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Stobart on track to meet full-year expectations, books £1.5 mln exceptional cost due to cold snap

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Stobart Group (LON:STOB) has incurred an exceptional cost of about £1.5 million since 20 October and reported that its performance has been significantly ahead of last year.

The logistics group attributed the costs to the impact of the “extreme adverse weather” on the transport sector during this period.

Stobart also said that it has secured the majority of its revenue expectations for the next financial year.

“These costs aside, the board is confident that it will meet its expectations as indicated in the interim statement,” said Stobart.

In the coming month, the group expects to commence flights from London Southend Airport in March with Aer Arann and see revenue and profitability growth for its transport and distribution operations.

In addition to that, Stobart said that it expected new contracts and volume for Stobart Biomass Products.

Stobart will announce its full year results, for the year ended 28 February 2011 on Wednesday 11 May 2011.

Quick facts: Stobart Group Ltd

Price: 118 GBX

LSE:STOB
Market: LSE
Market Cap: £442.09 m
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