Wednesday, 7 December 2011

Stagecoach Group plc – Interim results

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Business highlights
  • Adjusted earnings per share* of 10.1p (2010: 12.2p)
    • In line with market expectations
    • First half earnings reflect loss at East Midlands Trains, expected to return to profitability in second half
  • Interim dividend up 9.1% to 2.4p
  • Completion of return of c.£340m in cash to shareholders
  • Strong organic growth across the Group’s bus and rail businesses
  • UK Bus regions: strong growth in commercial revenue offset reductions in concessionary and tender revenue
  • UK Bus London: turnaround plan on track
  • UK Rail: commuter and inter-city revenue growth underpinned by operational delivery and customer satisfaction
  • North America: further expansion of budget coach service
  • Virgin Rail Group: growing business and leisure travel; eight-month franchise extension to December 2012; shortlisted for new Inter-city West Coast rail franchise
  • Good start to second half of year and positive outlook for the Group’s greener, smarter public transport services
Commenting on the results, Chief Executive, Sir Brian Souter, said
"We have made a good start to the second half of the financial year and current trading remains in line with management expectations. We believe the outlook for the Group is positive and our bus and rail services are well placed to benefit from the continuing consumer focus on service and value.”

David Gambles