Stobart, the second tier logistic group, has received approval from Carlisle City Council's development control committee for the development of Carlisle Lake District airport.
The development includes the erection of a 374,000 square foot distribution centre and the raising and re-profiling of the main runway.
Andrew Tinkler, Stobart's Group Chief Executive, said: "The decision is extremely positive for the people of Cumbria as it will drive the economy, boost tourism and safeguard over 800 direct and indirect jobs.
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"The freight distribution centre will allow Eddie Stobart to attract new clients while providing the rental income required to develop Carlisle Airport and commence passenger operations. Additional group revenue streams will be realised as we link Carlisle and Southend airports to give passengers seamless connections to Europe."
The share price rose 1.36% to 119.30p by 14:06.
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