18 Aug 2010 07:00
Interim Management Statement
18 August 2010
Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period since 30 April 2010 to the date of this announcement.
Financial performance
The Group has performed well since 30 April 2010, and remains on course to meet its expectations of profitability for the year ending 30 April 2011.
Like-for-like revenue growth in each of the Group's main businesses is provided below.
UK Bus - twelve weeks ended 25 July 2010 2.0%
UK Rail - twelve weeks ended 25 July 2010 7.0%
(excluding tram businesses)
North America - three months ended 31 July 2010 6.9%
Virgin Rail Group - twelve weeks ended 25 July 2010 18.7%
Financial position
The Group's financial position remains strong and we have significant committed, undrawn bank facilities.
Other significant events
As previously reported, South Western Trains was in dispute with the Department for Transport over the determination of franchise payments, including revenue support payments. Two disputes were submitted to arbitration under the Railway Industry Dispute Resolution process and the arbitrator confirmed his decision on 17 June 2010. The arbitrator ruled in favour of South Western Trains on the key issue of revenue support timing and the arbitrator ruled in favour of the Department for Transport in respect of the other matter related to car park revenue.
Outlook
Trading conditions have improved across the Group, with improving revenue trends in both the UK and North America. Whilst the effect of the change in the UK Government and the sustainability and pace of economic recovery remain uncertain, we believe that on balance the outlook for the Group is positive.
For further information, please contact:
Stagecoach Group plc www.stagecoachgroup.com
Martin Griffiths, Finance Director 01738 442111
Steven Stewart, Director of Corporate Communications 07764 774680
Ross Paterson, Director of Finance & Company Secretary 01738 442111
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.