Road and rail boosts Stobart

12th May 2009 08:29

Acquisitive transport and logistics firm Stobart Group is entering a consolidation phase after registering a sharp increase in profits in its first year as a listed company.Profit before tax soared to £23.9m in the year to end-February from £3.5m the year before, partly reflecting the contributions from acquisitions such as James Irlam, WA Developments, Innovate Logistics and Southend Airport.The group said its road transport and rail divisions turned in strong performances while steady progress was made in the ports and air divisions.Revenue from continuing operations rose to £431.1m from £108.8m.Net debt at the financial year-end was £120.7m, up from £75.2m a year earlier. This represents gearing of 29.8%, up from 26.7% at the beginning of March 2008.‘We are now in a period of consolidation, where we will demonstrate value and operational synergies. In this regard the board is pleased with Stobart Group's performance and is confident that in the coming year we will continue to make further progress,’ said Rodney Baker-Bates, chairman of Stobart.A final dividend of 3.3p has been declared, making total dividend payments for the year of 6p.