Stobart Group reveals profits rise to £100m
Published on: Thursday 10th May 2018
Stobart Group has released its results for the year.
The owner of Carlisle Lake District Airport, said profits had increased across all divisions.
Its profit before tax increased to £100.6m, partially realised Eddie Stobart investment generated profit of £123.9m and net cash of £111.9m and returned £74.1m to shareholders in the year via dividends and share buy backs.
Warwick Brady, chief executive, 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 and civils is impressive, and the team continue to both win external contracts and add significant value throughout the group's operating assets.
"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."