Stobart Group posts strong results, plans Carlisle airport acquisition

13 May 2009

The Stobart Group Ltd, the haulage comany operating Eddie Stobart lorries has posted strong performance figures even as it made four acquisitions. The group's pre-tax profits soared to £23.9 million from £3.5 million in a year after making four major acquisitions.

Revenue rose 400 per cent to £431.1 million from £108.8 million after the group took over Chelford-based haulier, James Irlam, rail firm WA Developments, chilled distributor Innovate Logistics and London Southend Airport.

The group said that it planned to exercise its option to acquire Carlisle Airport for £14 million from Stobart Air Holdings, a company controlled by Stobart Group directors Andrew Tinkler and William Stobart.

It said land at the airport would be used to develop a new cross-dock facility and to create a Northern logistics hub to improve the group's multi-modal offering.

Earnings per rose sharply to 7.7p from 2.1p and the conservative 3.3p final  dividend gives a total for the year 6p which according to the group reflected the current banking climate and the difficulties in raising finance.

The group said that instead of paying out cash to shareholders, it would re-invest in ports and airports, whose performance this year has been steady.