Stobart’s spending nearly over

A modest earnings upbeat was flagged last month, and underlying operating profit came in 12 per cent better at £44.9m. Higher-margin biomass contracts kicked in last year and profits there jumped from £1.2m to £4m. "Expect a steady 18 months," says finance chief Ben Whawell. After that much will depend on how many plants get funded and developed.

Heavy investment in Southend Airport widened losses at the air division to £0.67m, although a run-rate of 800,000 passengers a year keeps it on target to hit 2m by 2015. But Stobart is still having trouble shifting three properties at the estates division, where profits halved to £6.5m. It's expected to put another five on the market this year, which it must sell to reduce net debt, up £50m in the period after splashing out £23m on Southend and buying Autologic. And it was that acquisition that flattered the bottom line at the trucking division - profits grew 7 per cent to £29.7m. Add in around £7m of extra finance costs, mostly on debt used to pay for the controversial Moneypenny property portfolio last year, and underlying pre-tax profit fell 8 per cent to £32.5m.

Brokers are still working on forecasts for 2014.