Woodford aiming to get on right road with Stobart punt

LEADING fund manager Neil Woodford will be hoping his latest investment in Eddie Stobart, the famous trucking firm which floated today, is a better bet than his punt on Circassia Pharma, which slumped to a hefty loss last year.

Woodford Asset Management becomes Eddie Stobart’s largest single shareholder, paying £115 million for a near-20% stake in the logistics firm, which listed on AIM with a £570 million price tag.

He is also a major shareholder of Stobart Group, the owner of Southend Airport, which is selling off most of its 49% stake in Eddie Stobart in the IPO, along with 51% shareholder Isle of Man-based DBay Advisors.

The shares were flat on debut at 160p.

Elsewhere, Circassia, which has lost two thirds of its value since floating three years ago, revealed its failed allergy business cost it £80 million in writedowns last year.

That pushed it to a pre-tax loss of £145 million, more than double the 2015 figure.