Logistics and aviation company Stobart Group said its assets still provide “significant opportunities’ for growth in spite of the coronavirus pandemic.
The group operates a global logistics operation, energy business and London Southend Airport.
Stobart Group has unveiled a number of measures taken in a bid to offset the disruption caused by the coronavirus outbreak.
Besides placing a freeze on capital expenditure, the group has furloughed 50% of its staff using the government’s Job Retention Scheme, as well as its board and senior leadership team taking a 20 per cent pay cut.
Stobart’s logistics operation at London Southend Airport will continue to operate as normal, and the group’s energy division has been designated as an essential business.
Warwick Brady, Chief Executive of Stobart Group, said: “The challenges presented by the rapid spread of the COVID-19 virus have been significant. However, I am immensely proud and humbled by the response of our people to this global crisis.
“We have acted at pace to put in place steps to safeguard our business in the immediate term, and our people have consistently understood and supported the actions we have taken.
“Despite the current challenges presented by the COVID-19 virus, we continue to own and operate aviation and energy assets with significant underlying value. There remain significant medium and long-term opportunities to further increase the value of the assets for our stakeholders.”
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