Stobart Group Limited Interim Management Statement (8927X)
17 Gennaio 2014 - 8:00AM
UK Regulatory
TIDMSTOB
RNS Number : 8927X
Stobart Group Limited
17 January 2014
17 January 2014
STOBART GROUP LIMITED
('Stobart Group' or 'the Group')
Interim Management Statement
The following interim management statement for Stobart Group
covers the period from 1 September 2013 to date.
The trend in underlying profitability that we reported with the
Group's interim results has continued and underlying EBIT across
all of the Group's Divisions for the period to 31 December 2013 was
slightly ahead of the same period in the previous year. Our
Transport and Distribution business has had a busy Christmas period
and has performed in line with the Board's expectations.
In keeping with our strategy of developing Stobart Group's
growth businesses and realising value where appropriate, the Group
has continued to make profitable investment property disposals. In
aggregate, since October 2012 the Group has generated GBP85.0
million from property sales with the intention of reducing debt.
The Group has now reached agreement with its lender to apply the
net proceeds of the disposals from the Moneypenny portfolio to
prepayment of its property loan, reducing the loan by GBP64.0
million to GBP10.9 million and leaving the Group with property in
the Moneypenny portfolio with a value (at 31 August 2013
valuations) of GBP45.3 million. This welcome and significant
reduction in the Group's debt has taken longer to negotiate than
originally anticipated and, as a result of the delay, the Group's
full year results will include a higher interest cost than
anticipated as well as costs associated with the prepayment of the
fixed rate loan.
All of our businesses are continuing to make steady progress and
we remain confident in their potential but there is more work to be
done to achieve our longer-term aspirations now that the
foundations for growth, in our Air and Biomass Divisions in
particular, are in place.
Enquiries:
Stobart Group +44 1925 605 400
Andrew Tinkler, Chief Executive
Officer
Ben Whawell, Chief Financial Officer
Lansons
+44 20 7294 3617
Tony Langham (tonyl@lansons.com) +44 7979 692287
Anna Schirmer (annas@lansons.com) +44 20 7294 3605
Influence Associates +44 20 7287 9610
Stuart Dyble/James Andrew
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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