Stobart Group achieves profit growth across all five divisions

Stobart Group Limited, the infrastructure and support services firm, saw its profits almost double in the last financial year.

The Warrington-headquartered company achieved an underlying pre-tax profit of £18.4m in the 12 months to February 29, a year-on-year increase of 98%.

Profits were up across Stobart Group’s five core divisions, with Infrastructure showing the highest level of growth at £10.5m, up 159% year on year, followed by Investments at £11.1m, up 64.1%.

The firm’s overall revenue, meanwhile, grew 8% to £126.7, up from £116.6m the year previous.

Stobart Group also achieved growth in its Aviation division, with its Dublin-headquartered airline investment, Stobart Air, returning to profitability in the 2015/16 year after flying more than 1.4m passengers.

Yearly passenger figures were however down at London Southend Airport, which forms part of its aviation investment portfolio alongside Carlisle Lake District Airport, but Stobart Group has a strategy in place to increase the figure to 2.5m annual passengers by 2018.

The company’s chief executive, Andrew Tinkler, said: “This year we have delivered improved profitability in all five 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.”