LONDON (Alliance News) - Stobart Group Ltd on Friday reported the departure of its Chief Financial Officer Richard Laycock and said it remains on track to deliver medium-term objectives.
At its annual general meeting on Friday, the infrastructure & support services company said Laycock will not be putting himself forward for election, but will continue "to support" the business.
Stobart has started a search to identify a suitable interim replacement for the role, it said.
Also, the company said it is doing well on growing London Southend airport in order to bring in 5 million passengers annually by 2022. Back in June, the company signed a five-year deal with low-cost airline Ryanair Holdings PLC.
Under the contract, Ryanair agreed to invest USD300 million to open a new base at Southend airport with operations commencing in summer 2019.
In addition, the company aims to supply over 3 million tonnes of renewable energy fuel per annum by 2022. Stobart said its Energy division performed well as tonnages rose 54% year-on-year since March due to new contracts becoming operational.
Meanwhile, Stobart said its Infrastructure unit generated cash of GBP25.5 million in the year to-date from March. The result was achieved after the sale & leaseback of properties and land at its Widnes site north-west England.
"Since stepping into my role last year, we have made significant progress across our business divisions, and continue to focus on delivering on our ambition to double the value of the business by 2022," said Chief Executive Warwick Brady.
Shares in Stobart were trading 1.1% higher on Friday morning at 231.10 pence each.
