Post by Thames Gateway on May 12, 2010 7:40:15 GMT
Preliminary figures for last financial year released, a good performance especially considering the economic climate last year:
Stobart Group Ltd - Preliminary announcement
Wed 12/05/2010 07:00
RNS Number : 7506L
Stobart Group Limited
12 May 2010
Stobart Group Limited
Preliminary Results for the 12 months ended 28 February 2010
Stobart Group, one of the UK's leading providers of multimodal transport and logistics solutions, today announces its preliminary results for the 12 months ended 28 February 2010.
Financial Highlights
· Revenue from continuing operations of £447.7m (2009: £ 431.1m)
· Earnings after fleet financing costs (underlying EAFFC) of £39.1m (2009: £27.5m)
· Normalised Profit before tax* from continuing activities of £36.8m (2009 PBT: £23.1m)
· Both EAFFC* and PBT include net profit on disposal of Widnes assets of £8.2m
· Profit before tax £34.1m (2009: £ 22.1m)
· Earnings per ordinary share (adjusted)*** 11.0p (2009: 7.7p)
· Net Debt reduced by £57.9m since the interim date and by £23.8m since the last year end
· Final Dividend 4.0p per ordinary share bringing total for the year to 6.0p per share
*Normalised comprising the underlying operating profit of £35.0m (2009: £31.4m) plus profit on disposal of Widnes assets of £8.2m (2009: £nil) less fleet financing costs of £3.4m (2009: £3.2m) and share based payments of £0.7m (2009: £0.7m).
**Normalised PBT including profit on disposal of Widnes assets of £8.2m (2009: £nil) but stated before restructuring costs of £2.7m (2009: £2.7m), credit for purchase of London Southend Airport of £nil (2009: £3.6m) and impairment of investment property of £nil (2009: £1.8m).
***EPS based on normalised PBT of £36.8m (2009: £23.1m) and allowing for a 28% tax charge.
Operational Highlights
· Several new contracts secured worth over £50m per annum
· Launch of pioneering weekly 'fresh' train service from Valencia to UK
· Completion on-time, on-budget of phase 1 Widnes development and subsequent disposal for £61m and leaseback of the adjoining terminal
· Railway station and control tower development on target at London Southend Airport
· Acquisition of Carlisle Lake District Airport
· New Stobart Biomass Products venture agreement post year-end
· Eddie Stobart looks forward to its 40th Anniversary
Andrew Tinkler, Chief Executive, comments:
'These are very strong results given difficult trading conditions and the bad winter. We have made progress in our strategy to become the leader in multimodal transport and logistics with a positive contribution from all four divisions, road, rail, ports and air.
'This performance is driven by increased efficiency in our core business, new contract wins such as Unilever and developing strategic assets.
'We look forward to further progress in the coming year through expansion of our new Biomass business, commencement of the runway extension and new terminal at London Southend Airport and further efficiencies and contract wins in our main Eddie Stobart division.'
Stobart Group will be holding a presentation for analysts at 09.30hrs today (12 May 2010) at London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. If you would like to attend, please contact Aimee Robinson at College Hill on 020 7457 2020 or aimee.robinson@collegehill.com.
Enquiries
Stobart Group 01925 605400
Andrew Tinkler, Chief Executive Officer 01228 882300
Ben Whawell, Chief Financial Officer 01925 605400
College Hill 020 74572020
Gareth David 07774 444167
Mark Garraway 07771 860938
Southend airport has been a highlight this year. Take us through the rationale of your involvement.
It's part of our multimodal strategy. Look at air. 82 percent of all air freight coming into London comes on passenger planes. So what's the point of buying transport planes when the passenger airlines are already struggling? If Stobart Group can get an operator to use our airport and help him fill his plane with freight, we've won twofold. We've got freight business and passenger business.
By developing an airport that has a fast rail service - for both passengers and freight - Stobart Group has a big advantage over all those other London airports that are further from town. We can also do air transport from mainland Europe that is 20 minutes faster than any other London airport, or 40 minutes faster on a round trip. That's a massive time and fuel saving.
If you take Southampton Airport as a model, it has two million passengers now and the same length of runway and a rail station nearby. Except we have a station right next to the air terminal itself and much quicker links to London, and I believe that we can be a 'Southampton' quite easily. We certainly predict two million passengers by 2020 for London Southend and if the right airline operators come in, we could have a million passengers by 2012. Thanks to the Olympics, there may be even more.
Stobart Group Ltd - Preliminary announcement
Wed 12/05/2010 07:00
RNS Number : 7506L
Stobart Group Limited
12 May 2010
Stobart Group Limited
Preliminary Results for the 12 months ended 28 February 2010
Stobart Group, one of the UK's leading providers of multimodal transport and logistics solutions, today announces its preliminary results for the 12 months ended 28 February 2010.
Financial Highlights
· Revenue from continuing operations of £447.7m (2009: £ 431.1m)
· Earnings after fleet financing costs (underlying EAFFC) of £39.1m (2009: £27.5m)
· Normalised Profit before tax* from continuing activities of £36.8m (2009 PBT: £23.1m)
· Both EAFFC* and PBT include net profit on disposal of Widnes assets of £8.2m
· Profit before tax £34.1m (2009: £ 22.1m)
· Earnings per ordinary share (adjusted)*** 11.0p (2009: 7.7p)
· Net Debt reduced by £57.9m since the interim date and by £23.8m since the last year end
· Final Dividend 4.0p per ordinary share bringing total for the year to 6.0p per share
*Normalised comprising the underlying operating profit of £35.0m (2009: £31.4m) plus profit on disposal of Widnes assets of £8.2m (2009: £nil) less fleet financing costs of £3.4m (2009: £3.2m) and share based payments of £0.7m (2009: £0.7m).
**Normalised PBT including profit on disposal of Widnes assets of £8.2m (2009: £nil) but stated before restructuring costs of £2.7m (2009: £2.7m), credit for purchase of London Southend Airport of £nil (2009: £3.6m) and impairment of investment property of £nil (2009: £1.8m).
***EPS based on normalised PBT of £36.8m (2009: £23.1m) and allowing for a 28% tax charge.
Operational Highlights
· Several new contracts secured worth over £50m per annum
· Launch of pioneering weekly 'fresh' train service from Valencia to UK
· Completion on-time, on-budget of phase 1 Widnes development and subsequent disposal for £61m and leaseback of the adjoining terminal
· Railway station and control tower development on target at London Southend Airport
· Acquisition of Carlisle Lake District Airport
· New Stobart Biomass Products venture agreement post year-end
· Eddie Stobart looks forward to its 40th Anniversary
Andrew Tinkler, Chief Executive, comments:
'These are very strong results given difficult trading conditions and the bad winter. We have made progress in our strategy to become the leader in multimodal transport and logistics with a positive contribution from all four divisions, road, rail, ports and air.
'This performance is driven by increased efficiency in our core business, new contract wins such as Unilever and developing strategic assets.
'We look forward to further progress in the coming year through expansion of our new Biomass business, commencement of the runway extension and new terminal at London Southend Airport and further efficiencies and contract wins in our main Eddie Stobart division.'
Stobart Group will be holding a presentation for analysts at 09.30hrs today (12 May 2010) at London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. If you would like to attend, please contact Aimee Robinson at College Hill on 020 7457 2020 or aimee.robinson@collegehill.com.
Enquiries
Stobart Group 01925 605400
Andrew Tinkler, Chief Executive Officer 01228 882300
Ben Whawell, Chief Financial Officer 01925 605400
College Hill 020 74572020
Gareth David 07774 444167
Mark Garraway 07771 860938
Southend airport has been a highlight this year. Take us through the rationale of your involvement.
It's part of our multimodal strategy. Look at air. 82 percent of all air freight coming into London comes on passenger planes. So what's the point of buying transport planes when the passenger airlines are already struggling? If Stobart Group can get an operator to use our airport and help him fill his plane with freight, we've won twofold. We've got freight business and passenger business.
By developing an airport that has a fast rail service - for both passengers and freight - Stobart Group has a big advantage over all those other London airports that are further from town. We can also do air transport from mainland Europe that is 20 minutes faster than any other London airport, or 40 minutes faster on a round trip. That's a massive time and fuel saving.
If you take Southampton Airport as a model, it has two million passengers now and the same length of runway and a rail station nearby. Except we have a station right next to the air terminal itself and much quicker links to London, and I believe that we can be a 'Southampton' quite easily. We certainly predict two million passengers by 2020 for London Southend and if the right airline operators come in, we could have a million passengers by 2012. Thanks to the Olympics, there may be even more.