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Stobart Group Ltd

Stobart to release full-year results two weeks later than planned

Stobart said it is confident of delivering full-year revenue, underlying EBITDA and a final dividend in line with management expectations

Stobart
The firm sold its regional airline and aircraft leasing business in February

Stobart Group Ltd (LON:STOB) has pushed back the release of its full-year results by two weeks as the disposal of its airline business has taken up most of its time.

In late February, the company sold its regional airline, Stobart Air, and aircraft leasing business, Propius, to Connect Airways – a joint venture set up with Virgin Atlantic and hedge fund Cyrus Capital.

READ: Virgin-backed Connect Airways completes Stobart Air, Flybe acquisitions

Cyrus is the lead partner in the joint venture with a 40% stake and Virgin Atlantic and Stobart have a 30% interest each.

Stobart said on Monday that the disposal and the regulatory approval process meant it had “limited additional time” to complete its annual report and accounts.

The results will now be published on May 29, instead of May 15 as previously planned.

“Stobart Group is confident of delivering full-year revenue, underlying EBITDA performance and the recommendation of a final dividend in line with management expectations,” the group said.

“In particular, management is pleased with the ongoing commercial progress within its Aviation and Energy divisions.”

Quick facts: Stobart Group Ltd

Price: £1.11

Market: LSE
Market Cap: £413.1 m
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