Passenger numbers soar nearly 40 per cent at Stobart-owned London Southend Airport
Passengers numbers at Stobart-owned London Southend Airport soared nearly 40 per cent in the first half of this year.
Stobart, which purchased the airport in 2008, said the growth would continue next year, when budget airline Ryanair begins flying at the airport in the spring, adding on another 1m passengers. Easyjet will also bolster the number if its aircraft.
Overall, it said its target was to welcome 5m passengers a year to the airport by 2022.
Stobart also raked in net cash of £27.5m in sales from non-operating assets. It maintained its interim dividend of 4.5p per share, which will be paid to shareholders at the beginning of next month.
Stobart said full-year results would be in line with expectations.
Stobart chief executive Warwick Brady said: “We are reviewing all aspects of the group to ensure we are well placed to deliver the ambitious growth targets set by the board to double the value of the business. We are confident that we can meet our commitment to shareholders to unify the business and provide the framework for the delivery of the company's strategy to the benefit of all stakeholders.”
Over the summer Stobart was gripped by a public revolt over its former boss Andrew Tinkler, whom the board accused of trying to oust its chair Ian Ferguson.
Ferguson narrowly survived a vote against him at Stobart’s AGM but has said he will stand down by the end of the financial year. Stobart has since appointed independent search firm Russell Reynolds to find Ferguson's successor.
In August, Nick Dilworth was appointed as executive director and chief operating officer, while Ginny Pulbrook was appointed non-executive director and Michael Williamson as interim chief financial officer.