09/12/2009
Highlights
- Good performance in face of economic downturn and above-inflation increases in fuel costs, pension costs and rail premia payments
- Revenue growth in bus and rail operations in UK
- Successful UK Rail cost-reduction programme with £70m annualised savings now identified
- Decisive management action to respond to reduced revenue in North America
- Strong Group financial position and well-placed for recovery
- Interim dividend per share up by 11.1%
Financial summary
| Six months ended 31 October | Results excluding intangible asset expenses and exceptional items* |
Reported results | ||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Revenue (£m) | 1,081.4 | 1,045.0 | 1,081.4 | 1,045.0 |
| Total operating profit (£m) | 93.5 | 119.8 | 87.8 | 113.3 |
| Net exceptional gains (£m) | - | - | 1.4 | 2.0 |
| Net finance charges (£m) | (18.0) | (14.6) | (18.0) | (14.6) |
| Profit before taxation (£m) | 75.5 | 105.2 | 71.2 | 100.7 |
| Earnings per share (pence) | 9.0 | 12.1 | 8.5 | 9.7 |
| Interim dividend per share (pence) | 2.0 | 1.8 | 2.0 | 1.8 |
* see definitions in note 23 to the condensed financial statements
Commenting on the results, Chief Executive, Brian Souter, said:
“We have performed well in the face of the continuing challenging economic environment and increased cost pressures. This performance has been achieved by providing safe, high quality, value-for-money bus and rail travel.
“We have successfully taken action to control costs across the Group. We have also taken steps within our bus operations to match our transport services to changing levels of demand.
“The Group is in a strong financial position with a balanced portfolio of businesses that will allow us to trade through the current economic cycle and we are well-positioned to benefit from future economic recovery. We believe our strategy of targeting organic growth in our greener smarter public transport services builds on the firm foundations of our business and will help ensure we continue to deliver long-term value to our shareholders.
“We have made a good start to the second half of our financial year and current trading remains in line with management expectations.”
Enquiries to:
Martin Griffiths, Stagecoach Group +44 (0) 1738 442111
Steven Stewart, Stagecoach Group +44 (0) 1738 442111 or +44 (0) 7764 774680
John Kiely, Smithfield Consultants +44 (0) 20 7360 4900
