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NEWS Last modified on October 23, 2014

London Southend owner reports 17% revenue rise

The Stobart Group, which owns and operates London Southend Airport has revealed revenues from its operations for the first six months of the 2014/2015 financial year were up 17% to £56.2 million (€71 milion).

Passenger numbers were also up 19% at the Essex gateway, which covers until August 31, reaching 628,000 for the six-month period.

The support services and infrastructure group has also secured planning permission to transform Carlisle Lake District Airport.

This includes a multi million-pound redevelopment with construction of a freight terminal, a revamped runway, car parking, and a fire station, set to be started before the end of 2014, and has long-term plans to reintroduce limited passenger services.

The Stobart Group’s underlying profit before tax was also up by 110% to £4.4 million, while net debt reduced by 94% to £8.1 million.

During the period it also says the board it says was “significantly” strengthened with the appointment of one executive and two non-executive directors.

CEO Andrew Tinkler, comments: “We have a clear focus on the growth of our energy and aviation businesses. The increased volumes we are reporting, along with strengthening pipelines in both divisions, reinforce our confidence in the group’s prospects.”

The results are the first set since the disposal of a controlling interest in its transport and distribution division, which has seen the Stobart Group organised into five divisions with a focus on driving volume growth in its energy division and passenger growth in its aviation division.

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