| Master Investor Magazine
Never miss an issue of Master Investor Magazine – sign-up now for free! |
The price of shares in FTSE 250 logistics group Stobart Group (LON:STOB) has risen by 9.57% to 128.63p (as of 9:50 BST) after revenues for the year ended 28th February climbed by 39%. However, underlying group EBITDA sank by 24% despite an improvement of 75% in the two core divisions.
Chief Executive Officer Warwick Brady commented: “This has been a transformational year for Stobart Group. We have significantly strengthened the Board and management team and taken the opportunity to deal with legacy issues while putting in place appropriate operational rigour within the business. As a result of the disposals and impairments in the year, the Group has de-risked its balance sheet.
“Stobart Group has a clear focus on developing infrastructure assets in the aviation and energy sectors. These are high growth assets with strong market positions that are now well positioned to become increasingly cash generative.
“We will invest in accelerating the growth of our aviation and energy businesses through existing cash resources and further non-core asset sales. By doing this, we can deliver sustainable operating cash flows and significant long-term value for shareholders“.