Cumbria's Stobart Group, which is planning to expand Carlisle Airport, has announced strong profits in its first year on the London Stock Exchange.

The company recorded pre-tax profit of £3.5 million and revenues of £108.8 million in the 14 months ending February 29th, reports Cumberland News.

Stobart, which announced its final dividend to shareholders will be 5.3 pence per share, has bought out a number of companies in recent months, including engineering business WA Developments.

Andrew Tinkler, chief executive of Stobart Group, said: "The last financial period has been one of enormous change for our group.

"We are resolute in our aim to become one of the UK's leading providers of fully integrated multimodal transport and logistics services in the UK."

Last month, Stobart was given the go ahead to invest £30 million for a new runway, air traffic control centre and passenger terminal hangars at Carlisle Airport.

It is estimated that Carlisle will handle 22,000 flights a year following the expansion.