Stobart Group Ltd (STOB.L), in its pre-close trading statement, said that the Group as a whole has made solid progress in the first half-year of the financial year. The Transport and Distribution division was performing well, the Estates division achieved realisations at strong values and it was working hard to ensure that its growing, Air and Biomass businesses achieve their potential. The firm said it remains confident of delivering strong returns over the medium term.
The company expects the Transport and Distribution division to remain on track for the full year.
In the Biomass division, tonnages, revenues and profits are ahead year on year, the company said.
Having successfully completed a number of projects for other Stobart Group companies the Civil Engineering division's focus turns once again to third party customers and the rail sector in particular, which is expected to be increasingly active in the coming months. Project margins have been reasonable in the first half and the division is performing in line with management's expectations, the company said.
The interim results for the six months to 31 August 2013 is expected to be released on 24 October.
In a separate press release, Stobart announced that it has appointed Iain Ferguson as its Chairman with effect from 1 October 2013.
Iain is Chairman of Berendsen plc and a Non-Executive Director on the Boards of Balfour Beatty plc and Gregg's plc. He was CEO of Tate & Lyle plc from May 2003 until the end of 2009 having previously been with Unilever for 26 years following graduation from St Andrews University.
Iain is Chairman of Wilton Park (FCO Agency), the Lead Non-Executive Director for Defra, a member of the Better Regulation Strategy Group and the Honorary Vice-President of the British Nutrition Foundation.
In the past, he has been a member of the PWC (UK LLP) Advisory Board (2009-2011), President of The Food and Drink Federation and of the Institute of Grocery Distribution, a member of the Council of Food Policy Advisors (Defra) and The Foresight Global Food and Farming Project and a Non-Executive Director on the Boards of Companies House, Rothamsted Research and Sygen plc.
The company stated that Paul Orchard-Lisle, Interim Chairman, and Rodney Baker Bates intend to step down from the Group Board in due course, when further appointments are made, but Paul will remain actively involved with the Group as Chairman of its Property Board.
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