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Stobart doubles the full-year dividend

Stobart doubles the full-year dividend

A goodwill impairment from the acquisition of of Everdeal Holdings pushed Stobart Group's (STOB) pre-tax profit deep into the red, but strip out these non-cash charges and underlying profits came in at a healthy £27.4m, up 49 per cent on the previous year. Cash generated from the post period-end IPO of Eddie Stobart Logistics (ESL) along with receipts from the sale of aircraft and infrastructure assets will be used to double the dividend. Happily, the value of the group's residual 49 per cent stake in the spin-off is significantly in advance of the year-end carry.

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