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Stobart Group trading in line with expectations

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In an interim management statement, Stobart Group (LON:STOB) said it has made a solid start to the year, and it is trading in line with expectations. Stobart noted that its performance is ahead of the same period last year, “helped by the start of new and enhanced contracts”.

However, the company cautioned that “despite the economic climate starting to show recovery, market conditions remain challenging”.

The company also highlighted that it has secured its long term funding position, through a £100m, 10-year term loan from M&G.

“This loan has partly been used to repay existing bank debt but, more importantly, will fund key capital projects across the group, the first of which will be the further enhancement of London Southend Airport following ministerial consent for the runway extension in March.”

Stobart expects to announce its results for the six months to 31 August 2010 on 20 October 2010.

Stobart, primarily associated with its core haulage business, has expanded its operations considerably over recent years. The company’s operations now include a railway civil engineering and freight business, both inland and waterway port operations and its airport business. Stobart acquired the London Southend Airport in December 2008.

Quick facts: Stobart Group Ltd

Price: 118.8 GBX

LSE:STOB
Market: LSE
Market Cap: £445.09 m
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