Logistics firm Stobart told investors at its Annual General Meeting on Thursday that it has experienced a mixed performance across its divisions since the beginning of March, but remains confident on delivering its strategy over the next three years.
The Biomass division experienced modestly lower-than-expected export volumes during spring due to the mild weather in Scandinavia, but, the firm emphasised, is viewing the start of UK power station contracts in the second half of the financial year as the start of long term volume growth.
In the Estates division the firm is looking at opportunities at Stobart Park in Widnes where planning for 1.4m square feet of warehousing has been secured. In addition, a number of initiatives are underway with the Moneypenny portfolio and other property assets within the group.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The main focus of the Civil Engineering division is providing value and support to internal infrastructure and development projects. These include the developments at London Southend Airport and the expected future developments at Stobart Park.
The Transport and Distribution division has experienced "mixed fortunes" since March with the ambient transport and warehousing performing well and witnessing more new business opportunities than in previous years.
However, the restructure of the chilled operations, whilst progressing, has resulted in some further costs. The company believes the recently announced recommended offer for Autologic Holdings will add "significant" revenue to the division and provide an entry into a new market.
"The group has continued to make progress across all divisions in the current year with the majority of divisions trading ahead of the previous year," the firm said.
The share price fell 1.55% to 114.60p by 16:09.
NR
-
Can I shield my ISAs from inheritance tax?Many investors and savers will be wondering if there’s anything they can do to protect their ISAs from inheritance tax, especially as pensions will become liable for the levy from April 2027. We reveal the options available to ISA customers
-
What is the average salary by age – and how do you compare?Are you making more than your peers? We look at the average salary by age to see how much the typical Brit earns at different stages of their life
