Stobart Group Limited Interim Management Statement (9614H)
27 Giugno 2013 - 8:01AM
UK Regulatory
TIDMSTOB
RNS Number : 9614H
Stobart Group Limited
27 June 2013
STOBART GROUP LIMITED
('Stobart' or 'the Group')
Interim Management Statement
Stobart Group Limited is a leading provider of multi-modal
Transport, Distribution and Infrastructure services.
Stobart, issues the following Interim Management Statement -
covering the period from the commencement of the new financial year
on 1 March 2013 to date - to coincide with its Annual General
Meeting, which will be held today.
The Group remains confident of delivering strong returns for
shareholders over the coming years as its four year strategy
(2011-15) moves from the investment phase to optimisation. We have
had a satisfactory start to the year with a solid performance in
the transport business and there are positive developments in the
growing businesses. Delivering on our medium-term value
expectations for the Air and Biomass businesses requires us to
drive volume through them and there is work to do, particularly in
the Air division, to maximise revenues.
The Transport & Distribution division has had a steady start
to the year. This is despite some FMCG customers reporting lower
volumes in the first quarter. With reasonable weather over summer,
this trend should be reversed, benefitting the business.
Expectations for the business for the full year remain in line with
forecast. Work has continued to achieve further efficiencies in
Stobart Automotive including the closure of the head office and
roll-out of the innovative semi-trailer.
In the Estates division management continues to pursue
opportunities to realise value from asset disposals at the right
time. One small sale has been completed, solicitors are instructed
on a substantial disposal and discussions are advancing regarding
the sale of other significant assets at attractive prices.
In the Civil Engineering division the external rail market
remains flat and is likely to remain so for the rest of the year
but there are signs that this will pick up strongly next year as
Network Rail enters Control Period 5.
In the Air division, construction of the terminal extension at
Southend Airport is almost complete and is scheduled to come into
operation in phases before the end of the calendar year. The fourth
easyJet aircraft began operating on 17 June and now that the
infrastructure is nearing completion we are discussing adding
routes with a number of parties. Our focus is on building passenger
numbers, optimising income from all ancillary services and
controlling costs.
In the Biomass division, tonnages as well as revenues and
profits per tonne are ahead year on year. In the first quarter
there have been some unexpected plant outages which have disrupted
our service but our take or pay agreements reduced the impact of
these interruptions. We are actively working to help move a number
of projects, where we will be the key product supplier, towards
financial close.
The search for a Chairman is progressing well. With the help of
consultants, a number of strong candidates have emerged and
discussions are continuing. In parallel, we are talking to
potential new non-executive directors
Stobart Group expects to announce its results for the six months
to 31 August 2013 on 24 October 2013.
ENDS
About Stobart Group
With over 5,900 employees operating from more than 50 sites
across the UK and Europe, Stobart 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 Transport and Distribution division, incorporating Eddie
Stobart - the iconic name behind a huge road haulage fleet
totalling some 2,400 vehicles, over 3,000 trailers and over seven
million square feet of warehousing. Stobart Estates, Stobart
Infrastructure and Civils, Stobart Air and Stobart Biomass
divisions complete the Group's business structure.
www.stobartgroup.co.uk
Enquiries:
Stobart Group +44 1925 605 400
Andrew Tinkler, Chief Executive
Officer
Ben Whawell, Chief Financial
Officer
i-nfluence Associates +44 20 7287 9610
Stuart Dyble/James Andrew
Lansons Communications +44 7979 692287
Tony Langham
tonyl@lansons.com +44 20 7294 3617
Anna Schirmer +44 20 7294 3605
This information is provided by RNS
The company news service from the London Stock Exchange
END
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