Half Yearly Report

RNS Number : 6181Z

Stagecoach Theatre Arts PLC

18 January 2011

 



Embargoed until 0700 on 18 January 2011

Stagecoach Theatre Arts plc (AIM: STA)

("Stagecoach" or "the Group")

Interim Results

for the half year ended 30 November 2010

"Stagecoach Theatre Arts plc operates the UK's largest franchise network of part-time performing arts schools for children aged between 4 and 18"

Highlights:

Financial

·    Network fees increased marginally by 0.8% to £13.2 million (2009: £13.1 million).  Group revenue was £2.9 million (2009: £3.0 million). 

·    Profit before tax was £72,000 (2009: £267,000) following the planned and substantial funding of new marketing and advertising material across group, along with a reduction in Agency brochure income and initial fees.

·    Increase in cash balances to £1.6 million as at 30 November 2010 (2009: £1.3 million), and the Group has no bank debt. 

·    Earnings per share of 0.6 pence (2009: 1.9 pence). 

·    Interim dividend maintained at 0.5 pence per share (2009: 0.5 pence), reflecting Board's confidence in the underlying trading, the long term strength of the business and the strong balance sheet.

Operational

·    Group student numbers down by 100 students to 39,221 over the year.   

·    German operations continue to expand steadily with three more schools, and a total of 1,088 students attending.

·    North American operations expanding, with a 42% increase in student numbers over the year to 656 students across 13 schools.

·    However, Stagecoach UK student numbers have decreased by 332 to 34,956, due to a number of school closures or mergers in those areas of the UK hardest hit by the recession.

·    The Stagecoach Board remains committed to bringing each part of the business to profitability. With the new school openings in Germany and expansion in North America, the Group is moving towards achieving this goal.

David Sprigg, Managing Director, commented:

"I am pleased with the performance of the business given the tough economic climate.  The minimal impact on our core business demonstrates the popularity of Stagecoach training and education and the resilience of our business model.  Despite the short term impact on profitability we have chosen to increase our investment in marketing and advertising, which we believe will benefit future student recruitment and help maintain our position as market leader."

Enquiries:

Stagecoach Theatre Arts plc Richard Dawson, Finance Director and Head of Investor Relations	Tel: [phone] [e-mail] www.stagecoach.co.uk
Smith & Williamson Corporate Finance Limited Nominated Adviser & Broker David Jones / Siobhan Sergeant / Barrie Newton	Tel: [phone]
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]

Chairman's Statement

Results and Overview

Profit before tax for the six months to 30 November 2010 was £72,000 (2009: £267,000).  The reduction in profit results from a planned significant funding of a complete redesign and implementation of new marketing and advertising material across our franchise network, combined with decreases in brochure income from the Stagecoach Agency and in initial fees.

Stagecoach has demonstrated resilience in its underlying trading performance throughout this difficult economic climate.  In particular, the Group has grown its network fees compared to last year, we have grown our Stagecoach worldwide student base, have maintained the interim dividend, continue to be profitable and have managed our capital resources successfully to increase our net cash to £1.6 million as at 30 November 2010 (2009: £1.3 million).

The total number of students attending our schools during the Autumn Term 2010 decreased marginally by 0.3% to 39,221 students (Autumn Term 2009: 39,321 students).  This reflects a reduction of approximately 200 students across SportsCoach and Mini Stages, whilst Stagecoach worldwide has increased by around 100 students.  Network fees, which reflect total school fees earned over the period by our franchisees, increased slightly to £13.2 million (2009: £13.1 million) due to further expansion overseas.  Group revenue was broadly similar at £2.9 million (2009: £3.0 million). 

Earnings per share for the six month period were 0.6 pence (2009: 1.9 pence).  We have maintained the level of interim dividend of 0.5 pence per share (2009: 0.5 pence) reflecting your Board's confidence in the underlying trading, the long term strength of the business and the strong balance sheet.  This interim dividend which amounts to £49,722 will be paid on 2 March 2011 to those shareholders on the register as at 4 February 2011.

Operating Performance

UK Operations

The number of Stagecoach Theatre Arts schools in the UK and students attending during the Autumn Term 2010 decreased to 611 schools, 722 Early Stages classes and 34,956 students (2009: 623 schools, 719 Early Stages classes and 35,273 students).  The net reduction in main schools reflects some closures or mergers of Stagecoach UK schools in those areas of the country hardest hit by the recession.  Initial fees income, from school transfers and new school openings, decreased by £47,000 to £140,000 for the period. 

There has been a small increase in average student numbers per main school to 41.5 students (2009: 41.3), with Early Stages level at 13.0 students per class (2009: 13.0).

The Stagecoach Agency maintains its status as the largest performing arts agency for children in Europe and continues to provide our students with varied work across all areas of the entertainment industry.  However, our September 2010 student intake for the Agency reduced to 1,344 (2009: 1,605). This has resulted in a £50,000 decrease in Agency income compared to the prior year. 

We have enjoyed another busy six months for large-scale performances and events across the network.  In June 2010, and again in October 2010, over 300 students performed at Her Majesty's Theatre in London's West End.  In August, we staged our annual showcase, the musical My Fair Lady, at the Leatherhead Theatre featuring 75 students from schools in the UK, Canada, Ireland, USA, Spain and Germany. 

Our SportsCoach network has 18 SportsCoach schools, 9 Early Sporties Classes and 740 students (2009: 22 schools, 10 Early Sporties and 849 students).  We also have 81 Mini Stages students attending classes operated at our Head Office and 98 Montessori nursery students (2009: 197 and 106 students respectively). 

We have invested heavily during the period in advertising, marketing and promotions.  This includes a new senior marketing manager, increased and targeted internet advertising, the development of Stagecoach.tv, and a significant re-design and implementation of all our marketing material.  This has resulted in a £150,000 increase in advertising, marketing and promotions expenditure compared to the prior year.  Approximately half of this funded the marketing re-design and is a one-off expense.  These cost increases are partially off-set by reductions of approximately £50,000 in other operating costs and overheads.

International Operations

It is pleasing to see our German operations continue to expand steadily, with another three Stagecoach schools opening, giving a total of 24 schools in Germany with 1,088 students attending as at the Autumn Term 2010 (Autumn Term 2009: 21 schools and 946 students).  Such growth takes us close to achieving the critical mass of schools required for the German subsidiary to move into profitability.  In North America, one school closed in the USA and two new franchisees opened schools in Canada in Autumn Term 2010.  Average student attendance across North America has improved, and the number of Stagecoach schools and students attending has increased to 13 and 656 respectively (Autumn Term 2009: 12 schools and 461 students). 

In our overseas markets, comprising Germany, USA, Canada, Malta, Ireland, Spain, Greece and Australia, there are now 63 Stagecoach schools, 59 Early Stages classes, 3 Further Stages classes, 12 Mini Stages sessions and a total of 3,346 students (2009: 56 Stagecoach schools, 49 Early Stages classes, 3 Further Stages classes, 12 Mini Stages sessions and a total of 2,896 students). 

Strategy

Your Board remains committed to bringing each part of our business to profitability, which is a challenging goal given the difficult economic climate worldwide.  We continue to invest in the German market, taking a long term view that Stagecoach Germany has the most potential to emulate the success of Stagecoach UK.  

Our key objectives remain as follows:

·      further growth in the UK, derived from investment in marketing

·      growth from international operations

·      tight management of overheads, and thus maintaining our cash reserves

·      continuing to provide a return to shareholders via dividends

The Group also continues to support The Stagecoach Charitable Trust, which runs InterAct classes and theatre workshops, providing inclusive performing arts tuition to children of all abilities and needs.

The Stagecoach Theatre Arts Awards

On 9 November 2010, the Directors of Stagecoach Theatre Arts proudly presented The Stagecoach Theatre Arts Awards, Acknowledging and Rewarding Children's Achievements.  The launch reception took place at The House of Commons hosted by Lord Cope of Berkeley. Patrons of these awards are Viscountess Mackintosh of Halifax and Sir Bernard Ingham.  The Awards recognise young people from all walks of life who have faced adversity, demonstrated bravery, shown courage, cared for others or been good role models for young citizens. 

Current Trading and Future Prospects

I look forward to seeing Stagecoach continuing to grow its international presence and in particular achieving the critical mass required to move Stagecoach Germany into profitability.  We continue to increase our investment in online marketing and other promotional activity to maintain our market presence and brand awareness, both at home and overseas.  Trading has generally remained level during this difficult economic period, although we have felt the effects of recession on schools and student numbers.  However, we have demonstrated our resilience during previous recessions and throughout our 22 year history and are pleased that the demand for performing arts tuition remains as strong as ever.  We continue to offer the highest standards of education in performing arts and sports tuition for children. 

Graham Cole

Chairman

 

18 January 2011

Responsibility Statement of Directors

in respect of the Half-year Report

We confirm that to the best of our knowledge:

(a)   The condensed set of financial statements has been prepared in accordance with IAS34 "Interim Financial Reporting" as adopted by the EU.

(b)   The half-year management report includes a fair review of the information required by:

·    DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed half-year financial statements; and a description of the principal risks and uncertainties of the remaining six months of the year; and

·    DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

By Order of the Board:

David Sprigg                                                                                                           Stephanie Manuel

Joint Managing Director                                                                                     Artistic Director 

                                                                                                                                   and Joint Managing Director

18 January 2011

Unaudited Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 November 2010		Six months ended				Year ended
		30 Nov		30 Nov		31 May
		2010		2009		2010
	Notes	£'000		£'000		£'000
Network fees (see note)		13,201		13,095		29,242
Revenue	2	2,923		3,034		6,219
Cost of sales		(1,761)		(1,696)		(3,065)
Gross profit		1,162		1,338		3,154
Other income		10		12		24
Administrative expenses		(1,105)		(1,087)		(2,458)
Results from operating activities	2	67		263		720
Finance income		5		6		11
Finance expenses		-		(2)		(4)
Net finance income		5		4		7
Profit before income tax		72		267		727
Income tax expense	3	(14)		(80)		(210)
Profit for the period to equity holders of the parent		58		187		517
Other comprehensive income
Foreign currency translation differences for foreign operations		(7)		(3)		11
Total comprehensive income for the period attributable to equity holders of the parent		51		184		528
Earnings per share (pence)
-       Basic earnings per share	5	0.6		1.9		5.2
-       Diluted earnings per share	5	0.6		1.9		5.2

Note: Network fees represent total school fees earned over the period by our franchisees from the students that attended Stagecoach and SportsCoach worldwide.

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six month period ended 30 November 2010	Share capital	Share premium	Translation reserve	Profit and loss account	Total equity
	£'000	£'000	£'000	£'000	£'000
At 1 June 2009	495	1,609	(79)	1,203	3,228
Total comprehensive income for the period
Profit for the six months ended 30 November 2009	-	-	-	187	187
Other comprehensive income
Foreign currency translation differences for foreign operations	-	-	(3)	-	(3)
Contributions by and distributions to owners
Dividends paid	-	-	-	(199)	(199)
Share based payments	-	-	-	(23)	(23)
Shares issued	2	10	-	-	12
Balance at 30 November 2009 and 1 December 2009	497	1,619	(82)	1,168	3,202
Total comprehensive income for the period
Profit for the six months ended 31 May 2010	-	-	-	330	330
Other comprehensive income
Foreign currency translation differences for foreign operations	-	-	14	-	14
Contributions by and distributions to owners
Dividends paid				(50)	(50)
Share based payments	-	-	-	12	12
Balance at 31 May 2010 and 1 June 2010	497	1,619	(68)	1,460	3,508
Total comprehensive income for the period
Profit for the six months ended 30 November 2010	-	-	-	58	58
Other comprehensive income
Foreign currency translation differences for foreign operations	-	-	(7)	-	(7)
Contributions by and distributions to owners
Dividends paid	-	-	-	(199)	(199)
Share based payments	-	-	-	9	9
Balance at 30 Nov 2010	497	1,619	(75)	1,328	3,369

Unaudited Condensed Consolidated Statement of Financial Position

As at 30 November 2010

		30 Nov		30 Nov		31 May
		2010		2009		2010
		£'000		£'000		£'000
Assets
Property, plant and equipment		67		82		74
Intangible assets - Goodwill		981		981		981
Intangible assets - Computer software		142		270		196
Deferred tax assets		9		-		9
Total non-current assets		1,199		1,333		1,260
Inventories		245		269		244
Trade and other receivables		1,471		1,440		2,402
Cash and cash equivalents		1,586		1,308		1,119
Total current assets		3,302		3,017		3,765
Total assets		4,501		4,350		5,025
Equity
Share capital		497		497		497
Share premium		1,619		1,619		1,619
Translation reserve		(75)		(82)		(68)
Retained earnings		1,328		1,168		1,460
Total equity attributable to equity holders of the company		3,369		3,202		3,508
Liabilities
Deferred tax liabilities		-		4		-
Total non-current liabilities		-		4		-
Other interest-bearing loans and borrowings		-		25		-
Trade and other payables		1,132		1,119		1,517
Total current liabilities		1,132		1,144		1,517
Total liabilities		1,132		1,148		1,517
Total equity and liabilities		4,501		4,350		5,025

Unaudited Condensed Consolidated Statement of Cash Flows

For the six month period ended 30 November 2010	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2010		2009		2010
	£'000		£'000		£'000
Cash flows from operating activities
Profit for the period	58		187		517
Adjustment for:
Depreciation and amortisation	82		83		166
Foreign exchange differences	1		(2)		1
Finance income	(5)		(6)		(11)
Finance expenses	-		2		4
Loss on disposal of property, plant and equipment	-		-		5
Write-down of territories held for re-sale	-		-		23
Employee share option scheme	9		(23)		16
Income tax expense	14		80		210
Operating profit before changes in working capital and provisions	159		321		931
Decrease/(increase) in inventories	(1)		(24)		(21)
Decrease/(increase) in trade and other receivables	924		744		(215)
Decrease in trade and other payables	(290)		(370)		(8)
Cash generated from the operations	792		671		687
Interest received	5		6		11
Interest paid	-		(4)		(4)
Income tax paid	(108)		(126)		(230)
Net cash from operating activities	689		547		464
Cash flows from investing activities
Acquisition of property, plant and equipment	(1)		-		(8)
Acquisition of intangible assets	(20)		(64)		(62)
Net cash used in investing activities	(21)		(64)		(70)
Cash flows from financing activities
Shares issued	-		12		12
Cancellation of share options	-		-		(27)
Dividends paid	(199)		(199)		(249)
Repayment of borrowings	-		(25)		(50)
Net cash used in financing activities	(199)		(212)		(314)
Net increase in cash and cash equivalents	469		271		80
Cash and cash equivalents at beginning of the period	1,119		1,037		1,037
Effect of exchange rate fluctuations on cash held	(2)		-		2
Cash and cash equivalents at end of the period	1,586		1,308		1,119

Notes to the Unaudited Condensed Consolidated Half-year Financial Statements

For the six month period ended 30 November 2010

1.   Accounting Policies

General

Stagecoach Theatre Arts plc is a company incorporated in the UK.  The Group is primarily involved in operating a franchise network of part-time performing arts and sports schools.

The condensed consolidated half-year financial statements for the six months ended 30 November 2010 consolidate those of the Company and its subsidiaries (together referred to as the 'Group').

Statement of compliance

The Group's consolidated annual financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('Adopted IFRSs').  These condensed consolidated half-year financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the EU.  They do not include all of the information for full consolidated annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 May 2010, which are available upon request from the Company's registered office or at www.stagecoach.co.uk.

The comparative figures for the financial year ended 31 May 2010 are not the Company's statutory accounts for that financial year and do not constitute the statutory accounts as defined in section 434 of the Companies Act 2006.  Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies.  The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

These condensed consolidated half-year financial statements were approved by the Board of Directors on 18 January 2011.

Basis of preparation

Except as described below, the same accounting policies and presentation methods of computation are followed in the condensed consolidated half-year financial statements as applied in the Group's latest consolidated annual audited financial statements for the year ended 31 May 2010.  

The Group has sufficient financial resources together with long-term contracts with a number of customers and suppliers across different geographic areas.  As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the half-year report and financial statements.

Changes in accounting policy

In the current financial year the Group has adopted the following interpretations to existing standards, which became mandatory for the Group's accounting period beginning on 1 June 2010:

IFRS 3 'Business Combinations (Revised 2008)' and consequential amendments IAS 27 'Consolidated and Separate Financial Statements (Revised 2008)', requires acquisition costs to be expensed to the Statement of Comprehensive Income as they are incurred and not included in the cost of a business combination. 

Amendment to IAS 39 'Financial Instruments: Recognition and Measurement: Eligible Hedged Items' clarifies how existing principles underlying hedge accounting should be applied to particular situations.

Amendment to IFRS 2 'Group Cash-settled Shared-based Payments', clarifies how an individual subsidiary in a Group should account for some share-based payment arrangements in its own financial statements.

The adoption of these standards resulted in no significant changes to the presentation of results.

Measurement convention

The condensed consolidated half-year financial statements are presented in sterling, rounded to the nearest thousand and are prepared on the historical cost basis.

Use of estimates and judgements

The preparation of condensed consolidated half-year financial statements in conformity with Adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.  Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

2.   Segment Reporting

The Board of Directors believe that the Group has one reportable group of related services and products, being children's education through the performing arts via franchising (Stagecoach, SportsCoach and Montessori) as all activities have similar economic characteristics.  The Stagecoach franchising operation includes the Stagecoach Agency and creative and educational activities, which are an integral part of the product offering to the students and are not reviewed as separate operations by the Board of Directors.  The Group no longer offers Mini Stages franchises and during 2009-2010  assisted the remaining UK Mini Stages franchisees to cease their operations.  Mini Stages classes still operate under international licence.  Mini Stages franchising is not a significant operation of the Group.

Segment information is provided and reviewed on the basis of geographic areas: UK, the home country of the parent company, and International, the franchising operations in North America, Europe and the Rest of the World, being the basis on which the Group manages its worldwide interests.  International operations are considered to have similar long term economic characteristics and are aggregated below.

The Board of Directors review network fees and the statement of comprehensive income in these segments, and the statement of financial position and statement of cash flows on a Group basis.  The Board of Directors review internal management reports on a termly basis and senior management review these on a monthly basis.  The Group does not rely on one major customer.

The Group operations for the period are as follows:

	Six months ended						Year ended
	30 Nov 2010			30 Nov 2009			31 May 2010
	United Kingdom	International	Total	United Kingdom	International	Total	United Kingdom	International	Total
Student numbers (at period end)	35,875	3,346	39,221	36,425	2,896	39,321	36,361	2,964	39,325
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Network fees	12,209	992	13,201	12,264	831	13,095	27,246	1,996	29,242
Revenue	2,752	171	2,923	2,877	157	3,034	5,854	365	6,219
Results from operating activities	73	(6)	67	268	(5)	263	725	(5)	720
Finance income	5	-	5	6	-	6	11	-	11
Finance expenses	-	-	-	(2)	-	(2)	(4)	-	(4)
Profit/(loss) before income tax	78	(6)	72	272	(5)	267	732	(5)	727
Depreciation and Amortisation	75	7	82	77	6	83	153	13	166
Non-current assets*	949	241	1,190	1,091	242	1,333	1,010	241	1,251

*This balance excludes deferred tax assets.

3.   Income tax expense

The UK income tax expense for the six month period is charged at 28% (six months ended 30 November 2009: 30%; year ended

31 May 2010: 28%), representing the best estimate of the average annual effective tax rate expected for the full financial year, applied to the pre-tax income of the six month period.

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2010		2009		2010
	£'000		£'000		£'000
UK income tax expense	14		80		210

4.   Dividends

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2010		2009		2010
	£'000		£'000		£'000
Amounts recognised as distributions to equity holders in the period
Final dividend for the year ended 31 May 2010 of 2p per ordinary share (2009: 2p per ordinary share).	199		199		199
Interim dividend for the year ended 31 May 2010 of 0.5p per ordinary share.	-		-		50
	199		199		249
Amounts proposed as distributions to equity holders
Proposed interim dividend for the year ended 31 May 2011 of 0.5p per ordinary share (2010: 0.5p per ordinary share).	50		50		-
Proposed final dividend for the year ended 31 May 2010 of 2p per ordinary share.	-		-		199

The proposed interim dividend had not been approved by the Board of Directors at 30 November 2010 and therefore has not been included as a liability.  The comparative interim dividend at 30 November 2009 was also not recognised as a liability in the prior year.

The proposed interim dividend of 0.5p (2009: 0.5p) per ordinary share will be paid on 2 March 2011 to those shareholders on the register as at 4 February 2011.

5.   Earnings per share

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2010		2009		2010
Earnings
Profit for the period for basic and diluted earnings per share (£'000)	58		187		517
Number of shares
Weighted average number of shares used for basic earnings per share ('000)	9,944		9,932		9,938
Dilutive effect of share options ('000)	129		75		80
Fully diluted weighted average number of shares used for diluted earnings per share ('000)	10,073		10,007		10,018
Basic earnings per share (pence)	0.6		1.9		5.2
Diluted earnings per share (pence)	0.6		1.9		5.2

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding by the average number of shares deemed to be issued for no consideration (options granted to employees).

6.  Related Party Transactions

The Directors consider there to be no one individual or entity that ultimately controls the Group.

Directors of the Company and their immediate relatives control 61.87% (six months ended 30 November 2009: 61.86%; year ended 31 May 2010: 61.87%) of the voting shares of the Company.  The Directors are considered to be the key management personnel of the Group. 

Directors' rights to subscribe for shares in the company are indicated below:

Share Options

	Date of Grant	Exercise Price	Number of options	Dates when exercisable
Richard Dawson	21 Oct 01	42.0p	47,786	14 Dec 01 to 21 Oct 11
	27 Jan 05	67.5p	100,000	31 May 07 to 27 Jan 15
	4 Oct 06	32.5p	35,000	31 May 07 to 4 Oct 16
	29 Jan 09	46.5p	43,010	31 May 10 to 29 Jan 19
Manzoor Ishani	5 Aug 02	112.5p	44,444	5 Aug 05 to 5 Aug 12
	27 Jan 05	67.5p	100,000	31 May 07 to 27 Jan 15
	4 Oct 06	32.5p	100,000	31 May 07 to 4 Oct 16
	29 Jan 09	46.5p	43,010	31 May 10 to 29 Jan 19

Long-term Incentive Plan

	Date of Grant	Exercise Price	Number of options	Dates when exercisable
Richard Dawson	3 Feb 10	5.0p	35,000	10 Aug 10 to 2 Feb 2020
	11 Aug 10	5.0p	35,000	11 Aug 11 to 2 Feb 2020
Manzoor Ishani	3 Feb 10	5.0p	28,000	10 Aug 10 to 2 Feb 2020
	11 Aug 10	5.0p	28,000	11 Aug 11 to 2 Feb 2020

No options held by Directors neither lapsed nor were exercised during the period.  The mid-market price of the shares at 30 November 2010 was 42.5 pence and the range during the period was 40.0 pence to 48.0 pence.

During the period, the Directors' remuneration including benefits in kind was £333,183 (30 Nov 2009: £322,904).

At 30 November 2010, there were no payments due to Directors other than fees and expenses in the normal course of business.

The Group continues to support and provide management time to the Stagecoach Charitable Trust (SCT), the trustees of which include Stephanie Manuel and David Sprigg.  During the period, the Group donated £34,710 to SCT (30 Nov 2009: £33,710). 

 

END

 

 

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