3rd Nov 2021 11:28
(Alliance News) - Esken Ltd on Wednesday reported improved performance in the first half of its current financial year, saying it is executing its strategy to deliver long-term growth.
The Carlisle, England-based infrastructure, aviation and energy company said its pretax loss narrowed in the six months to August 31 to GBP12.6 million from GBP16.1 million recorded a year earlier. Revenue, meanwhile, rose to GBP51.7 million from GBP48.0 million year-on-year.
The company has two core operating divisions, Energy and Aviation. Stobart Energy experienced a strong financial recovery during the first half, with revenue up 15% to GBP38.1 million as market conditions returned to pre-Covid-19 levels. There were improvements in waste wood supply, gate fee pricing and plant availability.
Esken said Stobart Energy supplied 706,000 tonnes of biomass fuel to energy plant customers during the period, representing a 15% increase in volumes compared to the six months ended August 2020.
Turning to Aviation, the company said passenger numbers at London Southend Airport shrank by 63% to 46,000 during the half year, with the airport delaying a restart in commercial passenger operations to the start of summer flying in April 2022, allowing the airport to minimise costs and cash burn during the traditionally quieter winter period.
Esken shares were trading 7.2% higher in London on Wednesday morning at 13.72 pence each.
By Evelina Grecenko; [email protected]
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