1 Mar 2012 07:00
1 March 2012
Stagecoach Group plc
Interim Management Statement
Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period to the date of this announcement.
Financial performance
The overall profitability of the Group has remained good.
Like-for-like revenue growth for the financial year to date in each of the Group's main businesses is provided below.
UK Bus - forty weeks ended 5 February 2012 3.0%
UK Rail - forty weeks ended 5 February 2012 9.5%
(excluding tram businesses)
North America - nine months ended 31 January 2012 13.3%
(including Megabus.com, excluding disposed Wisconsin school bus business)
Virgin Rail Group - forty weeks ended 5 February 2012 8.9%
Financial position
The Group continues to maintain a strong financial position with investment grade credit ratings and substantial headroom under its debt facilities.
Other events
In January 2012, the Department for Transport published the Invitation to Tender for the new West Coast Trains rail franchise and the Group's joint venture, Virgin Rail Group, is progressing its bid for the franchise, due to commence in December 2012. The Group continues to evaluate other rail franchise opportunities as these emerge.
Outlook
Overall current trading remains good and we believe the prospects for the Group remain positive.
For further information, please contact:
Stagecoach Group plc www.stagecoachgroup.com
Analysts
Martin Griffiths, Finance Director 01738 442111
Ross Paterson, Director of Finance & Company Secretary 01738 442111
Media
Steven Stewart, Director of Corporate Communications 07764 774680
Notes
(1) Like-for-like revenue growth is derived, on a constant currency basis, by comparing year-to-date revenue with the equivalent prior year period for those businesses and individual operating units that have been part of the Group throughout both periods.
(2) This announcement contains certain forward-looking statements with respect to the financial performance, financial position and businesses of Stagecoach Group plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Except as required by law, Stagecoach Group plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.