Cause for optimism for Stobart Group
INFRASTRUCTURE and support services group Stobart is on target to deliver two million tonnes of biomass fuel a year by 2017/18 to its customers and its bid to drive 2.5 million passengers a year through its London Southend Airport is also on course.
The Carliste-based group’s pre-close trading statement ahead of its interim results for the six months to August 31 paints a satisfactory picture, according to chief executive Andrew Tinkler.
During the period the volume of biomass the firm supplied to its long-term customers was par compared to last year, despite some temporary power polant shutdowns dueto unscheduled maintenance and operation issues caused by much-publicised delays at Eurotunnel.
Meanwhile the company is working with low-cost airline easyJet to determine optimum capacity for routes it currently operates from Southend.
As a result, passenger numbers have fallen by 99,000 to 410,000, but revenue per passenger increased.
“Stobart Group’s growing relationship with easyJet, coupled with discussions with other low cost airlines, gives us confidence we will be well placed to announce new routes and achieve our target of welcoming 2.5 million passengers to London Southend Airport annually by 2018,” the statement said.
The company’s rail and infrastructure divions are although trading well, the company said. The infrastructure divison has completed the disposal of a property in Worcester for £6.2m and the development of a new distribution centre at its Carlisle Lake District Airport is expected to be completed on time next month.
Eddie Stobart Logistics is also trading ahead of the prior year.
Tinkler said: “We have continued to focus primarily on delivering value in our two high growth divisions, Energy and Aviation, and we continue to build the infrastructure and relationships to meet our targets in these markets. I am also pleased with the promising new contract wins in Stobart Rail.”
