Stobart profits leap 60 per cent

LinkedIn +

Stobart Group saw pre-tax profit rise almost 60 per cent last year to £36.8m aided by an £8.2m profit on the disposal of assets at Widnes.

Sales for the year to 28th February were up 3.9 per cent at £447.7m on the back of contract wins worth some £50m a year.

[asset_ref id=”459″]

Chief executive Andrew Tinkler said: “This performance is driven by increased efficiency in our core business, new contract wins such as Unilever and developing strategic assets.”

The group said net debt was reduced by £57.9m since the interim date and by £23.8m since the last year end.

[asset_ref id=”826″]

During the year Stobart launched a fresh produce train service from Valencia to UK. It completed phase 1 of its Widnes development, subsequently selling it for £61m and leasing back the adjoining terminal.

It is also building its position in aviation with the acquisition of Carlisle Lake District Airport, and the development of a railway station and control tower at London Southend Airport.

Since the year end, the company which is celebrating its 40th anniversary, has started a biomass products venture.

Tinkler said: “We look forward to further progress in the coming year through expansion of our new biomass business, commencement of the runway extension and new terminal at London Southend Airport and further efficiencies and contract wins in our main Eddie Stobart division.”

Share this story: