Interim Management Statement and Results of AGM (4732J)

TIDMSTOB

RNS Number : 4732J

Stobart Group Limited

30 June 2011

30(th) June 2011

STOBART GROUP LIMITED

('Stobart' or 'the Group')

Interim Management Statement and Results of AGM

Stobart Group, one of the UK's leading providers of multimodal transport logistics solutions, is issuing the following Interim Management Statement - covering the period 1(st) March 2011 to date - to coincide with its Annual General Meeting ('AGM'), which was held today.

The Group has made a solid start to the year and, despite market conditions remaining challenging, is trading in line with expectations.

The Group has recently reorganised itself into five key operating divisions and has set out on a three year plan to deliver significant value to shareholders.

The Transport and Distribution division has enjoyed a good start to the year, but the last month or so has seen retail market volumes fall back, reflecting more volatile demand from retailers. Measures including optimising fleet management and other cost improvements are underway to maintain expected levels of profitability. This month, ahead of schedule, has seen the beginning of the recently won 3 year Multimodal Transport Contract for Tesco at their new 800,000 sq ft Grocery Distribution Centre and Rail Terminal at Daventry including the successful start up of our new Scottish Rail service from the site with a further 4 services planned.

In the Estates division, projects are progressing well. Planning permission has been obtained for a 278,000 sq ft chilled distribution centre at Peterborough for a new customer, the development work at London Southend Airport, such as the new terminal building and extended runway remains on course, and construction work on the 131 bedroom hotel will commence shortly.

As expected, the Infrastructure and Civil Engineering division is experiencing the effects of lower spend by Network Rail. However the division continues to add value to the Group by providing valued engineering to developments, in particular at London Southend Airport.

The Air division recently announced a ten-year contract with easyJet to base an initial three planes at London Southend Airport, which sees this division well on course to deliver its target of two million passengers per annum. The division will also continue to discuss routes with other additional airlines. The recently completed railway station is scheduled to commence operating on 18(th) July 2011.

The Biomass division is progressing contract discussions with a number of customers. The pipeline of enquiries is strong and the division remains on course to deliver its target of supplying between three and four million tonnes per annum to the renewable fuels market.

Stobart expects to announce its results for the six months to 31 August 2011 on 26 October 2011.

Details of voting at Annual General Meeting

 
                                                                       % in 
                                                                       favour 
                                                                       excl. 
                                                                       Discretion 
                                 Votes at                              and 
                   Votes         Chairman's   Votes        Votes       withheld 
                    in favour    discretion    against      withheld   votes 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To receive the 
  Company's 
  Annual 
  Accounts and 
  the Directors' 
  Report, 
  Directors' 
  Remuneration 
  Report and the 
  Auditors' 
  Report.          200,490,660   122,923      22,506       2,500       99.93 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To declare a 
  final dividend 
  of 4p per 
  ordinary 
  share.           200,535,266   98,643       1,500        3,180       99.95 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  Alan Kelsey 
  as a Director.   200,158,541   102,457      341,086      36,505      99.76 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  Paul 
  Orchard-Lisle 
  as a 
  Director.        200,125,725   101,166      381,193      30,505      99.74 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  David Beever 
  as a Director.   200,129,004   101,166      365,064      43,355      99.75 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  Jesper 
  Kjaedegaard as 
  a Director.      200,175,694   101,166      331,724      30,005      99.76 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  Michael Kayser 
  as a Director.   198,733,846   101,166      501,386      1,302,191   99.05 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-elect 
  Rodney 
  Baker-Bates as 
  a Director.      191,634,331   102,457      7,582,714    1,319,087   95.51 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To re-appoint 
  Ernst & Young 
  LLP as 
  Auditors of 
  the Company.     200,166,710   97,352       361,527      13,000      99.76 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To authorise 
  the Directors 
  to fix the 
  Auditors' 
  remuneration.    200,495,561   97,372       29,367       16,289      99.93 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To approve 
  the Directors' 
  Remuneration 
  Report.          140,073,336   114,499      58,748,813   1,701,941   69.81 
----------------  ------------  -----------  -----------  ----------  ----------- 
 To authorise 
  the Directors 
  to issue 
  shares.          200,036,821   123,522      459,175      19,071      99.70 
----------------  ------------  -----------  -----------  ----------  ----------- 
 Disapplication 
  of pre-emption 
  rights.          200,023,433   240,405      250,834      123,917     99.69 
----------------  ------------  -----------  -----------  ----------  -----------

ENDS

About Stobart Group

Stobart Group is listed on the London Stock Exchange in the FTSE250 (LSE:STOB). Operating from over 40 sites across the UK and Europe, Stobart Group is a UK front-runner in the multimodal logistics, warehousing, civil engineering, rail infrastructure and biomass fuel sectors. At the core of the Group is the Stobart Transport and Distribution division, incorporating Eddie Stobart - the iconic name behind a huge road haulage fleet totalling some 2,250 tractor units and over six million square feet of warehousing. Stobart Estates, Stobart Infrastructure and Civils, Stobart Air and Stobart Biomass divisions complete the Group's corporate structure.

www.stobartgroup.co.uk

Enquiries:

Investors / Media:

Sara Batchelor 07904 680547

James Andrew 07772 534 985

Stobart Group: 01925 605 400

Ben Whawell, Chief Financial Officer

Andrew Tinkler, Chief Executive Officer

This information is provided by RNS

The company news service from the London Stock Exchange

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