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- Highest ever passenger levels across both bus and rail
- Largest ever investment in bus fleet of £80m
- Best in class London bus operations; cost efficient and high quality operator
- Record profits in deregulated bus driven by sector leading passenger growth
- Robust rail performance with good revenue growth in all franchises
- Five value adding bus acquisitions and shortlisted for the new Thameslink franchise
- Underlying operating profit growth; prior year included £13m of one-off rail contract management benefits
- Strong cash management and robust balance sheet
- Maintained full year dividend at 81.0p; cover strengthened
- Despite the challenging economic environment, the new financial year has started well and trading is in line with the Board’s expectations
| Financial summary: | FY’12 £m | FY’11 £m | Increase/ (Decrease) £m |
| Revenue | 2,423.8 | 2,297.0 | 126.8 |
| Operating profit | 110.2 | 115.1 | (4.9) |
| Operating profit margin (%) | 4.5% | 5.0% | |
| Net finance costs | (16.0) | (17.5) | 1.5 |
| Profit before tax* | 94.2 | 97.6 | (3.4) |
| Adjusted earnings per share (p) | 141.9 | 135.2 | 6.7 |
| Proposed full year dividend per share (p) | 81.0 | 81.0 | |
| EBITDA | 164.0 | 164.3 | (0.3) |
| Cashflow generated from operations | 167.8 | 137.9 | 29.9 |
| Closing net debt | (91.0) | (69.8) | |
| Adjusted net debt+/EBITDA (x) | 1.80 | 1.58 |
