Home Business NewsBusinessAviation News Southend Airport owner plunges to £42m loss 

Southend Airport owner plunges to £42m loss 

by LLB Reporter
29th May 19 9:25 am

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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