Stobart hails strong start to financial year

26th Jun 2014 09:27

- Strong start to year - Driving growth in Energy and Aviation - Confident of future progressLogistics group Stobart said it enjoyed a busy and productive start to the year and remains confident of delivering growth and good returns over the coming years.The Carlisle-based haulage firm, which completed partial realisation of the Transport & Distribution division in April, said it has used some of the gross cash proceeds of £195.6m to repay fully the £100m loan with M&G Investment Management. Also, with good cash realisations from its property portfolio in the last year, it has repaid in March £68.1m of the £74.9m GE property loan. Stobart, which operates through five divisions, namely Infrastructure, Energy, Aviation, Rail and Investments, said it is currently in a net cash position after these transactions."Management has been reorganised to lead these divisions with particular focus on driving growth and profitability in Energy and Aviation, where the group sees significant potential," it explained. Looking ahead the trucking and airport group said it remains confident of delivering growth and good returns for shareholders over the coming years as it continues its strategy. CJ