Financial highlights
Revenue from continuing operations up 8.6% to £126.7m (2015: £116.6m)
Underlying EBITDA increased by 69.8% to £30.0m (2015: £17.6m). All divisions reported EBITDA ahead of prior year
Underlying profit before tax increased by 98.0% to £18.4m (2015: £9.3m)
Property realisations generated £24.1m cash proceeds (2015: £27.2m)
Basic earnings per share from underlying continuing operations of 5.0p (2015: 2.6p)
Proposed final dividend of 4.0p per ordinary share (2015: 4.0p)
£19.7m returned to shareholders via dividends paid in the year (2015: £19.8m)
Operational highlights
Additional biomass contracts secured, completing the target of securing contracts to supply over 2 million tonnes per annum by 2018
London Southend Airport voted best airport in Britain by Which? for third consecutive year
Strengthened management team at Stobart Aviation by appointing aviation industry specialists, including newly appointed CEO and COO
Stobart Rail completed construction of the air/road freight distribution centre at Carlisle Lake District Airport, which went on to be sold for £16.8m
Revenue from external work by Stobart Rail increased by 36.5% to £28.8m
Added value and generated cash through our infrastructure and investment portfolios
Chief Executive Andrew Tinkler commented:
"This year we have delivered improved profitability in all five divisions with the foundations, management and organisational structure almost set to achieve our objectives and deliver our plan.
We are on track to deliver our strategy by 2018 and drive shareholder value through our three growth operating divisions of Energy, Aviation and Rail, while generating a cash surplus through the exit of our infrastructure and investment portfolios at the right time allowing increasing returns to shareholders."
