Source - Alliance News

Aviation and renewable energy company Esken Ltd on Tuesday reported a recovery from both of its divisions for its recently ended financial year.

Its energy division, Stobart Energy, is on track to report earnings before interest, tax, depreciation and amortisation of £18 million to £20 million. This was at the upper end of management’s guidance range, driven by improved gate fees and increased supply of waste wood.

The guidance range implies an 80% to 100% rise from £10 million the year before.

Meanwhile in Aviation, Esken’s London Southend Airport is well-positioned for long-term recovery, the company said on Tuesday. Booking volumes for summer 2022 have improved due to the lifting of travel restrictions in Europe. The impact of higher fuel prices on customer demand and airline flying capacity is unclear.

Esken had £72.7 million of liquidity available at year-end, down from £90.5 million in late August 2021.

In March 2021, the company did not release any guidance due to uncertainties surrounding the Covid-19 pandemic.

Esken will publish its annual results at the end of May.

Esken shares were 2.2% higher at 11.24 pence each in London on Tuesday afternoon.

Copyright 2022 Alliance News Limited. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Esken Limited (ESKN)

-0.01p (-12.50%)
delayed 05:00AM