Stobart Group aviation assets report profit up 60% for FY2015

Stobart Group reported (12-May-2016) it generated GBP2.3 million underlying profit from aviation activities for the year to 29-Feb-2016, up 59.8% year-on-year. The company's Aviation Division covers London Southend Airport, Carlisle Lake District Airport and Stobart Airlines.

• Airports: Passenger numbers at London Southend Airport were lower than prior years. Airport worked with easyJet under a new long-term contract to enhance load factors and yields with a view to growing volumes again in the near future;
• The aviation unit has identified airlines and sustainable route networks that complement catchment areas and continue to work closely with existing and new airlines to create additional routes, to enable the airports to handle 2.5 million passengers p/a by 2018;
• Grant funding has been secured for development of infrastructure works that will help support airlines to operate from Carlisle to London Southend, Dublin and Belfast in conjunction with Stobart Air;
• A 2.5MW solar project at London Southend Airport was also completed in 2016, delivering renewable electricity for the airport estate and its customers. 2015 saw the appointment of a new CEO and COO along with changes in the business development team. The challenge for this focused management structure is to "grow sustainable passenger numbers";
• Airline: Stobart Air flew over 1.4 million passengers during FY2016 and continues to grow. The airline returned to profitability in 2015 and continues to work with London Southend and Carlisle Lake District airports, as well as other airports to create further route development opportunities. [more - original PR]