Profits hit the £100m mark at Stobart Group
Infrastructure and support services firm Stobart Group recorded profits of more than £100m last year.
The firm, which is based in Carlisle, underwent a management reorganisation but saw improvements in all its operating divisions.
All operating divisions saw an underlying increase in EBITDA year on year; energy was up 18%, aviation increased by 3500% and Rail by 13%.
As result the firm returned £74.1m to shareholders in the year via dividends and share buy backs.
In the aviation arm London Southend was the UK’s fastest growing airport in 2017 with 29% increase in passenger numbers to over one million.
The regional airline, Stobart Air, saw 9% increase in passenger numbers through our franchise and commercial agreements with Aer Lingus and Flybe.
And in the rail and civils division there was wider growth of the group through efficient infrastructure projects at London Southend and Carlisle Lake District airports.
Infrastructure generated cash proceeds of £27.3m from four disposals and increased the value of its property portfolio by £3.6m.
Chief Executive Warwick Brady, said: “It has been a great experience since taking over as CEO of Stobart Group at the last AGM.
“I have been working closely with the teams to develop and evolve the growth strategy for Aviation and Energy to create and deliver significant value for shareholders over the next five years, retain talented entrepreneurial people and manage our financial resources.
“I am pleased by the progress made in the energy division, which is now on track to achieve its growth targets, and we are focused on further improving efficiencies and margins.
“The innovation within Rail & Civils is impressive, and the team continue to both win external contracts and add significant value throughout the Group’s operating assets.”
He added: “I also see particular opportunities to develop our Aviation division.
“At Stobart Group, we have a lot of management experience in the aviation sector, a background in logistics and a “trusted to deliver” culture aimed at delivering first class customer service.
“Our strategy is based on unlocking the current London airport capacity constraints through our London Southend Airport by increasing passenger numbers and attracting more airlines as well as improving customer services by expanding our Aviation Services offering and, ultimately, building on our growing reputation.
“We also continue to enjoy strong performance from our regional airline, Stobart Air.”