Member Article

Stobart Group report £1.2m loss for the year

Stobart Group, which has its operational head office in Carlisle, has reported a loss for the year of £1.2m.

This is despite revenue increasing by 17.6% to £116.6m.

Despite its reported losses the support services and infrastructure group has seen strong growth across its different divisions.

The group report an increased volume in biomass tonnages supplied by 29% to 1.17m tonnes, and have also secured four long term customer contracts to deliver an additional 1m tonnes of biomass from March 2017.

In aviation the group has seen passenger numbers at London Southend Airport increase by 9% to 1.09m passengers.

It has also secured planning permission with construction underway for an air/road freight distribution centre at Carlisle Lake District Airport.

Chief executive Andrew Tinkler said: “We have made good progress with the implementation of the final stage of Stobart Group’s growth and value creation strategy.

“We have focused primarily on delivering value in our two high growth divisions of Energy and Aviation.

“In addition, we have driven external projects in our Rail divisions whilst helping develop less mature internal infrastructure assets.

“Our Infrastructure division has also continued to realise value for our mature property assets.”

This was posted in Bdaily's Members' News section by Sophia Taha .