Thursday, 11 December 2014

Stagecoach Results

Stagecoach have issued a press release 
covering their Interim Results for the
 six months ended 31st October 2014


Summary

Adjusted earnings per share* up 3.4% to 15.1 pence (2013: 14.6 pence)
No material change to full year expectation
Interim dividend per share up 10.3% to 3.2 pence (2013: 2.9 pence)
Continued passenger volume growth in commercialised UK bus market
Successful partnership working with government, investment and low fares
Significant further investment in technology improvements for customers
Working with other bus companies to deliver smart multi-operator ticketing in key city regions during 2015
Expansion of megabus.com coach operations in Europe
Commercial initiatives to further grow megabus.com in North America
Encouraging momentum in UK rail sector
New InterCity East Coast franchise due to commence in March 2015
West Coast Trains franchise through to 2017 and performing strongly
Planning for direct awards of new South West Trains and East Midlands Trains franchises in second-half of 2015
One of three shortlisted bidders for TransPennine Express franchise


Commenting on the results, Chief Executive, Martin Griffiths, said: 

"These are a good set of results, reflecting the strength of our businesses in the UK, mainland Europe and North America.  We have improved further the travel experience for our customers, provided value for money for taxpayers, invested in public transport and added value for our shareholders.

"Strong partnerships between transport operators and central and local government are the best way to maximise the value in public transport for our communities and for our regional economies. We are proud that our record of significant investment, innovation, and low fares has delivered strong transport networks and high levels of passenger satisfaction.


"Despite facing a number of challenges, our sector-leading commercial bus operations in the UK have continued to grow, helping support the economies of some of the country's biggest city regions. Working with other bus companies and building on our existing multi-million-pound digital strategy, we are planning to introduce smart multi-operator ticketing in key city regions during 2015. This transformational initiative demonstrates what can be achieved at local community level without the need for costly and unnecessary regulatory change.


"Our megabus.com branded coach services in the UK, mainland Europe and North America have helped create hundreds of new jobs. We have significantly expanded our footprint in mainland Europe and are encouraged by the opportunities in several countries, including moves to open up the inter-city coach market in France.

"There is encouraging momentum in the UK rail sector, with the award this year of several new franchises.  We have opportunities to add value from both our existing franchises and new contracts, and to improve services for passengers. In particular, we are working closely with Government and Network Rail to provide new trains, extra capacity and a more reliable service for customers.

"We are delighted to have been selected to operate the new InterCity East Coast rail franchise along with our partner, Virgin. Our plans will deliver a transformation in travel for passengers, as well as value for money for the taxpayer. We are shortlisted for the TransPennine Express franchise and look forward to agreeing new franchises with the Department for Transport to extend our time at East Midlands Trains and South West Trains.

"Overall the Group is in excellent financial shape and we are well placed to drive value through new opportunities in our core bus and rail markets.  While we have changed our view of the likely divisional mix of profit for the year ending 30 April 2015, with lower expected operating profit from our regional UK Bus and North America businesses broadly offset by other areas, we remain on course to achieve our expected adjusted earnings per share for the year."
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