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Market: LSE
Sector: Support Services
EPIC: STOB
Latest Price: 129.00p  (1.02% Ascending)
52-week High: 163.60p
52-week Low: 110.10p
Market Cap: 449.64M
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Stobart Group
www.stobartgroup.co.uk

Stobart Group provides road, rail, sea and air transport and logistics solutions to its customers. Core to its strategy is reducing waste through providing efficient and environmentally friendly solutions for moving, handling and storing goods.

Full Stobart Group profile here
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Stobart gets govt approval for Southend Airport runway extension ahead of London Olympics

19th Mar 2010, 12:51 pm Stobart gets govt approval for Southend Airport runway extension ahead of London Olympics

British transport and logistics company Stobart Group (LSE: STOB) said that the government has approved the proposed runway extension at London Southend Airport.  The extension and the ongoing work on the airport’s new terminal will be completed in time for the London 2012 Olympics.

Stobart, primarily associated with its core haulage business, has expanded its operations considerably over recent years and it is now offers multi-modal transport and logistics services. The company’s operations include a railway civil engineering and freight business, both inland and waterway port operations and its airport business. Stobart acquired the London Southend Airport in December 2008.

According to Stobart, the runway extension will allow Southend Airport to play a major role in handling visitors to the 2012 Olympic Games in London, with trains from Southend Airport taking just 40 minutes to reach the main Olympics park at Stratford in East London.

"This project has been subject to very intense scrutiny, and has the support of the adjoining district councils, a host of local and national bodies, and now the Minister”, Stobart chief executive Andrew Tinkler said. "The go-ahead for this project represents another core step in our multi-modal offering with air complementing our road, rail and sea businesses.

At the airport, work is already underway on a new railway station and control tower, which are due to open in summer 2010 and spring 2011 respectively. Following today’s approval, work on the runway extension will begin shortly, which will be scheduled to coincide with completion of a new passenger terminal in 2011.

The completion of the runway extension, and the airport's congestion-free location outside the London air traffic control area, make it an ideal location for European business and leisure travel, Stobart said. “The development of this strategic asset also gives us a southern logistics hub and platform for the Stobart Group”, Tinkler added.

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