Stobart ‘satisfied’ with progress

THE Stobart Group, which demerged its famous trucking division in March to focus on a raft of other businesses, said it is satisfied with their performance.

The Warrington-based group has moved into a number of areas in recent years including flight services, renewable energy, infrastructure services, property and law.

But it still holds a 49% stake in the logistics arm, trading as Eddie Stobart Logistics but controlled by Douglas Bay Capital. It was formerly the Laxey Investment Trust which owned logistics group TDG until it was sold to Norbert Dentressangle in 2010.

In a pre-close statement for the six months to the end of August, chief executive Andrew Tinkler said: “We have seen encouraging year-on-year growth in biomass tonnages supplied and passenger numbers, which are key performance indicators in our Energy and Aviation divisions respectively.

“Whilst the rate of development against our plans in these growing businesses is hard to predict accurately in the short term, the board is satisfied with the performance achieved to date and is confident of delivering strong returns over the medium term. In the period to date we have returned to shareholders £34.6m via share buybacks, and £13.2m via dividends paid in July.”

In infrastructure Stobart has sold four properties, raising £12.7m and secured planning permission for a distribution centre at Carlisle Airport. The energy division saw tonnages rise by 50% and in the airports business (which includes Carlisle and Southend) passenger numbers were up by 20%.