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Stobart Group Ltd (STOB)

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Thursday 30 June, 2011

Stobart Group Ltd

Interim Management Statement and Results of AGM

RNS Number : 4732J
Stobart Group Limited
30 June 2011
 

 

30th June 2011

 

 

STOBART GROUP LIMITED

 

('Stobart' or 'the Group')

 

Interim Management Statement and Results of AGM

 

Stobart Group, one of the UK's leading providers of multimodal transport logistics solutions, is issuing the following Interim Management Statement - covering the period 1st March 2011 to date - to coincide with its Annual General Meeting ('AGM'), which was held today.

 

The Group has made a solid start to the year and, despite market conditions remaining challenging, is trading in line with expectations.

 

The Group has recently reorganised itself into five key operating divisions and has set out on a three year plan to deliver significant value to shareholders.

 

The Transport and Distribution division has enjoyed a good start to the year, but the last month or so has seen retail market volumes fall back, reflecting more volatile demand from retailers. Measures including optimising fleet management and other cost improvements are underway to maintain expected levels of profitability. This month, ahead of schedule, has seen the beginning of the recently won 3 year Multimodal Transport Contract for Tesco at their new 800,000 sq ft Grocery Distribution Centre and Rail Terminal at Daventry including the successful start up of our new Scottish Rail service from the site with a further 4 services planned.

 

In the Estates division, projects are progressing well. Planning permission has been obtained for a 278,000 sq ft chilled distribution centre at Peterborough for a new customer, the development work at London Southend Airport, such as the new terminal building and extended runway remains on course, and construction work on the 131 bedroom hotel will commence shortly.

 

As expected, the Infrastructure and Civil Engineering division is experiencing the effects of lower spend by Network Rail.  However the division continues to add value to the Group by providing valued engineering to developments, in particular at London Southend Airport.

 

The Air division recently announced a ten-year contract with easyJet to base an initial three planes at London Southend Airport, which sees this division well on course to deliver its target of two million passengers per annum. The division will also continue to discuss routes with other additional airlines. The recently completed railway station is scheduled to commence operating on 18th July 2011.

 

The Biomass division is progressing contract discussions with a number of customers.  The pipeline of enquiries is strong and the division remains on course to deliver its target of supplying between three and four million tonnes per annum to the renewable fuels market.

 

Stobart expects to announce its results for the six months to 31 August 2011 on 26 October 2011.

 

Details of voting at Annual General Meeting

 


Votes in favour

Votes at Chairman's discretion

Votes against

Votes withheld

% in favour excl. Discretion and withheld votes

To receive the Company's Annual Accounts and the Directors' Report,
Directors' Remuneration Report and the Auditors' Report.

200,490,660

122,923

22,506

2,500

99.93

To declare a final dividend of 4p per ordinary share.

200,535,266

98,643

1,500

3,180

99.95

To re-elect Alan Kelsey as a Director.

200,158,541

102,457

341,086

36,505

99.76

To re-elect Paul Orchard-Lisle as a Director.

200,125,725

101,166

381,193

30,505

99.74

To re-elect David Beever as a Director.

200,129,004

101,166

365,064

43,355

99.75

To re-elect Jesper Kjaedegaard as a Director.

200,175,694

101,166

331,724

30,005

99.76

To re-elect Michael Kayser as a Director.

 

198,733,846

101,166

501,386

1,302,191

99.05

To re-elect Rodney Baker-Bates as a Director.

191,634,331

102,457

7,582,714

1,319,087

95.51

To re-appoint Ernst & Young LLP as Auditors of the Company.

200,166,710

97,352

361,527

13,000

99.76

To authorise the Directors to fix the Auditors' remuneration.

200,495,561

97,372

29,367

16,289

99.93

To approve the Directors' Remuneration Report.

140,073,336

114,499

58,748,813

1,701,941

69.81

To authorise the Directors to issue shares.

200,036,821

123,522

459,175

19,071

99.70

Disapplication of pre-emption rights.

200,023,433

240,405

250,834

123,917

99.69

 

 

ENDS

 

 

About Stobart Group

Stobart Group is listed on the London Stock Exchange in the FTSE250 (LSE:STOB). Operating from over 40 sites across the UK and Europe, Stobart Group 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 Stobart Transport and Distribution division, incorporating Eddie Stobart - the iconic name behind a huge road haulage fleet totalling some 2,250 tractor units and over six million square feet of warehousing. Stobart Estates, Stobart Infrastructure and Civils, Stobart Air and Stobart Biomass divisions complete the Group's corporate structure.

 

www.stobartgroup.co.uk 

 

 

Enquiries:

 

Investors / Media:              

 

Sara Batchelor                                07904 680547


James Andrew                                07772 534 985

 

 

Stobart Group:                              01925 605 400

 

Ben Whawell, Chief Financial Officer                                 

 

Andrew Tinkler, Chief Executive Officer

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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