Stobart pulled down by chilled operations

Carlisle, UK:  Stobart Group saw off a shareholder rebellion on pay as it announced that most of its divisions are trading ahead of last year. At the group’s annual meeting yesterday, 16% of shareholders either voted against or withheld votes to approve the directors’ remuneration package.

The group had continued to perform well the company said in a trading update covering the period since 1 March, but the restructure of the chilled operations, while progressing, has resulted in some further costs. The transport and distribution division, which includes the Eddie Stobart haulage business, has experienced mixed fortunes. Its ambient transport and warehousing have performed well and seen more new business opportunities than in previous years.

Stobart said its £12.4m deal to buy logistics business Autologic Holdings would add significant revenues to the division.
The group’s estates division has secured permission for warehousing at Stobart Park in Widnes, with plans progressing for other property assets within the group.

At Stobart’s London Southend Airport, easyJet has begun operations and Aer Lingus Regional has introduced services to Dublin. The airport carried 172,000 passengers in the 12 weeks to June 22. Warrington-based Stobart’s biomass division experienced slightly lower export volumes than expected during the spring but anticipates the start of UK power station contracts in the second half of 2012 will herald the start of long-term volume growth.

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