Stobart Group who own Southend Airport has plunged to a £42m loss after a £16m writedown and was hit with aviation costs.
The group’s pre-tax loss for the year to March 2019 dropped from £14.3m the previous year as the firm moved forward with their transformation plans.
Revenue was up by 39% during the year to £146.9m as passenger numbers rose by 33%.
On discontinued operations the group made a loss of £15.5m, including Stobart Air and their leasing business Propius which was sold to Connect Airways consortium in February.
The group had depreciation costs of £16.3m from ongoing operations and was hit with £10.2m in aviation and energy costs.
Stobart had £5.2m in legal costs which were mainly due to a shareholder dispute.
Warwick Brady, chief executive said, “This has been a transformational year for Stobart Group. As a result of the disposals and impairments in the year, the group has de-risked its balance sheet.
“Stobart Group has a clear focus on developing infrastructure assets in the aviation and energy sectors.”
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