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Stobart Group Trading In Line With Expectations

Stobart Group Limited (STOB.L) said that the operational progress has continued during the second half and the Group is trading in line with expectations.

The Group said it has continued to progress its growth plans for Stobart Aviation, which reported a 37% year-on-year increase in passenger numbers at London Southend Airport, and Stobart Energy, which reported a 72% year-on-year increase in tonnes supplied at the time of its Interim Results in October.

The expansion opportunities at London Southend Airport are increasingly evident in view of the opportunities arising from the commercial agreements with Ryanair and easyJet, together with other airline partners. The agreements provide confidence that the airport will record significantly increased passenger numbers from next year, with the Group targeting 5 million passengers from 2022 at 10 pounds EBITDA per passenger, Stobart said.

The company said its board intends to reduce the fourth-quarter dividend to 1.5 pence per share. This means that the total dividend paid in the current financial year is 15 pence per share (previous financial year: 16.5 pence per share).

A dividend of 1.5 pence per share will be paid on 31 January 2019 to shareholders on the register as at 11 January 2019.

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