Stobart Group is back in the black.

The aviation, warehousing and biomass group this week reported pre-tax profits from continuing operations of £10 million for the year to February, turning around a loss of £9.4m in 2014-15.

And the operator of Carlisle Airport said that its subsidiary Stobart Air is working to create “route development opportunities” from Carlisle.

The airline hopes to start scheduled passenger flights to Belfast, Dublin and London Southend – which Stobart also owns – and has secured a start-up subsidy from the Government.

But there is as yet no start date.

Stobart Group said underlying profits from continuing operations – setting aside the exceptional items – almost doubled from £9.3m to £18.4m while turnover was 8.6 per cent higher at £126.7m.

A proposed final dividend of 4.0p will take the total dividend for the year to 6.0p, unchanged on 2014-15.

Chief executive Andrew Tinkler said: “We have delivered improved profitability in all five divisions with the foundations, management and organisational structure almost set to achieve our objectives.

“We are on track to deliver our strategy by 2018 and drive shareholder value through our three growth operating divisions of energy, aviation and rail, while generating a cash surplus through the exit of our infrastructure and investment portfolios.”

Stobart can trace its roots to the 1970s when the business began as an offshoot of an agricultural contracting business in Hesket Newmarket. It sold a majority stake in the Eddie Stobart road haulage business two years ago to concentrate on other interests.

The financial year saw it complete construction of a freight distribution centre at Carlisle Airport and then agree a sale and lease back deal on the property for £16.9m.

It said that the sale to Gramercy Europe would be a “catalyst” for inward investment at the airport. The bulk of the 315,000sq ft freight distribution centre is sub-let to Eddie Stobart.

The accounts reveal that Stobart Air, in which Stobart Group holds a 45 per cent stake, carried 1.4m passengers and continues to grow.

The report says: “The airline returned to profitability in 2015 and continues to work with London Southend Airport and Carlisle Lake District Airport to create further route development opportunities.”

However, it emerged just as the annual results were published that Stobart Air’s chief executive, Sean Brogan, is to leave the airline after his plan to lead a management buy out was rejected.

Despite a fall in passenger numbers at London Southend, Stobart says it expects the airport to be handling 2.5m passengers a year by 2018. The Essex airport, which is less than an hour by train from London, was voted best airport in Britain by Which? for the third year running. Stobart recently completed a 2.5MW solar project there.

The group’s energy division supplies more than 1m tonnes of biomass fuel and is on track to achieve 2m tonnes by 2017-18.

The rail division, which built the distribution centre at Carlisle Airport “on time and on budget”, was performing well and had a “strong order book”. Revenue from external work increased by 36.5 per cent to £28.8m.

In addition to the sale of the Carlisle distribution centre, Stobart sold properties in Worcester and Swindon and, after the year end, signed a 20-year deal with Ford to lease warehousing at Speke, Liverpool.

Mr Tinkler added: “This is an exceptional time for the Stobart corporate family and its shareholders.

“Our energy and aviation divisions are finishing the groundwork in preparation for a period of rapid growth.

“We remain focused on delivering the strategy and realising superior growth and shareholder returns.”