Update: Contracts, financial close and momentum
Stobart has delivered a series of contract wins and these along with strategic moves over the year, provide momentum towards its medium-term targets across the core growth divisions. With financial close achieved on the proposed biomass plant at Stobart’s Widnes site and two subsequent biomass supply deals secured, the group is on track to achieve its 2m tonnes pa run rate by 2017. In Aviation, passenger volumes have increased again at London Southend, up 9% to 1.09m, slightly below our forecast. Some rebalancing of current routes is expected and negotiations remain ongoing with other airlines. Any further deal would be transformational. With other divisions performing as expected, we feel that Stobart is well positioned to work towards its medium-term targets, although progress may be uneven.Stobart Group is a U.K. infrastructure and support service business and has investments in a national property and logistics portfolio. Co.'s operating segments are: Stobart Energy, which supplies sustainable biomass for the generation of renewable energy; Stobart Aviation, which operates commercial airports, airline operations and leases aircraft; Stobart Rail, which delivers internal and external civil engineering development projects; Stobart Investments, which holds a non-controlling interest in a transport and distribution business; and Stobart Infrastructure, which focuses on management, development and realization of property assets and investments in biomass energy plants.
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