Member Article

Stobart Group publish encouraging results

Cumbrian logistics firm Stobart Group have announced full-year profits of £35.2m, up from £34.5m in 2012.

The firm reported a strengthened balance sheet, with net assets of £472.7m, compared with £331.7m in 2011.

Stobart Air, the first and main phase of a redeveloped London Southend Airport, has helped to develop the firm, as has contribution from a fast growing Biomass division, following acquisition of the remaining 50% of Stobart Biomass Products in the first quarter.

In the Transport & Distribution division, performance reflected very challenging market conditions, while Stobart Estates, and the acquisition of WADI Properties Limited, contributed well.

Elsewhere, the Infrastructure & Civil Engineering division more than doubled its profit contribution.

Andrew Tinkler, Chief Executive Officer, commented: “Over the last year, we have taken a number of major initiatives across the Group which have created the asset base, structure and operational platform to drive up performance and shareholder value in line with our four-year plan.

“Each of the Group’s divisions has good growth potential. As we enter the second year of our plan we are confident that the changes we are implementing will deliver enhanced value across the Group.”

This was posted in Bdaily's Members' News section by Tom Keighley .