viewStobart Group Ltd

Confident Stobart to double dividend payment

The company, which owns part of the Eddie Stobart transport business, is confident it can meet its growth targets over the coming years and has proposed an improved dividend to prove it

Motorsport car sponsored by Stobart
Stobart's dividend is set to motor ahead

Infrastructure and support services firm Stobart Group Limited (LON:STOB) promised to double its dividend over the coming year.

The group will up the pay-out this year to 12p, from 6p currently, through a quarterly dividend of 3p starting in October.

Stobart – which owns a non-controlling 49% interest in the Eddie Stobart logistics business – has set out a number of key milestones for 2018 which it is on track to meet.

The continued progress towards delivering on these targets, combined with “generating a cash surplus through the exit of [its] infrastructure and investment portfolios”, has allowed the board to review and improve the dividend policy.

Stobart noted the outcome of the EU referendum, assuring investors that its diverse assets and income streams leave it “well-placed” to respond to these kinds of issues.

The company said it was confident of delivering good growth and returns over the coming years.

Shares were up 17p, or 12.5%, to 154p.

Quick facts: Stobart Group Ltd

Price: 46 GBX

Market: LSE
Market Cap: £172.34 m

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