Preliminary results for Stobart Group (STOB) were full of highlights, underlined by year-on-year increases in cash profits at each of the logistics group's divisions. But the biggest contribution to the 98 per cent hike in underlying profit before tax to £18.4m was the upward revision in property valuations in the infrastructure division. Most notably, a facility in Speke in Liverpool acquired just last year for £17.6m is already worth £9.1m more, and could be sold for £37m by June if tenant Ford Motors elects to purchase the site.
Asset disposals have also benefited the investments division, which sold the UK Stobart Automotive business and generated £4.3m cash for the group through the profitable sale of two older aircraft. The wider aviation division, which operates London Southend airport, also managed to boost underlying profits despite declining passenger numbers, though talks are progressing to attract more operators to the airport. Elsewhere, efforts to grow third-party customer use of Stobart Rail were rewarded with a 37 per cent increase in revenues, and a £68m order book including long-term infrastructure projects for Network Rail.