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Annual Results

Stobart Group swings to FY pretax profit

12 May 2016 10:43

Stobart Group has swung to a FY pretax profit of GBP9.99m, from a loss of GBP9.4m a year earlier, and said it was on track to deliver on its strategy by 2018. Revenue improved to GBP126.7m, from GBP116.6m.

It proposed a final dividend of 4p a share, unchanged on the year.

CEO Andrew Tinkler said Stobart had delivered improved profitability in all five of its divisions with the foundations, management and organisational structure almost set to achieve our objectives and deliver our plan.

"We are on track to deliver our strategy by 2018 and drive shareholder value through our three growth operating divisions of Energy, Aviation and Rail, while generating a cash surplus through the exit of our infrastructure and investment portfolios at the right time allowing increasing returns to shareholders."

HIGHLIGHTS:

· Revenue from continuing operations up 8.6% to £126.7m (2015: £116.6m)

· Underlying EBITDA increased by 69.8% to £30.0m (2015: £17.6m). All divisions reported EBITDA ahead of prior year

· Underlying profit before tax increased by 98.0% to £18.4m (2015: £9.3m)

· Property realisations generated £24.1m cash proceeds (2015: £27.2m)

· Basic earnings per share from underlying continuing operations of 5.0p (2015: 2.6p)

· £19.7m returned to shareholders via dividends paid in the year (2015: £19.8m)

· Additional biomass contracts secured, completing the target of securing contracts to supply over 2 million tonnes per annum by 2018

· London Southend Airport voted best airport in Britain by Which? for third consecutive year

· Strengthened management team at Stobart Aviation by appointing aviation industry specialists, including newly appointed CEO and COO

· Stobart Rail completed construction of the air/road freight distribution centre at Carlisle Lake District Airport, which went on to be sold for £16.8m

· Revenue from external work by Stobart Rail increased by 36.5% to £28.8m

· Added value and generated cash through our infrastructure and investment portfolios

At 10:43am: (LON:STOB) Stobart Group Ltd share price was -0.5p at 109.25p

Story provided by StockMarketWire.com

Related Company: STOB

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