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Table of Contents
| Non-Executive Chairman's Statement | 4 |
| Cheif Executive Officer's Report | 6 |
| The New Business Structure | 10 |
| Chief Operating Officer's Report | 12 |
| Case Studies | 16 |
| Corporate and Social Responsibility | 24 |
| Developing People, Developing the Business | 26 |
| Business Performance Review | 28 |
| Risk Management | 34 |
| Stobart Group Board of Directors | 36 |
| Directors' Report | 38 |
| Corporate Governance Report | 42 |
| Directors' Remuneration Report | 45 |
| Independent Auditor's Report - Group Financial Statements | 49 |
| Consolidated Income Statement | 50 |
| Consolidated Statement of Comprehensive Income | 51 |
| Consolidated Statement of Financial Position | 52 |
| Consolidated Statement of Changes in Equity | 53 |
| Consolidated Cash Flow Statement | 54 |
| Notes to the Consolidated Financial Statements | 55 |
| Independent Auditor's Report - Company Financial Statements | 74 |
| Stobart Group Company Income Statement | 75 |
| Stobart Group Company Statement of Comprehensive Income | 75 |
| Stobart Group Company Statement of Financial Position | 76 |
| Company Cash Flow Statement | 78 |
| Notes to the Company Financial Statements | 80 |