Stagecoach Group plc – Preliminary Results for the year ended 30 April 2009
24/06/2009
Highlights
- Strong financial results against challenging economic environment
- Earnings per share+ up 12.8% to 22.9p
- Full year dividend up 11.1% at 6.0p
- Flexible business model in UK Bus and North America
- Consistent growth at UK Bus - like-for-like* revenue up 8.9%
- Further UK Bus operating margin* enhancement, up to 15.1% from 14.8%
- North American operating margin, excluding megabus.com, maintained at over 10%
- Action to secure long-term business at UK Rail - c. £50m of annualised cost savings
- UK Rail like-for-like revenue up 6.2%
- Contractual issues at South Western Trains franchise referred to arbitration
- Plans in place at Virgin Rail Group to drive growth from 30% increase in services
- Significant committed undrawn bank facilities
+ excluding intangible asset expenses and exceptional items*
* see definitions in note 21 to the preliminary financial information
Financial summary
| Year ended 30 April | Results excluding intangible asset expenses and exceptional items |
Reported results | ||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Revenue (£m) | 2,103.3 | 1,763.6 | 2,103.3 | 192.3 |
| Total operating profit (£m) | 227.8 | 205.3 | 202.4 | 192.3 |
| Disposal losses etc. (£m) | - | - | (0.2) | (1.4) |
| Net finance charges (£m) | (31.4) | (30.9) | (31.4) | (23.6) |
| Profit before taxation (£m) | 196.4 | 174.4 | 170.8 | 167.3 |
| Earnings per share (pence) | 22.9p | 20.3p | 18.7p | 34.6p |
| Proposed final dividend (pence) | 4.2p | 4.05p | 4.2p | 4.05p |
| Full year dividend (pence) | 6.0p | 5.4p | 6.0p | 5.4p |
Commenting on the results, Stagecoach Chief Executive, Brian Souter said:
“We have delivered strong revenue and profit growth from our greener, smarter bus and rail services despite the challenging economic environment.
“Our bus operations are performing well, with our focus on delivering good value, high quality services. We have made targeted complementary acquisitions that support our successful organic growth strategy and we have a flexible and successful business model.
“While our rail operations are more sensitive to the macroeconomic cycle, we have acted quickly to protect our businesses. We have delivered a major cost reduction programme at our rail franchises and are implementing measures to protect passenger revenue and attract new customers to the rail network.
“There is no doubt the transport sector faces a challenging year ahead, but I believe Stagecoach is well placed to withstand the economic headwinds. We have a record of being able to respond quickly to the changing business environment. I am confident we can develop new ideas for future growth, maintain high quality public transport services to our customers and deliver long-term value to our shareholders.”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 Financial +44 (0) 20 7360 4900
Notes to Editors:
High-resolution photographs are available to the media free of charge at: www.newscast.co.uk (telephone +44 (0)207 608 1000).
Stagecoach Group is a leading international public transport group with bus and rail operations in the UK and North America. The Group employs around 30,000 people and runs around 12,000 buses and trains.
