Stobart into the red

Warwick Brady, the former easyJet senior manager, and chief executive of the Stobart Group since May 2017, has released the results for the year ended 28 February 2019. 

Stobart posted a pre-tax loss of £42m against a profit of £109m for the previous 12 months although this included the selling of shares in the devolved Stobart trucking business.  Its interests include an airline of the same name, Carlisle and Southend airports, a wood chip business, railway maintenance and civil engineering.

Over the last 12 months Stobart faced complications on two fronts, first concerning a long standing court battle with Andrew Tinker, a major shareholder and previous CEO, and its involvement in Virgin Connect, still not yet cleared for a take-over of Flybe.

Mr Brady is bullish:  “This has been a transformational year for Stobart Group. We have significantly strengthened the Board and management team and taken the opportunity to deal with legacy issues while putting in place appropriate operational rigour within the business. As a result of the disposals and impairments in the year, the Group has de-risked its balance sheet. Stobart Group has a clear focus on developing infrastructure assets in the aviation and energy sectors.  “We will invest in accelerating the growth of our aviation and energy businesses through existing cash resources and further non-core asset sales.”

www.stobartgroup.co.uk/wp-content/uploads/2019/05/RNS-2019.pdf

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