visibility to our customers in real time. Here’s how it works... Governance Start of shift 1 > At the start of each shift, the driver enters the vehicle and inserts their digi tacho card. This records their shift start and finish times as well as providing details of their jobs for the day to their DriveTab device. Driver’s jobs available on DriveTab device Getting on the road 2 Financial statements > The driver conducts their vehicle and trailer safety checks. The list of checks is totally configurable i.e. tyres, lights, seals etc. The driver then checks their next available job on the DriveTab device. Digitised location ring Collection / fence shown on DriveTab delivery activities 3 Customer collection point > Arrivals and departures are recorded automatically using the geofence (digitised location ring fences) in the tracking solution. The trailer pick-up and drop-off is also recorded automatically using data from the trailer EBS (Haldex). Monitoring progress 4 (in transit) > Estimated time of arrival (ETA) boards are available for customers to monitor progress of deliveries. They can monitor planned, estimated and actual arrival times and highlight any expected delays. When the driver records a break the data is automatically adjusted to give an accurate ETA. Customer arrivals board Reacting to change 5 2 h 5 min > Updates within the plan are reflected immediately on the DriveTab. 74 miles The driver will communicate any issues to the control centre using their hands-free device. Final destination Customer delivery point Message from control centre on DriveTab > Pictures of proof of delivery (POD) are stored electronically
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