Buying car transporter Autologic flattered logistics company Stobart's (STOB) top-line, and first-half underlying pre-tax profit rose a modest 5 per cent year on year to £13.8m - include one-off costs, though, and profit actually fell. Still, like-for-like growth at the Eddie Stobart trucking division reached 6 per cent and profits rose at all of the operations-based businesses.
Freezing spring weather and a hot summer meant sharp swings in retail sales volumes, making life difficult at the core transport and distribution division. And despite Autologic's contribution, divisional profit was largely flat at £14.3m. The traditionally busier second half has started well, although everything now hinges on finding further savings - especially at Autologic.
But work at Southend airport, and on the railways, tripled profit from engineering, while the biomass operation doubled profit to £1.6m after biomass deliveries grew 52 per cent to 354,000 tonnes. Southend actually made a small profit after passenger numbers soared 43 per cent to 528,000 despite fewer easyJet flights than expected. Other European airlines are interested, too. Property sales generated a £3.7m profit and another went last month for a further £25m - almost £1m more than its valuation in February. A flat in Soho should also go soon and the planning application at Carlisle airport gets a court hearing in February.
STOBART (STOB) | ||||
|---|---|---|---|---|
| ORD PRICE: | 131p | MARKET VALUE: | £455m | |
| TOUCH: | 131-133p | 12-MONTH HIGH: | 135p | LOW: 74p |
| DIVIDEND YIELD: | 4.6% | PE RATIO: | 14 | |
| NET ASSET VALUE: | 132p* | NET DEBT: | 45% | |
| Half-year to 31 Aug | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 247 | 10.5 | 2.60 | 2.00 |
| 2013 | 330 | 10.4 | 2.70 | 2.00 |
| % change | +34 | -1 | +4 | - |
Ex-div: 6 Nov Payment: 6 Dec *Includes intangible assets of £286m, or 82p a share | ||||
