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)
£23,411
Aviation revenues continue to be affected by the prolonged impact of the COVID-19 pandemic on operations, decreasing by 5.4% following a reduction in passenger numbers.
Adjusted EBITDA1
(£'000)
(£773)
Adjusted EBITDA improvement of £5.3m includes £3.5m of one-off benefits, with the remaining improvement driven by reduced airline marketing costs and savings in staff and general overheads, offsetting a reduction in passenger-related spend.
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)
(£4,663)
Improvements in cash profit due to continued actions to mitigate the EBITDA impact of COVID-19, offset by payment of Part 1 claims liabilities by the Aviation division.
2 Excludes Intercompany.
Total passenger numbers at LSA
(number)
93,957
Continued impact of the COVID-19 pandemic has resulted in a reduction in passenger volumes by 36.2%, with FY21 benefiting from an unaffected month of operation in March 2021.
Cargo tonnage
(thousand tonnes)
7 tonnes
Reduction in cargo tonnes by 70.8% due to the impact of Brexit on the transfer of goods from Europe, although impact on volume of daily rotations was less significant, reducing by 36.7%.
Revenue
(£'000)
£79,650
Renewables revenue increased by 6.6% with tonnes supplied increasing from 1.4m to 1.5m as the renewables business returns to pre-COVID-19 levels of operations.
Adjusted EBITDA1
(£'000)
£20,308
Recovery of the business to normal pre-COVID-19 market conditions, accompanied by increased gate fees, has resulted in a £10.3m increase in adjusted 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)
£17,924
£2.5m increase in cash flow from operating activities, driven by the adjusted EBITDA improvement, with the business maintaining strong cash conversion and working capital management.
2 Excludes Intercompany.
Tonnes supplied
(MT)
1.5 MT
Return to normal market conditions following the resumption of the construction industry following COVID-19, has resulted in a 4.8% increase in tonnes supplied.
Volume of waste wood supplied
(MT)
1,159 MT
The volume of waste wood supplies represents a combination of the waste wood that is supplied via third parties and waste wood that is received by Esken Renewables under the gate fee mechanism, processed and then supplied to our biomass plant partner.
Revenue
(£'000)
£104,633
Revenue has increased by 3.2% to £104.6m, driven by the return to normal market conditions in the renewables business, partially offset by reduced passengers travelling through London Southend Airport.
Adjusted EBITDA1
(£'000)
£10,255
Group adjusted EBITDA increased by £17.6m to a profit of £10.3m, which includes £8.2m of one-off adjustments, resulting in a like-for-like adjusted EBITDA improvement of £9.4m, driven by the Esken Renewables improvement and strict cost control across the Group.
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)
(£34,567)
Loss before tax improvement of £9.3m to a loss of £34.6m, driven by the favourable performance in adjusted EBITDA and non-repeat of £8.0m loan note impairment in FY21, partially offset by higher Finance costs and the £5m impairment of Property assets in FY22.
Cash flow from operating activities
(£'000)
(£14,484)
Continued strict financial discipline, minimising costs and capex, and managing the Group’s working capital in order to reduce cash burn, in addition to the £3.5m of one-off receipts associated with Connect Airways and Teesside International Airport have resulted in Group cash flow from operating activities improving by £15.0m.
Cash headroom
(£'000)
£72,738
The Group had £72.7m of cash and undrawn bank facilities available at 28 February 2022, driven by net proceeds of £52m from the issue of ordinary shares and £111m from the Carlyle convertible debt transaction, in addition to the £20m undrawn revolving credit facility.
Loss per share - total
(pence)
(4.26 pence)
Earnings per share remains negative as the Group recovers from the impact of COVID-19 and disposes of legacy underperforming operating divisions.
Net debt
(£'m)
£241.9
Net debt has reduced from the prior year due to the net £51m equity raise proceeds, with the £125m Carlyle convertible loan allowing repayment of the exisiting RCF facility. This has been partially offset by cash flow required to fund legacy Stobart Air and Propius liabilities, in addition to interest accrued on the Carlyle convertible loan.
Accident/incident rate
0.44
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)
335tonnes
These figures for CO2 represent the equivalent amounts of CO2 for greenhouse gases for Scope 1-3 emissions and using FY19 as baseline data.
Minimising our environmental impact
(Percentage of waste)
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 remaining 0.5%.
Developing our people
(Number of hours of training)
50,414
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.