2 Nov 2010 07:00
Trading Update
2 November 2010
Stagecoach Group plc ("the Group") is today publishing an update on trading in advance of a series of meetings with analysts.
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 - twenty four weeks ended 17 October 2010 2.3%
UK Rail - twenty four weeks ended 17 October 2010 6.5%
(excluding tram businesses)
North America - five months ended 30 September 2010 7.5%
Virgin Rail Group - twenty four weeks ended 17 October 2010 15.2%
The Group does not expect the recently acquired East London Bus business to materially affect the Group's profit for the year ending 30 April 2011.
The Group notes the UK Government's Comprehensive Spending Review announcement on 20 October 2010, including the planned 20% reduction in the rate of Bus Services Operators Grant ("BSOG"). The BSOG change is effective from April 2012 and does not directly affect the Group's profit for the year ending 30 April 2011. The Group will take the changes into account when making future decisions on bus services, tenders and fares.
Interim results
The Group plans to announce its interim results for the six months ended 31 October 2010 on 8 December 2010.
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.