Interim Management Statement

RNS Number : 0424U

Stobart Group Limited

17 June 2009

 



Stobart Group Limited

('Stobart' or 'the Group')

Interim Management Statement and Results of AGM

Stobart Group ('Stobart' or 'the Group'), one of the UK's leading providers of multimodal transport and logistics solutions, is issuing the following Interim Management Statement - covering the period from 1 March 2009 to date - to coincide with its Annual General Meeting ('AGM'), which was held today. 

Stobart has made a good start to the year, successfully completing the acquisition of Carlisle Lake District Airport in order to strengthen the Group's multimodal logistics offering. The Group intends to consolidate its existing operations in the Carlisle area at the 460 acre airport site, and use the land to develop a new cross-dock facility. 

Carlisle Airport also offers the Group the opportunity to provide air freight solutions, as well as the potential to develop passenger aviation. The Group is currently evaluating how Carlisle Airport can work together and share best practice with its other airport, London Southend Airport. 

In connection with the Carlisle acquisition, 28 employees have transferred into the Group. 

Overall, the economic environment remains challenging, but despite this the business is performing satisfactorily. We are entering the next phase of our integration and expect to achieve further benefits through this process. We remain in line with market expectations.

At today's AGM, both Richard Burrell and Nigel Rawlings retired from the Board. The Group is currently well advanced in recruiting two new non-executive directors and hopes to announce these appointments shortly. 

Stobart Group will announce its results for the six months to 31 August 2009 on 20 October 2009.  

Details of voting at Annual General Meeting

The resolutions were passed at the AGM on a show of hands. Details of the proxy votes received in advance of the meeting are as follows:

Resolution	Votes in favour	Votes at Chairman discretion	Votes against	Votes witheld	% in favour exc. Discretion and withheld votes
1. To approve and adopt the annual report and financial statements of the Company (incorporating the Directors' and Auditors' reports thereon) for the year ended 28 February 2009.	125,193,385	31,254	572,481	0	99.52%
2. To re-appoint Ernst & Young LLP as auditors to the Company and to authorise the Directors to determine the Auditor's remuneration.	125,341,835	31,254	421,229	2,802	99.63%
3. To declare a final dividend of 3.3p per ordinary share of 10p each in the capital of the Company for the year ended 28 February 2009.	125,766,711	27,254	3,155	0	99.97%
4. To re-elect Nick Watts who retires in accordance with the articles of association of the Company.	125,721,963	37,625	21,887	15,645	99.94%
5. To accept the resignation of Richard Burrell who retires in accordance with the articles of association of the company and is not offering himself up for re-election.	125,750,971	35,625	1,589	8,935	99.96%
6. To accept the resignation of Nigel Rawlings who retires in accordance with the articles of association of the company and is not offering himself up for re-election.	125, 715,869	36,125	2,241	42,885	99.93%
7. To authorise and agree the remuneration of the Directors.	124,375,588	65,853	186,493	1,169,186	98.86%

17 June 2009

ENQUIRIES: 

Stobart Group Andrew Tinkler, Chief Executive Officer Ben Whawell, Chief Financial Officer Julie Gaskell, Head of Communications	01925 605 400
College Hill  Gareth David Mark Garraway	020 7457 2020

 

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