Stobart’s £3.5m profit

Last updated 10:33, Wednesday, 14 May 2008

THE Stobart Group – Cumbria’s most recognisable brand – has announced strong profits in its first year on the stock market.

Confident: Andrew Tinkler, chief executive of the Stobart Group, believes the company will be expand further

The group – which owns the iconic Eddie Stobart haulage business – reported a £3.5m profit before tax, based on revenues of £108.8m, in the 14 months to February 29.

The company said the results were in line with expectations.

The results are the first since the firm’s historic merger with Westbury Property Fund last year which saw it listed on the London Stock Exchange for the first time.

The Carlisle-based outfit has since continued an aggressive growth strategy acquiring Manchester haulage firm James Irlam and engineering business WA Developments.

The group’s Stobart Air arm is behind plans for a development of Carlisle Airport which is currently being considered by the government.

Andrew Tinkler, chief executive of Stobart Group, said: “The last financial period has been one of enormous change for our group.”

He added: “With the transition from property company to operating logistics business now complete, we turn to the next stage in our group’s development.

“Following the year end, the group announced the acquisitions of James Irlam & Sons Ltd and W A Developments Ltd. Integration of both of these companies into the group continues on track.

“The board is confident that these acquisitions will enable the group to deliver further strong profit growth in the next financial year.

“We are resolute in our aim to become one of the UK’s leading providers of fully integrated multimodal transport and logistics services in the UK.

“We will achieve this through ensuring the continued satisfaction of our customers whilst continuing to develop and enhance value for our shareholders.”

The firm announced its final dividend to shareholders will be 5.3p per share, giving a total dividend for the year of 8p.