We assess the Group’s performance according to a wide range of measures and indicators. Our key performance indicators (KPIs)help the Board and executive management team measure performance against our strategic priorities and business plans.

Revenue
(£'000)
2021
£24,742
2020
£56,786
2019
£39,411

£24,742

Aviation revenue declined by 56.4% due to the impact of the COVID-19 pandemic on operations, mitigated by the successful increase in cargo operations.

EBITDA1
(£'000)
2021
(£6,075)
2020
(£696)
2019
£479

(£6,075)

The success of the cargo operations, in addition to management actions to reduce costs and utilisation of the Coronavirus Job Retention Scheme, have helped partially mitigate the total EBITDA impact.

1 EBITDA represents loss before interest, tax, depreciation, amortisation, loss on acquisition and impairments. Adjusted EBITDA is EBITDA excluding loss on acquisition. 

Divisional operating cash flow2
(£'000)
2021
(£4,050)
2020
(£8,041)
2019
(£326)

(£4,050)

2 Excludes Intercompany.
Actions to mitigate the EBITDA impact of COVID-19, including a reduction in airline marketing support contributions, has helped improve the cash flow from operating activities by £4.0m.

Total passenger numbers at LSA
(Number)
2021
147,208
2020
2,142,310
2019
1,497,215

147,208

The unprecedented impact of COVID-19 has resulted in a reduction in passenger volumes of 93%.

Cargo tonnage
(Tonnes)
2021
24 tonnes
2020
8.1 tonnes
2019
0 tonnes

24 tonnes

Commencing in October 2019, the cargo operations at Southend continue to grow, increasing by 196.3%, offering a more stable source of EBITDA and cash generation during the current pandemic.

Revenue
(£'000)
2021
£75,019
2020
£76,339
2019
£65,143

£75,019

Energy revenue was impacted by the reduction in biomass fuel sales due to the restricted waste wood supplies as a result of COVID-19, with tonnes supplied down from 1.5 million to 1.4 million.

EBITDA1
(£'000)
2021
£10,005
2020
£14,975
2019
£13,291

£10,005

The volume reduction, in addition to COVID-related downward margin pressures, has resulted in a £5.0m reduction in EBITDA.

1 EBITDA represents loss before interest, tax, depreciation, amortisation, loss on acquisition and impairments. Adjusted EBITDA is EBITDA excluding loss on acquisition. 

Divisional operating cash flow2
(£'000)
2021
£15,440
2020
£9,942
2019
£13,727

£15,440

2 Excludes Intercompany.
The Energy business is cash generative with strong cash conversion, with strict financial discipline and working capital management resulting in a £5.5m increase in cash generated from operations.

Tonnes supplied
(MT)
2021
1.4 MT
2020
1.5 MT
2019
1.3 MT

1.4 MT

The impact of COVID-19 on the availability of waste wood supply has resulted in a 5.7% reduction in tonnes supplied, with the supply levels increasing following the resumption of the construction industry.

Volume of waste wood received
(MT)
2021
0.4 MT
2020
0.4 MT
2019
0.3 MT

0.4 MT

An increase in volume of waste wood was driven by the increase in operations at Tilbury, following lower availability in FY20 (due to unplanned plant outage), with an increased supply of waste wood into the site.

Revenue
(£'000)
2021
£110,724
2020
£142,098
2019
£146,889

£110,724

Revenue has decreased by 22.1% to £110.7m, driven by the impact of COVID-19 on the core Aviation and Energy divisions.

Adjusted EBITDA1
(£'000)
2021
(£17,879)
2020
(£5,910)
2019
(£6,307)

(£17,879)

Group EBITDA decreased to £17.9m loss, driven by the impact of COVID-19 on the
Aviation division, Stobart Air and the Energy division, offset by strict cost control across the Group, including the benefit of the Coronavirus Job Retention Scheme.

1 EBITDA represents loss before interest, tax, depreciation, amortisation, loss on acquisition and impairments. Adjusted EBITDA is EBITDA excluding loss on acquisition. 

Loss before tax
(£'000)
2021
(£150,337)
2020
(£139,415)
2019
(£42,114)

(£150,337)

Loss before tax of £(150.4)m has improved from the prior year despite the reduction in EBITDA due to the non-repeat of the high level of impairments recorded in FY20.

Cash flow from operating activities
(£'000)
2021
(£29,443)
2020
(£22,221)
2019
(£12,796)

(£29,443)

Strict financial discipline put in place to reduce cash burn, with management initiatives to minimise costs and manage the Group’s working capital, mitigated the impact of COVID-19 on cash flow from operating activities, resulting in a £7.2m
increased outflow from FY20.

Cash headroom
(£'000)
2021
£77,408
2020
£14,802
2019
£36,432

£77,408

The Group had £77.4m of cash and undrawn bank facilities available at 28 February 2021, driven by the successful £91m capital raise, £40m additional revolving credit facility, and the strict management of the Group’s cash burn.

Loss per share - total
(pence)
2021
(28.81 pence)
2020
(37.39 pence)
2019
(16.64 pence)

(28.81 pence)

Earnings per share remained negative at the year-end as the Group recovered from the impact of COVID-19 and sought to dispose of legacy underperforming operating divisions.

Net debt
(£'m)
2021
£250.8
2020
£235.5
2019
£83.1

£250.8

Net debt has increased from the prior year due to leases in Stobart Air and Propius. The increase from FY19 is due to the inclusion of £53.1m of bonds and the impact of the adoption of IFRS 16.

Accident/incident rate
2021
0.43
2020
0.59
2019
0.24

0.43

The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 2013, regulates the statutory obligation to report deaths, injuries, diseases and dangerous occurrences that take place at work or in connection with work. The reported figure is arrived at by dividing the number of RIDDORs by the number of hours worked, multiplied by 100,000.

Taking climate action
(Tonnes CO2 per £m of revenue)
2021
198 tonnes
2020
147 tonnes
2019
180tonnes

198 tonnes

These figures for CO2 represent the equivalent amounts of CO2 for greenhouse gases.

Minimising our environmental impact
(Percentage of waste)
2021
99.5%
2020
99.5%
2019
98.1%

99.5%

This number is calculated across all our divisions for waste that is recycled and converted into energy. Waste that cannot be recycled makes up the rest of the 0.5%.

Developing our people
(Number of hours of training)
2021
37,382
2020
68,234
2019
46,224

37,382

Reporting the number of hours invested in training fulfils our commitment to developing our people to give them the skills they need to meet their personal development goals.