The company noted in its interim that both Stobart Aviation and Stobart Energy are well-invested and set for significant growth. Group pro forma underlying EBITDA grew to £24.4m; Aviation +14.6% to £15.7m and Energy +88.8% to £8.7m. Loss for the period after taxation was at £17.5m.
Net debt increased to £75.6m (2017: £36.6m). The company returned £34.7m to shareholders, including dividends paid in the period of £31.3m (2017: £26.4m).
In Aviation, the company noted accelerating passenger growth with London Southend Airport passengers up 37%. Moreover, a five-year agreement with Ryanair at London’s Southend Airport is expected to add one million passengers in the first year of operations, among other developments.
In Energy, the company noted significantly increasing tonnage, up 71.9%, and underlying EBITDA per tonne increasing 9.8% to £13.19.
Warwick Brady, CEO, commented: “Having invested in the infrastructure for these divisions, we are now well placed to accelerate our commercial growth plans and demonstrate the value of the Group’s excellent operating businesses.”