Airport owner Stobart Group (LON:STOB) said it had started the year ‘trading satisfactorily’, boosted by the beginning of a new five-year partnership with Ryanair.

The group made the comments ahead of the company’s AGM, saying it remained on track to deliver its medium-term objectives, including growing its London airport in order to welcome five million passengers a year by 2022.

“Since stepping into my role last year, we have made significant progress across our business divisions, and continue to focus on delivering on our ambition to double the value of the business by 2022,'” Stobart Group said.

The company has set targets to supply over three million tonnes of renewable energy fuel per annum by 2022.

‘We have seen strong progress at London Southend Airport, with the announcement of a new five-year partnership with leading low-cost airline Ryanair,’ Stobart said.

The five-year agreement, extendable to 10, includes a $300 million investment on Ryanair’s part as as well as operating three planes out of the airport.

Shares in Stobart Group are currently trading up 3.94 percent at 237.50 (0947GMT).