Group revenue was £551.9m (2011: £500.4m)
Underlying profit before tax* was £35.2m (2011: £34.5m)
Profit before tax increased to £30.5m (2011: £29.5m)
Earnings per share** were 9.0p (2011: 9.0p)
Final dividend of 4.0p (2011: 4.0p) per share payable on 6 July 2012, making a total for the year of 6.0p (2011: 6.0p)
Cash generated from operations more than doubled to £57.6m (2011: £27.7m)
Strengthened balance sheet with net assets of £472.7m (2011: £331.7m) with gearing down to 35.1% (29.0% excluding fleet financing) compared to 47.1% in 2011 (33.5% excluding fleet financing).
Raised £114.5m (net) to further develop Group’s Estates division
* Underlying profit before tax comprises the underlying operating profit of £40.0m (2011: £39.6m) less share based payments of £0.4m (2011: £0.5m) less finance costs of £6.4m (2011: £5.5m) plus finance income of £2m (2011: £0.9m).
**Earnings per share is based on profit after tax and an actual tax charge of 4.4%.
New 5-division operating structure working well
In Stobart Air, the first and main phase of a redeveloped London Southend Airport completed. Two major airlines now operating to 13 European destinations; the Dublin route enables passengers to pre-clear US immigration; plus up to 8 trains per hour operating between the new airport railway station and central London
Solid contribution from a fast growing Biomass division following the acquisition of the remaining 50% of Stobart Biomass Products in the first quarter
In Stobart Transport & Distribution, performance reflected very challenging market conditions. Information systems strengthened to protect profitability and margins, and assist restructuring programmes
Excellent contribution from Stobart Estates, plus acquisition of WADI Properties Limited (including the Moneypenny portfolio)
Stobart Infrastructure & Civil Engineering more than doubled its profit contribution.
Andrew Tinkler, Chief Executive Officer, commented:
"Over the last year, we have taken a number of major initiatives across the Group which have created the asset base, structure and operational platform to drive up performance and shareholder value in line with our four-year plan.
"Each of the Group’s divisions has good growth potential. As we enter the second year of our plan we are confident that the changes we are implementing will deliver enhanced value across the Group."
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