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Stagecoach Group PLC (SGC)

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Wednesday 22 August, 2012

Stagecoach Group PLC

Interim Management Statement

RNS Number : 5056K
Stagecoach Group PLC
22 August 2012
 



22 August 2012

 

Stagecoach Group plc

 

Interim Management Statement

 

Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period to the date of this announcement.

 

Financial performance

 

The overall profitability of the Group has remained good, and there has been no significant change to our expected Group profit before tax for the year ending 30 April 2013.

 

Like-for-like revenue growth for the financial year to date in each of the Group's main businesses is provided below.

 

UK Bus (regional operations)

- twelve weeks ended 22 July 2012

4.1%




UK Bus (London)

- twelve weeks ended 22 July 2012

(5.7)%




UK Rail

- twelve weeks ended 22 July 2012

6.8%




North America

- three months ended 31 July 2012

10.4%

(including Megabus.com, excluding disposed Wisconsin school bus business)




Virgin Rail Group

- twelve weeks ended 22 July 2012

0.6%

 

The 5.7% decline in revenue at UK Bus (London) is consistent with our previous expectation that some less profitable contracts would not be retained as we restructured the acquired business and improved its overall profitability.  The decline reflects the revenue lost from contracts that ended during the year to 30 April 2012.  For the year as a whole to 30 April 2013, UK Bus (London) is well placed to maintain revenue with contract losses being offset by some contract wins and inflationary price increases on existing contracts.

 

Financial position

 

The Group continues to maintain a strong financial position with investment grade credit ratings and appropriate headroom under its debt facilities.  In July 2012, the Group completed the acquisition of businesses and assets from Coach America, Inc. The transaction was financed from available, committed bank facilities and further details are given in the announcement made by the Group on 23 July 2012.

 

Other events

 

In August 2012, the Department for Transport announced that the Group's joint venture, Virgin Rail Group, had not been awarded the new West Coast Trains rail franchise.  Virgin Rail Group will cease to operate the West Coast Trains franchise in December 2012 when the new franchise commences.  Further details are given in our announcement of 15 August 2012.  Stagecoach Group is shortlisted for both of the other UK rail franchises it applied for and we are making good progress with our bid for the Great Western franchise.  We will also consider other rail franchise opportunities as these arise.

 

Outlook

 

Overall current trading remains good and we believe the prospects for the Group remain positive.

 

 

For further information, please contact:

 

Stagecoach Group plc

 www.stagecoach.com



Investors and analysts


Martin Griffiths, Finance Director

01738 442111

Ross Paterson, Director of Finance & Company Secretary

01738 442111



Media


Steven Stewart, Director of Corporate Communications

07764 774680

 

Notes

 

(1) Like-for-like revenue growth is derived, on a constant currency basis, by comparing year-to-date revenue with the equivalent prior year period for those businesses and individual operating units that have been part of the Group throughout both periods.

 

(2) This announcement contains certain forward-looking statements with respect to the financial performance, financial position and businesses of Stagecoach Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Except as required by law, Stagecoach Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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