Stobart Group sets out growth targets

Infrastructure and support services firm Stobart Group is expecting its latest 12-month financial results to be ahead of last year’s as the North West company aims for growth across its several divisions.

In its energy business, Stobart Group said it is aiming to raise its annual supply of biomass fuel to more than 2m tonnes over the next two years.

Meanwhile, the company’s aviation arm, which comprises Carlisle Lake District Airport, London Southend Airport and irish airline Stobart Air, has set itself the goal of carrying 2.5m passengers per year at Southend by 2018.

Stobart Group’s CEO, Andrew Tinkler, said: “We have a stable platform for growth in our Energy and Aviation divisions, complemented by profitable realisations from our infrastructure portfolio.

“The board is focussed on fulfilling the long-term biomass fuel supply agreements that are already in place in the Energy Division and on attracting new operators and passengers through our award-winning London Southend Airport over the next two years.”

Speaking further, Mr Tinkler said he believes achieving the targets would “create significant value” for the firm’s shareholders.

He continued: “We have realised net cash of over £24m from asset disposals in the year.

“Cash generation from these assets will assist the group in the payment of dividends whilst the growth divisions mature.”

Last year, Stobart Group reported steady growth figures for the six months to August 31.