(Alliance News) - Stobart Group Ltd on Wednesday said it has signed an agreement with an undisclosed logistics customer to support the import & export of goods at London Southend Airport.
The aviation, energy and civil engineering company said the initial two-year agreement will see Stobart providing runway access and import & export facilities by converting existing hangarage on the north side of the runway, away from the south side based commercial passenger operations.
Operations will commence later in October, Stobart said, and the customer may renew the agreement on an ongoing basis.
"The agreement will enable us to further diversify and add a new revenue stream for London Southend Airport and Stobart Aviation Services, and is expected to contribute towards Stobart's underlying earnings before interest, taxes, depreciation & amortization from financial 2020 onwards," said Chief Executive Warwick Brady.
The stock was trading 0.3% higher in London on Wednesday morning at 123.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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