Stagecoach Group plc - Interim results for the six months ended 31 October 2003
10/12/2003
Highlights
- Strong half-year with UK Bus, Rail, Coach USA and New Zealand operating profits all up on the same period last year
- Substantial growth in London bus business with revenue up 19.8%
- Passenger numbers at UK Bus up 1.3% outside London
- Innovative growth ideas introduced in UK bus operations
- New South West Trains and Island Line franchises agreed
- South West Trains passenger volumes up 3.1%
- Coach USA restructuring largely completed
- Continued revenue and passenger growth in New Zealand
- Disposal of Citybus
Financial Highlights
- Turnover £963.8m (2002 - £1,067.7m)
- Total operating profit* £76.9m (2002 - £86.9m)
- £75.9m (2002 - £74.3m), excluding disposed Citybus business - Profit before tax £44.8m (2002 – loss of £524.1m)
- Profit before tax* £60.3m (2002 - £75.2m**)
- Earnings per share* 3.2p, down from 4.4p
- Free cash flow £100.3m (2002 - £100.2m)
- Net debt down 62.3% from £560.0m to £210.9m
- Interim dividend up 12.5% to 0.9p (2002 - 0.8p)
* excluding goodwill amortisation and exceptional items
** prior year included £15.0m of non-recurring gains on repurchase of bonds and £7.2m non-recurring liquidated damages at South West Trains
Commenting on the results, Stagecoach Chief Executive, Brian Souter said: “These are a strong set of results and reflect the further significant progress we have made across the Group in the past six months in delivering on our strategy.
“Our growth prospects are good and our innovative approach to attracting passengers to public transport is beginning to deliver good results.
“The restructuring of our Coach USA operations is nearing completion and we are very focused on delivering value from the strong businesses we have retained in the North East and North Central regions of the United States, and in Canada.
“We now have a strong portfolio of cash-generative businesses and good potential for further growth.”
Enquiries to:
Martin Griffiths, Stagecoach Group - 01738 442111
Steven Stewart, Stagecoach Group - 01738 442111 or 07764 774680
John Kiely, Smithfield Financial - 020 7360 4900
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