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Stobart progresses Southend expansion

Passenger numbers through London Southend Airport increased by more than a third as the group looks to put management issues behind it
October 25, 2018

After a heated boardroom battle, Stobart Group (STOB) is looking to put past issues behind it. One of its core projects is the expansion of London Southend Airport (LSA). The airport was used by 838,742 passengers in the period under review, a 37 per cent year-on-year increase, which fed through to a 14.6 per cent rise in pro-forma underlying cash profits to £15.7m. Those figures exclude the £18.1m of accelerated investment spent on Flybe’s (FLYB) operations at LSA, which will wind down operations by 2020. Both easyJet (EZJ) and Ryanair (RYA) will expand their operations, with the latter alone expected to bring in an additional 1m passengers each year from 2019. This means that Stobart Group is likely to reach its goal of seeing 5m passengers through LSA by 2022.

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