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Thursday, 21 August 2014

Stobart group reports solid results

Troubled Cumbrian logistics group Stobart has announced that it made a solid performance in its main transport business.

In an interim management statement released to the Stock Market this morning, covering the period from March 1, the group said the transport business should hit full-year targets despite the on going problems with consumer spending that impact on its customers.

"We have had a satisfactory start to the year with a solid performance in the transport business and there are positive developments in the growing businesses," the company said.

Expectations for the business for the full year remain in line with previous forecasts.

Stobart Group has endured a difficult period with a number of boardroom coups and shake-ups amid criticism from city analysts of its diversificatiion strategy.

It is still looking for a non-executive chairman and potential new non-exec directors following the departure of executive chairman Avril Palmer-Baunack in April. The company said the search for a new chairman was "progressing well" and "a number of strong candidates have emerged and discussions are continuing".

Today the company admitted there was "work to do" to maximise revenues in the air and biomass businesses, but said costs have been cut in the vehicle transport arm with the closure of its Northampton head office.

The Air division has nearly completed the construction of a terminal extension at Southend Airport where a fourth easyjet aircraft began operating last week.

In the Biomass tonnages as well as revenues and profits per tonne are ahead year-on-year.

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