Member Article

Stobart announce "pivotal year" following £500m Tesco deal

Warrington-based haulage business Stobart Group has said 2012 was a “pivotal year” for the company, and it is on track for its four-year strategy to 2015.

Underlying operating profits rose by £4.8m to £44.9m up to the end of February, while revenues grew from £491.7m to £572.4m.

The company provides multi-modal transport and distribution, estates, air and biomass services as well as infrastructure and civil engineering.

Profits in the firm’s transport and distribution improve to £29.7m, in what they called a “tough market.”

A three-year contract with Tesco worth £500m also helped to buoy the business, after it came into effect at the beginning of March.

Andrew Tinkler, chief executive, said: “Despite a turbulent year and a tough economic environment, our continuing operating businesses have produced a profit from continuing operations ten per cent up on last year and have again given us a good return on investment.

“We are now at a pivotal point in our four year plan and with our investment programme nearly complete we are moving into our value optimisation phase.

“Through our property assets we will be looking to return cash into the business, while our Air and Biomass businesses are poised to deliver further value enhancement.

“Our management team is now focused on realising value from the investments made over the last few years.”

This was posted in Bdaily's Members' News section by Miranda Dobson .