Last updated at 08:07, Friday, 29 June 2012

Stobart Group faced a shareholder rebellion over pay at its annual general meeting yesterday.

The company had announced that most of its divisions are trading ahead of last year, but 16 per cent of shareholders either voted against or withheld votes to approve the directors' remuneration package.

Shareholders were set to be angered over a bonus scheme that could see directors, led by the chief executive, Andrew Tinkler, handed shares worth roughly 10pc of Stobart's market capitalisation, dependent on performance.

Although the bonus scheme is subject to significant performance targets it could also pay out if the company is taken over.

The scheme led to a similar pay revolt at last year's annual meeting.

Chairman Rodney Baker-Bates saw 8pc of shareholders fail to back his reappointment, while remuneration committee chief Paul Orchard-Lisle suffered a 6pc revolt.

In a trading update covering the period since March 1, the group gave a relatively upbeat assessment of progress.

At Stobart's London Southend Airport, easyJet has begun operations and Aer Lingus Regional has introduced services to Dublin.

The airport carried 172,000 passengers in the 12 weeks to June 22.

Warrington-based Stobart's biomass division experienced slightly lower export volumes than expected during the spring but anticipates the start of UK power station contracts in the second half of 2012 will herald the start of long-term volume growth.

The transport and distribution division, which includes the Eddie Stobart haulage business, has experienced mixed fortunes.

Its ambient transport and warehousing have performed well and seen more new business opportunities than in previous years, but the restructure of the chilled operations, while progressing, has resulted in some further costs.

Stobart said its £12.4m deal to buy logistics business Autologic Holdings would add significant revenues to the division.

First published at 07:50, Friday, 29 June 2012
Published by http://www.in-cumbria.com