Stobart Group said its Transport and Distribution division would achieve a solid result for the first half of 2013, despite swings in retail sales volumes due to the poor spring weather followed by very hot periods in June and July.
The group is now moving from an investment phase to value optimisation, chief executive Andrew Tinkler said in a pre-close trading statement.
“The management team is focused on delivering value to shareholders and we will continue to work on achieving the potential of each of our divisions”
Managing unforeseen volatility in the Transport and Distribution division was challenging, the group said. “But the investment we have made in our planning systems allows us to meet our customers’ needs.
“We have begun to implement the division’s systems in our Autologic subsidiary which we expect to enhance profitability over the coming twelve months. We expect the division to remain on track for the full year.”
Stobart Group has appointed Iain Ferguson chairman. He is chairman of Berendsen plc and a non-executive director on the boards of Balfour Beatty plc and Gregg’s plc. Before that he was chief executive of Tate & Lyle.
Paul Orchard-Lisle, interim chairman, and Rodney Baker Bates intend to step down from the group board in due course, when further appointments are made, but Orchard-Lisle will remain chairman of Stobart’s property board.