AGM Statement

RNS Number : 1516R

Stobart Group Limited

25 June 2015

 

Stobart Group Limited

25 June 2015

STOBART GROUP LIMITED

('Stobart' or 'the Group')

AGM Statement

Stobart Group, the infrastructure and support services group, will hold its Annual General Meeting ('AGM') today at 1pm at The St Pierre Park Hotel, St Peter Port, Guernsey.

At the meeting, the Board of Stobart Group will make the following statement.

Energy

Our target is to supply over 2 million tonnes of biomass fuel by 2017/18. We reported, last month, annual tonnes supplied of 1.2 million for the year to 28 February 2015 and long-term customer contracts in place for a further 1.0 million tonnes for delivery from 2017/18. Total tonnages supplied in the three months to 31 May 2015 increased by 3.4% year-on-year to 247,000 tonnes. We will continue to consider opportunities for further contracted work with other potential customers according to their merits and the availability of additional fuel.  The first supplies to the commissioned plant at Evermore, Londonderry have been made this month.

Aviation

Our target is to deliver over 2.5 million passengers annually by 2018 at London Southend Airport. Last month we reported that the airport served 1.09 million passengers in the year to 28 February 2015. 

It is typical for an airline to increase and decrease the number of flights it runs from an airport in order to determine what the optimum capacity is for a particular route. London Southend Airport is currently working through this process with easyJet, and this has resulted in a short term fall in passenger numbers. In the three months to 31 May 2015 passenger numbers decreased by 58,000 year-on-year to 231,000, but each flight has more passengers on it, and revenue per passenger increased during the period. This is a direct result of the work the Airport has been performing with easyJet to ensure they achieve optimum capacity on existing flights and are confident to build new routes.

This growing relationship means that new routes should be announced over the coming months and has been demonstrated by easyJet's announcement today that it will launch a new route to Lyon from London Southend starting in Autumn 2015. Earlier this month Adria Airways also started a new service to Maribor in Slovenia three times a week from London Southend Airport.

Rail, Infrastructure, Investments

Our Rail, Infrastructure and Investment divisions are performing in line with management expectations. We completed the profitable disposal of our Worcester investment property in March 2015, realising £6.2m.

Outlook

The Group remains confident of delivering growth and good returns for shareholders over the coming years as it continues its strategy of identifying opportunities, growing businesses to create value and realising value for shareholders.

Stobart Group expects to announce its results for the six months to 31 August 2015 on 22 October 2015.

Enquiries:

Stobart Group	[phone]
Andrew Tinkler, Chief Executive Officer
Ben Whawell, Chief Financial Officer
Redleaf Polhill	[phone]
Emma Kane
Charlie Geller
i-nfluence Associates	44 20 7287 9610
Stuart Dyble James Andrew

 

END

 

 

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