Stobart Group Limited Trading Statement (2544J)
08 Settembre 2016 - 8:00AM
UK Regulatory
TIDMSTOB
RNS Number : 2544J
Stobart Group Limited
08 September 2016
8 September 2016
STOBART GROUP LIMITED
('Stobart Group' or 'the Group')
Pre-Close Trading Statement
Stobart Group, the infrastructure and support services group,
issues the following pre-close trading statement prior to the
announcement of the interim results for the six months to 31 August
2016, which is expected to be made on 27 October 2016.
All growth operating divisions are performing in line with
expectations whilst our infrastructure division has exceeded
expectations.
Energy
Our target is to supply over 2 million tonnes of biomass fuel
per annum and grow EBITDA to GBP10 per tonne by 2018. Long-term
customer contracts have been secured to achieve this target, with
six biomass plants currently under construction and due to come
on-stream before May 2018. Our current customers require 1.0
million tonnes per annum, with two further biomass plants becoming
fully operational in the six months to 31 August 2016. We will
begin to supply two further biomass plants in the second half of
the year.
In the six months to 31 August 2016, both EBITDA per tonne and
volumes supplied were at a similar level to the same period last
year. Further processing and storage sites required to service the
future increased volumes have been identified.
As previously announced, Ben Whawell has assumed the role of
Chief Executive Officer of the Group's Energy division. Alongside
Ben, the senior management team has been bolstered to support the
division's expected strong growth.
Aviation
Our target is to grow passenger numbers at London Southend
Airport to over 2.5 million passengers per annum and deliver GBP8
EBITDA per passenger by 2018. As reported in the AGM Statement in
June, London Southend Airport's management team is in advanced
talks with a number of low-cost carriers and full service
operators, who want to take advantage of the airport's access to
London capacity at peak times. These talks are progressing
well.
In the six months to 31 August 2016, like-for-like passenger
numbers were broadly in line with the prior year, with on-time
performance and load factors continuing to outperform airline
targets.
Infrastructure
Our Infrastructure division is trading ahead of expectations.
The disposal of our investment property in Speke achieved net
proceeds of GBP37.0 million and a profit of GBP11.6 million. We
anticipate further disposals in line with our plan in the second
half.
Dividend
We reported in the AGM statement in June an expectation to pay a
quarterly dividend commencing in October 2016. The Board has
declared an interim dividend of 3.0p which will be paid on 7
October 2016 to shareholders on the register as at 16 September
2016. Subject to Board approval, further quarterly dividend
payments of 3.0p will be made on 20 January 2017 and 7 April
2017.
Board
As previously stated, the recruitment of a new Chief Financial
Officer for the Group is well advanced and a further announcement
will be made in the near future.
Chief Executive Andrew Tinkler commented:
"Significant progress has been made in the period, illustrating
that we are on track to achieve our objectives.
"A particular highlight is the momentum in the Energy division,
which we are confident will continue during such an important point
in its development and we look forward to delivering the expected
growth. Within Aviation, we are pleased with how the discussions
with carriers and operators are progressing and look forward to a
positive outcome in the coming period.
"We are very pleased to be declaring our first quarterly
dividend, reflecting the cash generation of the Group and its
commitment to drive value for shareholders."
Enquiries:
+44 20 7851
Stobart Group 9090
Andrew Tinkler, Chief
Executive Officer
+44 20 7382
Redleaf Communications 4730
Emma Kane
Rebecca Sanders-Hewett
+44 20 7287
influence Associates 9610
Stuart Dyble
James Andrew
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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