logo-loader
viewStobart Group Ltd

Stobart Group predicts surge in passengers using Southend Airport

The number of passengers using Southend Airport to rise to two and a half million in 2019

Ryanair plane
Ryanair flights start at Southend next year

Stobart Group Ltd (LON:STOB) expects the number of passengers using Southend Airport to rise to two-and-a-half million in 2019.

Passengers rose 37% to 839,000 in the six months to August, but Easyjet recently added a fourth plane, while Ryanair will base three aircraft at the airport from next year.

READ: Stobart Group making big strides in Aviation and Energy divisions

“We are now offering routes to an additional 11 destinations and expect to welcome circa 2.5 million passengers in 2019,” the group said alongside half-year numbers that showed sales overall rose by 21% to £151.3mln.

Underlying profits rose to £17mln from £15.4mln, through on a statutory basis losses rose to £17.5mln from £11.9mln.

Aviation, which includes Southend, saw revenues rise by 16% to £103mln, but there was a loss of £2.7mln.

Biomass increased underlying profits by 89% to £8.7mln though rails and civil engineering posted a loss of £4.8mln and a new commercial team has been appointed.

READ: Stobart Group confident it can unify the business

During the period, Stobart also had to deal with a boardroom bust-up.

Chairman Iain Ferguson narrowly survived a vote to remove him at the AGM and has agreed to step down by the time of next year’s annual meeting.

A dispute with former chief executive Andrew Tinkler is set to go to court next month.

Warwick Brady, Stobart's chief executive, said: “We have remained focused on operational progress in our Aviation and Energy divisions, which have both performed well in the period.”

 

Quick facts: Stobart Group Ltd

Price: 127.85 GBX

LSE:STOB
Market: LSE
Market Cap: £478.99 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Stobart Group Ltd named herein, including the promotion by the Company of Stobart Group Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Enteq Upstream suggests 50% boost to first half revenues

Headlines from the Proactive UK newsroom. Oilfield services group Enteq (LON:NTQ) says first half revenues will be more than 50% higher than the same period last year while underlying profits have more than doubled. Both numbers are ahead of management expectations.  Passenger numbers...

3 weeks, 2 days ago

2 min read