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Trading statements

Stobart says trading in line with directors' views

29 June 2017 07:42

Stobart is trading in line with directors' expectations.

"We remain on track to deliver our targets of 2.5m passengers at London Southend Airport and 2m tonnes of biomass supply annually, by the end of calendar year 2018," the company said.

"We have also established extended targets to 2022 and we are confident that we can continue to deliver value to shareholders through this period and beyond."

Since 1 March 2017, Stobart had generated cash of £159.7m from two transactions.

In April 2017, it realised £113.3m of cash following the IPO of Eddie Stobart Logistics and retained a 12.5% shareholding in the AIM-listed business, which was valued at £71.5m on flotation.

"The total value generated represented a significant uplift of over £120m on the year-end balance sheet value."

Also in April 2017, Stobart completed a sale and leaseback of eight ATR aircraft in its leasing company, realising £46.4m of cash.

"These transactions have provided the business with further cash resources to support the dividend and to invest in creating further value across our divisions."

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