Basic HTML Version
Principal Activities
Stobart Group operates a multimodal logistics business, an
infrastructure and engineering business, a biomass products
supply business and a property investment and development
business. The principal subsidiary undertakings, associates
and joint ventures of the Group are contained in the notes to
the Consolidated Financial Statements.
Results and Dividends
A review of Group activities, analysis of revenue and profit,
indication of future developments and principal risks and
uncertainties and a review of the KPIs are included in the
Chief Executive Officer’s Report, Chief Operating Officer’s
Report and Business Performance Review.
An interim dividend of 2.0p per share was paid on 10
December 2010. Subject to shareholders’ approval at the
AGM to be held on Thursday 30 June 2011 at 11.30 am, at
The Fermain Valley Hotel, Fermain Lane, St Peter Port,
Guernsey, GY1 1ZZ a final dividend of 4.0p per share will be
paid on 7 July 2011 to shareholders on the register at 3 June
2011. The ex-dividend date is 1 June 2011.
Policy and Practice on Payment of Creditors
The Group agrees payment terms with its suppliers when it
enters into a binding agreement. In this way, suppliers are
made aware of these terms.
Directors
Biographies of the current Board of Directors are shown on
pages 35 and 36. On 7 March 2011 William Stobart and
David Irlam stepped down from their positions as Executive
Directors of the company. On the same date Nick Watts and
Daniel Dayan stepped down from their positions as Non-
Executive Directors. On 23 May 2011 Paul Orchard-Lisle, Alan
Kelsey and David Beever were appointed as Non-Executive
Directors of the Company.
Directors’ and Officers’ Insurance
The Group maintains an appropriate level of Directors’ and
Officers’ insurance whereby Directors are indemnified against
liabilities to third parties to the extent permitted by Guernsey
Company Law.
Directors’ Responsibilities
The Directors are responsible for preparing annual financial
statements in accordance with applicable Guernsey Law and
International Financial Reporting Standards applicable in the EU.
Guernsey Company Law requires Directors to prepare financial
statements for each financial period which give a true and fair
view of the state of affairs of the Group and Company and of
the profit or loss of the Group and Company for that period and
are in accordance with applicable laws. In preparing those
financial statements the Directors are required to:
>
Select suitable accounting policies and apply them
consistently.
>
Make judgements and estimates that are reasonable and
prudent.
>
Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Group
and Company will continue in business.
>
State whether applicable accounting standards have been
followed subject to any material departures disclosed and
explained in the financial statements.
The Directors are responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the Group and Company and enable
them to ensure that the financial statements comply with the
Companies (Guernsey) Law 2008. They are also responsible
for safeguarding the assets of the Group and Company and
hence for taking reasonable steps for the prevention of fraud
and other irregularities.
The Board and Senior Executives of the Group are accountable
to the shareholders and communicate with them on a regular
basis in a number of ways. These include:
>
Annual general and extraordinary meetings.
>
Announcements on the London Stock Exchange.
>
Regular briefings on the Group’s website.
>
Presentations to institutional shareholders on a semi-
annual basis.
Directors’ Interests in Shares
The Directors and their immediate families had the following
beneficial interests as at 28 February 2011 and 28 April 2011
in the Group’s ordinary shares.
Directors’
Report
Richard Butcher, Company Secretary