30 Jun 2011 12:33
30th June 2011
STOBART GROUP LIMITED
('Stobart' or 'the Group')
Interim Management Statement and Results of AGM
Stobart Group, one of the UK's leading providers of multimodal transport logistics solutions, is issuing the following Interim Management Statement - covering the period 1st March 2011 to date - to coincide with its Annual General Meeting ('AGM'), which was held today.
The Group has made a solid start to the year and, despite market conditions remaining challenging, is trading in line with expectations.
The Group has recently reorganised itself into five key operating divisions and has set out on a three year plan to deliver significant value to shareholders.
The Transport and Distribution division has enjoyed a good start to the year, but the last month or so has seen retail market volumes fall back, reflecting more volatile demand from retailers. Measures including optimising fleet management and other cost improvements are underway to maintain expected levels of profitability. This month, ahead of schedule, has seen the beginning of the recently won 3 year Multimodal Transport Contract for Tesco at their new 800,000 sq ft Grocery Distribution Centre and Rail Terminal at Daventry including the successful start up of our new Scottish Rail service from the site with a further 4 services planned.
In the Estates division, projects are progressing well. Planning permission has been obtained for a 278,000 sq ft chilled distribution centre at Peterborough for a new customer, the development work at London Southend Airport, such as the new terminal building and extended runway remains on course, and construction work on the 131 bedroom hotel will commence shortly.
As expected, the Infrastructure and Civil Engineering division is experiencing the effects of lower spend by Network Rail. However the division continues to add value to the Group by providing valued engineering to developments, in particular at London Southend Airport.
The Air division recently announced a ten-year contract with easyJet to base an initial three planes at London Southend Airport, which sees this division well on course to deliver its target of two million passengers per annum. The division will also continue to discuss routes with other additional airlines. The recently completed railway station is scheduled to commence operating on 18th July 2011.
The Biomass division is progressing contract discussions with a number of customers. The pipeline of enquiries is strong and the division remains on course to deliver its target of supplying between three and four million tonnes per annum to the renewable fuels market.
Stobart expects to announce its results for the six months to 31 August 2011 on 26 October 2011.
Details of voting at Annual General Meeting
Votes in favour | Votes at Chairman's discretion | Votes against | Votes withheld | % in favour excl. Discretion and withheld votes | |
To receive the Company's Annual Accounts and the Directors' Report,Directors' Remuneration Report and the Auditors' Report. | 200,490,660 | 122,923 | 22,506 | 2,500 | 99.93 |
To declare a final dividend of 4p per ordinary share. | 200,535,266 | 98,643 | 1,500 | 3,180 | 99.95 |
To re-elect Alan Kelsey as a Director. | 200,158,541 | 102,457 | 341,086 | 36,505 | 99.76 |
To re-elect Paul Orchard-Lisle as a Director. | 200,125,725 | 101,166 | 381,193 | 30,505 | 99.74 |
To re-elect David Beever as a Director. | 200,129,004 | 101,166 | 365,064 | 43,355 | 99.75 |
To re-elect Jesper Kjaedegaard as a Director. | 200,175,694 | 101,166 | 331,724 | 30,005 | 99.76 |
To re-elect Michael Kayser as a Director.
| 198,733,846 | 101,166 | 501,386 | 1,302,191 | 99.05 |
To re-elect Rodney Baker-Bates as a Director. | 191,634,331 | 102,457 | 7,582,714 | 1,319,087 | 95.51 |
To re-appoint Ernst & Young LLP as Auditors of the Company. | 200,166,710 | 97,352 | 361,527 | 13,000 | 99.76 |
To authorise the Directors to fix the Auditors' remuneration. | 200,495,561 | 97,372 | 29,367 | 16,289 | 99.93 |
To approve the Directors' Remuneration Report. | 140,073,336 | 114,499 | 58,748,813 | 1,701,941 | 69.81 |
To authorise the Directors to issue shares. | 200,036,821 | 123,522 | 459,175 | 19,071 | 99.70 |
Disapplication of pre-emption rights. | 200,023,433 | 240,405 | 250,834 | 123,917 | 99.69 |
ENDS
About Stobart Group
Stobart Group is listed on the London Stock Exchange in the FTSE250 (LSE:STOB). Operating from over 40 sites across the UK and Europe, Stobart Group is a UK front-runner in the multimodal logistics, warehousing, civil engineering, rail infrastructure and biomass fuel sectors. At the core of the Group is the Stobart Transport and Distribution division, incorporating Eddie Stobart - the iconic name behind a huge road haulage fleet totalling some 2,250 tractor units and over six million square feet of warehousing. Stobart Estates, Stobart Infrastructure and Civils, Stobart Air and Stobart Biomass divisions complete the Group's corporate structure.
www.stobartgroup.co.uk
Enquiries:
Investors / Media:
Sara Batchelor 07904 680547
James Andrew 07772 534 985
Stobart Group: 01925 605 400
Ben Whawell, Chief Financial Officer
Andrew Tinkler, Chief Executive Officer