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Transport company Stagecoach Group is no longer going ahead with the acquisition of North Devon business and assets of First Devon and Cornwall. The firm changed its mind after the Office of Fair Trading (OFT) referred the anticipated acquisition to the Competition Commission due to "concerns the merger will reduce competition in local bus services in the area". A Stagecoach Group spokesman said: "We are extremely disappointed at the decision of the OFT to refer what is a relatively small transaction to the Competition Commission.
Non-Executive Director and co-founder of Stagecoach, Ann Gloag, on Friday sold 139,360 pounds-worth of shares in the transport firm, making the most of a recent rise in the share price following full-year results and positive comnments from broker Nomura earlier in the week. Gloag sold 52,000 at 268.00p, reducing her stake to 62.5m ordinary shares, equivalent to a 10.85% stake in the company. On Tuesday Nomura reiterated its 'buy' recommendation and 305p target price for the firm after its full-year figures came in 4% higher than forecasts. "Despite concerns around the UK bus business in the wake of the First Group profit warning, trading has been robust, with FY2012 ahead of our forecasts," the broker said in a research note on Tuesday morning. All major divisions except West Coast beat its forecasts. "The outlook statement once again reiterates robust trading in the UK bus business and most recent trading points to fare increases sticking as expected. This should give the market greater confidence that the First Group warning is largely FGP specific and profits can at least be maintained in this division."
Non-Executive Director and co-founder of Stagecoach, Ann Gloag, on Friday sold 139,360 pounds-worth of shares in the transport firm, making the most of a recent rise in the share price following full-year results and positive comnments from broker Nomura earlier in the week. Gloag sold 52,000 at 268.00p, reducing her stake to 62.5m ordinary shares, equivalent to a 10.85% stake in the company. On Tuesday Nomura reiterated its 'buy' recommendation and 305p target price for the firm after its full-year figures came in 4% higher than forecasts.
In the Telegraph, Questor makes the case for Stagecoach, which owns the East Midlands and South West Trains franchises as well as a very large bus network. Broadly, train companies are suffering in the recession but buses are doing well and the North American Megabus gamble appears to be paying off. Trading at 10 times earnings with a decent three per cent yield, the stock is a buy.
Commenting on the results, Chief Executive, Sir Brian Souter, said: "We continue to see good organic growth in our bus and rail services in the UK and North America. This has been supported by our successful mix of innovation, value-for-money travel, continued investment in our services, and strong operational delivery. "Our UK regional bus operations are delivering good returns with different management approaches applied to respond to the different conditions in each of the markets in which we operate. In London, our turnaround plan is progressing well and we have won new contracts on more acceptable profit margins. "We are excited about the next phase of our growth plan for our budget coach brand, megabus.com. As well as testing the market in Europe, we are expanding to new locations in North America where the response to the product from consumers has been particularly strong. "The planned acquisitions from Coach America will enable us to expand our US business at a reasonable price while further underpinning the development of megabus.com in targeted regions. "In UK Rail, we are pleased that East Midlands Trains has returned to profit and South West Trains continues to perform well. We are involved in shortlisted bids for a number of new franchises. At South West Trains, we are moving forward with our alliance with Network Rail to deliver a more efficient railway and a better service for passengers. We believe this approach can be a model for future franchises and our pioneering work can give the Group first mover advantage. "Across our business, our new ideas and partnerships are helping shape the future of public transport and the Stagecoach difference is delivering strong returns to our shareholders. We believe the outlook for our bus and rail services is positive and we look forward with confidence to the year ahead."
Transport firm Stagecoach Group (SGC) saw pre-tax profits slip by 1.2% to 202.5 million pounds during the year to April, despite an 8.4% climb in sales to 2.59 billion pounds following a substantial climb in operating costs. The firm emphasised that it continued to see robust organic growth in its bus and rail services in the UK and North America, and was particularly excited about the next phase of its growth plan for its budget coach brand megabus.com. Stagecoach shares closed 13.7p higher at 263.5p.
This explains the nice rise in the sp. Good news is always welcome. As funds are looking ok for the group, It would be nice if they bought a few more minibusses. Although, due to my newly acquired holding in Optare Couldn't possibly comment on any vested interests lol
Final results from bus and rail group Stagecoach (SGC) are also due this week. In the run up, the stock has bounced off year lows towards 230p on the back of assurances provided in the April update that trading was solid and operating profits were expected to remain steady over the following year. Since then Stagecoach has teamed up with infrastructure firm Network Rail to create a joint management team, and cherry picked the choice cuts from the now bankrupt Coach America in the U.S.
I would have thought so. Chances are he will have remember what happened last time and learned from it.
Yes, they did buy an operator in the USA some years ago, and sold it when it failed to perform. Can't remember the exact details, but there was much negative comment at the time. The USA has always been diffiicult for British takeovers and start-ups; First Group seem to be o.k. at the moment. I believe the trick is to have Americans front an operation and let them have some leeway. I think Sir Brian will have done his homework this time.
I know that First Group have a presence over there, with contracts to service police vehicles, the school busses & Greyhound. all seem to be doing ok last time I looked at them.
Have they tried this before then? I know Magic Bus has a presence in the US & Canada already though.
I gather Stagecoach is buying that part of the operation based in Texas, with a view to extending this ultimately towards California. Let's hope all goes to plan. Generally the USA does not welcome interlopers and the Trojan Horse approach has to be heavily hidden behind American front managers. The one successful venture which comes to mind was EMI's purchase of Capitol Records way back; where the American managers gave top artists some artistic freedom. Flawed American ventures have included J. Arthur Rank and Tesco among many others. I hope Stagecoach may have learned something from their previous attempt.
The report about Stagecoach looking at buying some coaches in the US from some company that has filed for Chapter 11 bancruptcy?
Sir Brian Souter, Chief Executive of Stagecoach Group, said: "This new model is a real opportunity to deliver change that will benefit both passengers and taxpayers and support our objective of growing the railway. "Safety will continue to be our top priority and will remain at the core of the way we run the railway. In addition, by working more closely with Network Rail than ever before, and with aligned incentives, we can deliver a more customer-focused and more efficient railway for the long-term." David Higgins, Chief Executive, Network Rail, said: "This marks a new phase in the evolution of Network Rail as we continue to push decision making away from the centre, empowering our front-line managers to run the railway more effectively, and forging closer working relationships with our customers, the train operators. "Network Rail will continue to focus on delivering our obligations to all parties, protecting the interests of all customers whilst maintaining the seamless operation of the whole network." The alliance has been set up to run until 4 February 2017, the expiry date of the SSWT franchise agreement.
Stagecoach (SGC) has signed an agreement with Network Rail to jointly manage both trains and tracks on the Wessex route from London Waterloo. It is the first deal of its kind in the UK and the public transport company believes that the move will cut bureaucracy and reduce costs. If the partnership is successful it could set a precedent, and we will be able to get to where we want to go on time and cheaper. The shares fell by 2.6p to 248p
Interesting piece in the Business section of today's Glasgow Herald www.heraldscotland.com
I was in the pub over the weekend with my mate, at the other end of the pub there was a woman with the most attractive body I had seen in a long time, then she turned to me and she was pug ugly. Disappointed, I went outside for a cigarette, but when I went back in, she had left, and later on my pal said "oh, that woman you were eyeing up gave me this piece of paper to give to you". Reading through it, the note read, " I saw you looking me over earlier and here is my moby number if you want to meet up - Horseface". This choked me up a little bit thinking, what courage, looking like that, and yet being able to play it down and make light of it. Impressed, I decided to send her a text which read "Hi Horseface, Would love to meet up, How does next Tuesday sound"? Just as I had finished sending it my mate said to me "Blimey John, you're not seriously thinking of taking her out - are you? I only put the Horseface on the bottom of the note so you'd know it was the ugly one" Whoops!
Is the share price fall the result of adverse comment about First Group or just part of a general downward drift? I can't see any major reason why this company should be out of favour. If a politically motivated tanker drivers' strike should occur more people will be forced to use buses and trains. I think supplies of diesel for the railways should be secure, probably moved by rail. Sir Brian has always shown great aptitude for pulling his company out of the doldrums.
Recent fall appears a little unjustified given the sector performance. My guess would be this is a bout of profit taking brought on by the ex-div. It’s a hold IMO unless the drops are justified. Just my opinion dyor
I also live in an area served by Stagecoach buses, and of course the east Midlands trains that take me into work & back. This was the main reason I decided to invest here. If you remember, I was deliberating between here and cineworld. But then I am happy with my choice. Can always look at them next once I got the holding here that I want or maybe even split as u suggested. We shall see. Gl
Don't think Virgin make it to my part of the world, but there is a Stagecoach bus which runs past the end of my road. ATB.
so I will get some of my travel costs back on the following divvi lol
Fair enough, When I'm a few hundred quid up, I'll pop down and have a beer with u. Regards, Wolfy.