Stobart on track to meet profit target

22nd Jan 2010 07:15

Transport and logistics group Stobart is confident that it will meet its year end pre-tax profit expectations and deliver further value from its substantial asset base. The group said road transport and warehousing operations experienced 'reasonably static' revenues compared to the prior year despite difficult weather conditions at the start of January.Port operations have remained steady and pre-tax profit will show a significant improvement though like-for-like revenue will be slightly lower.Stobart said rail operations are performing very well with the freight services growing through the recently commenced Valencia chilled service. The rail civil engineering operations are performing well above forecasts. Overall, it is expected that rail will be significantly ahead of the prior year, the group added.The Airport operations are in line with management expectations. Southend Airport received a recommendation for approval of the runway extension planning application from the local Councils on Wednesday 20 January and a Section 14 notice has been served. The construction of a new airport railway station continues and is expected to open in early summer.