ESKN Esken Limited

 

TIDMSTOB 
 
RNS Number : 7892L 
Stobart Group Limited 
16 January 2009 
 

Stobart Group Limited 
('Stobart' or 'the Group') 
 
 
Interim Management Statement 
 
 
16 January 2009 
 
 
Stobart, one of the UK's leading providers of multimodal transport and logistics 
services, is issuing its Interim Management Statement covering the period from 
24 October 2008 to the current date. 
 
 
The Group has had a year of acquisitive growth and now has the core components 
to drive forward its multimodal strategy. Its 'pay-as-you-go' cost model is 
showing resilience in the economic downturn and enabling it to build its 
customer base. 
 
 
  *  Road transport and warehousing operations are slightly ahead of management 
  expectations. The Integration of the Irlam, Innovate and Irish businesses 
  acquired earlier in the year is on-track to complete by the financial year end 
  and will show operational synergies and cost savings. 
 
  *  Port operations are slightly behind expectations, due to a downturn in Far East 
  imports. However port assets are being utilised in its UK customer operations. 
  Construction has started on warehousing facilities at the in-land port after 
  receiving planning permission in December. It is anticipated that this 
  development will create upto 1,200 jobs in the year ahead to service all its 
  customer base. 
 
  *  Rail freight is benefiting from increased volumes and the Group is in discussion 
  with many of its customers to move road transport to rail. It is officially 
  opening its Grangemouth to Inverness service on 20 January. The rail civil 
  engineering operations are performing well above expectations, with significant 
  contracts delivered including the major slab-track renewal at Hampstead Heath. 
  This division is playing a big part in delivering value engineering to the 
  Group's on-going development at its inland port at Widnes. 
 
  *  Following the acquisition of Southend Airport in December, the group is making 
  progress in developing a new railway station. Talks are at an advanced stage 
  with a hotel operator for a new hotel to be built at the Airport. The Group has 
  also announced its intention to pursue the exercise of its option to purchase 
  Carlisle Airport, where it aims to develop a new purpose-built distribution 
  centre, consolidate its Carlisle sites, make operational savings and create 
  upwards of 100 jobs. This transaction is subject to shareholder approval in the 
  near future. 
 
 
 
The Group has been working hard with existing and new customers to further 
develop and enhance its service offering. The Board expects this to produce 
results and for significant new business to be won in the coming months. 
 
 
The above, together with ensuring that the Groups costs are accurately monitored 
to reflect this trading environment means that the Board remains confident that 
it will achieve its year end financial expectations and deliver on its strategy 
to become the UK's leading provider of fully integrated multimodal transport and 
logistics solutions. 
 
 
Stobart will announce its full year results, for the year ended 28 February 2009 
on Tuesday 12 May 2009. Analysts are invited to a presentation at College Hill, 
The Registry, Royal Mint Court, London at 9.30am on this date. If you would like 
to attend, please contact Karlie Nicholls at College Hill on 020 7457 2007 
or Karlie.Nicholls@collegehill.com. 
 
 
 
 
Further information: 
 
 
+--------------------------------------+---------------------+ 
| Stobart Group                        |       01925 605 400 | 
| Andrew Tinkler, Chief Executive      |                     | 
| Officer                              |                     | 
| Ben Whawell, Chief Financial Officer |                     | 
| Julie Gaskell, Head of               |                     | 
| Communications                       |                     | 
+--------------------------------------+---------------------+ 
| College Hill                         |       020 7457 2020 | 
| Mark Garraway                        |                     | 
| Gareth David                         |                     | 
+--------------------------------------+---------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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