LONDON (dpa-AFX) - Stobart Group Limited (STOB.L), an Aviation, Energy and Rail & Civils business, reported Thursday that it has continued to commercialize its core operating businesses, delivering operational progress in Aviation and Energy.
Looking ahead, Warwick Brady, CEO, said, 'We are reviewing all aspects of the Group to ensure we are well placed to deliver the ambitious growth targets set by the Board to double the value of the business. We are confident that we can meet our commitment to shareholders to unify the business and provide the framework for the delivery of the Company's strategy to the benefit of all stakeholders.'
In its pre-close trading statement for the first half, Stobart reported that in the Aviation segment, passenger numbers at London Southend Airport grew 37%. Ryanair flights starting in Spring 2019 and the easyJet partnership will drive further growth, with an additional aircraft added this summer, it said.
The results of the Aviation division for the full year, excluding the investment in the franchise operations, are expected to be broadly in line with expectations.
In Energy, growth of processed tonnages sold went up about 50%. The results for the Energy division will be slightly below expectations in the short term. Further, Stobart Energy is well positioned to deliver strong profitability per tonne when energy plants are operating to target.
In Stobart Rail & Civils, the results for the year are likely to be lower than expectations.
Further, interim dividend of 4.5p per share declared. This will be paid on October 5 to shareholders on the register as at September 14.
The company is slated to release its first-half results on October 24.
Copyright RTT News/dpa-AFX