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Stobart full year results in line

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Date: Monday 12 May 2008

LONDON (ShareCast) - Transport and logistics solution provider Stobart Group said full year results are in line with management expectations.

Stobart was formed in September 2007 after The Westbury Property Fund Limited acquired Stobart Holdings Ltd.

In the 14-months to February 2008, revenue from continuing operations was £108.8m with profit before tax at £3.5m, following strong performances from the principal operating businesses of Eddie Stobart Ltd and O'Connor Group.

The group said following the year end, it has acquired James Irlam & Sons Ltd and W A Developments Ltd, which it is confident of delivering further strong profit growth in the next financial year.

“We are resolute in our aim to become one of the UK's leading providers of fully integrated multimodal transport and logistics services in the UK. We will achieve this through ensuring the continued satisfaction of our customers whilst continuing to develop and enhance value for our shareholders,” said the group.

The majority of its property portfolio was disposed at the time of the merger and Stobart intends to dispose its remaining property joint venture interests in the short term.

Total dividend for the year is 8p per share.

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