Logistics Development Group plc
Logistics Development Group plc ('LDG', formerly Eddie Stobart Logistics plc, company number 08922456) is an AIM-quoted investing company with no trading operations or employees other than its non-executive Directors. Its assets are managed externally by DBAY Advisors Limited and held via its wholly-owned Jersey subsidiary Fixtaia Limited, which at 31 December 2025 held equity stakes in Finsbury Food Group Limited (25.31%), SQLI S.A. (10.73%), Alliance Pharma plc (24.54%) and WS Holdco Limited (42.60%, a UK logistics platform), plus minor other interests. The Company's strategy is to generate shareholder returns through capital appreciation of these holdings and distributions from eventual realisations.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 14 May 2026 · 43 pages · Companies House
Logistics Development Group, which owns stakes in other companies rather than running a business itself, has no sales of its own. Its profit before tax for 2025 was £15.0m, down from £19.8m the year before. That profit came almost entirely from rises in the estimated value of its holdings. These include a bakery group, a consumer healthcare brands business, a European IT services firm and a UK logistics group. These were paper gains of £15.862m, not cash, and the auditor flagged valuing the unlisted stakes as a matter of judgement.
Cash at the year end fell to £2.2m from £29.6m, with no borrowings. The company spent £21.0m buying back its own shares and put £4.7m more into its investments. It paid no dividend.
The board said it will hand cash back to shareholders under an agreed formula when holdings are sold. It estimated net assets (what it owns less what it owes) at 26.7p per share. The investment manager believes the holdings are valued cautiously. The auditor gave a clean opinion, and the directors raised no doubt about the company carrying on.
Fair value gains on the Fixtaia investment portfolio (net gain £15.862m in 2025)
Gain on investments measured at fair value through profit or loss - net £15,862k (2024: £19,336k)
page 29AI-driven cost reduction across portfolio sectors (bakeries, consumer health) seen as a tailwind unlikely to disrupt business models
Investment Manager's report: 'AI-innovation is a clear cost reduction tailwind but is highly unlikely to disrupt their business models'
page 4Chairman confirms an agreed formula for distributing cash to Shareholders on future realisations and will continue to publish quarterly unaudited NAV; unaudited NAV per share at 31 Dec 2025 was 26.7p
page 3No interim dividend was paid in 2025 (2024: £Nil) and no final dividend is recommended (2024: £Nil). The Company instead operates 'an agreed formula for distributing cash to Shareholders on any future realisations' and has returned cash via tender offer buybacks (£21.0m in 2025)
page 811 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
33 figures restated in a later report
Every figure is read again from the following year’s report: 198 confirmed, 39 differ, 33 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
33 more figures were restated in FY2015 to FY2022, which a free account opens.