UK logistics firm Stobart Group has reported an 11.4% fall in full-year pre-tax profits to £29.5m.
The company reported a profit before tax of £29.5m for the year to 28 February, compared with £33.3m in 2020.
Despite the losses, Stobart said it planned to develop “the substantial property assets held by the group by building them out and then leasing them advantageously”.
Stobart chief executive Andrew Tinkler highlighted the successful raising of £115m in a recent share placing to diversify the business, including developing property assets such as Southend airport in Essex.
The company said its estates division was seeking to add value to its property portfolio, with a number of opportunities at an early stage of planning or development. The division will be responsible for the management, development and realisation of all group land and building assets, and will hold around 20 properties throughout England.
Stobart Properties contributed revenue of £0.3m during the year and an underlying profit before tax of £2.9m.
It said a large part of the building works at its London Southend Airport, including the new control tower and the rail station, have been completed and approval of plans to extend the runway was granted in April last year.
james.buckley@estatesgazette.com
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