STA.L Regulatory News (STA)

RNS Number : 5785G

Stagecoach Theatre Arts PLC

03 February 2010

 

Embargoed until 0700 on 3 February 2010

 

 

 

Stagecoach Theatre Arts plc (AIM: STA)

("Stagecoach" or "the Group")

 

Interim Results

for the half year ended 30 November 2009

 

"Stagecoach Theatre Arts plc operates the UK's largest franchise network of part-time performing arts schools for children aged between 4 and 18"

 

"SATISFACTORY PERFORMANCE IN DIFFICULT ECONOMIC CLIMATE"

 

Highlights:

 

Financial

·; Satisfactory performance in difficult economic environment, with trading and underlying profitability of the Group similar to prior period.

·; Profit before tax was £267,000 (2008: £333,000) - the reduction in profit compared to last year predominantly reflects a write-back of provision in the prior period.

·; Network fees, which reflect total school fees earned over the period by franchisees, were down fractionally by 1% to £13.1 million (2008: £13.3 million). Group revenue was £3.0 million (2008: £3.1 million).

·; Healthy net cash balance of £1.3 million as at 30 November 2009 (2008: £1.4 million).

·; Earnings per share were 1.9 pence (2008: 2.5 pence).

·; Interim dividend maintained at 0.5 pence per share (2008: 0.5 pence).

 

Operational

·; German operations have had a very good start to the year with six new schools opening in September 2009, an increase of 40% to a total of 21 schools - moving towards critical mass for profitability.

·; Total number of students during the Autumn Term 2009 increased from the Summer Term 2009 by 1% from 38,927 to 39,321 students.

·; The Stagecoach Agency saw the total of individual submissions for jobs in the first six months of the year increase significantly from the prior year to 13,500, resulting in approximately 4,000 auditions or bookings.

·; The Stagecoach Board remains committed to bringing each part of the business to profitability. With the new school openings in Germany, the Group remains on track for achieving this goal by the year ending 31 May 2011.

 

David Sprigg, Managing Director, commented:

"As for many businesses, this has been another tough six months. However, the effects of the recession and swine flu have had a minimal impact on the sales and underlying profitability of the business, and we have seen an increase in student numbers from the Summer Term 2009 to Autumn Term 2009. This demonstrates the popularity of our Stagecoach Theatre Arts schools training and education and the resilience of our business model."

 

 

Enquiries:

 

Stagecoach Theatre Arts plc Richard Dawson, Finance Director and Head of Investor Relations	Tel: 01932 254 333 / 07775 643 939 rdawson@stagecoach.co.uk www.stagecoach.co.uk
Smith & Williamson Corporate Finance Limited Nominated Adviser & Joint Broker David Jones / Siobhan Sergeant / Barrie Newton	Tel: 020 7131 4000
Daniel Stewart & Company plc Joint Broker Paul Shackleton / Oscar Louzada	Tel: 020 7776 6550
Peckwater PR	Tel: 07879 458 364
Tarquin Edwards	Tarquin.Edwards@peckwaterpr.co.uk

 

 

 

Chairman's Statement

 

Results and Overview

 

The Stagecoach Group continues to perform satisfactorily throughout this difficult economic climate. Profit before income tax for the six months to 30 November 2009 was £267,000 (2008: £333,000). The reduction in profit compared to the prior period predominantly reflects a write-back of provision in the prior period, as the actual cost of closure of the Mini Stages franchises was less than originally expected when the provision for closure was recorded in the 2008 financial statements. The underlying trading and performance of the Group remains similar to the same period last year.

 

The total number of students attending our 701 schools and 778 Early Stages and Early Sporties classes during the Autumn Term 2009 increased from the Summer Term 2009 by 1% from 38,927 to 39,321 students. Although student numbers are lower than the prior year (just over 40,000 before the recession), the recent increase in student numbers is encouraging.

 

Network fees, which reflect total school fees earned over the period by our franchisees, have decreased 1% to £13.1 million (2008: £13.3 million). Group revenue was £3.0 million (2008: £3.1 million).

 

The Group retains a healthy net cash balance of £1.3 million as at 30 November 2009 (2008: £1.4 million). Earnings per share for the six month period were 1.9 pence (2008: 2.5 pence). We are pleased to maintain the level of interim dividend of 0.5 pence per share (2008: 0.5 pence). This interim dividend which amounts to £49,722 will be paid on 17 March 2010 to those shareholders on the register as at 19 February 2010.

 

Operating Performance

 

UK Operations

The number of Stagecoach Theatre Arts schools in the UK and students attending during the Autumn Term 2009 has increased to 623 schools, 719 Early Stages classes and 35,273 students, up from 35,067 students in the Summer Term 2009. This is still below the prior year peak before the recession (2008: 625 schools, 712 Early Stages classes and 35,821 students).

 

There has been a small decrease in average student numbers per main school to 41.3 students (2008: 41.9) and Early Stages to 13.0 students (2008: 13.2), although over 92% of all available places are still taken.

 

The Stagecoach Agency maintains its status as the largest performing arts agency for children in Europe and continues to provide our students with varied work across all areas of the entertainment industry. Our September 2009 intake numbered 1,605 (2008: 2,043). The total of individual submissions for jobs in the first six months of the year increased significantly from the prior year to 13,500, resulting in approximately 4,000 auditions or bookings.

 

We have enjoyed another busy six months for large-scale performances and events across the network. In June 2009 over 300 students performed at Her Majesty's Theatre in London's West End. In August we staged our annual showcase, the musical Unsinkable, an original musical written specifically for Stagecoach, at the Leatherhead Theatre featuring 75 students from schools in the UK, Ireland, USA, Spain and Germany. In November, another 300 Stagecoach students again performed at Her Majesty's Theatre.

 

Our SportsCoach network has 22 SportsCoach schools, 10 Early Sporties Classes and 849 students (2008: 24 schools, 8 Early Sporties and 1,000 students). Following the planned closure of the final few Mini Stages independent franchises, there are just 197 Mini Stages students and 106 Montessori nursery students (2008: 349 and 104 students respectively).

 

International Operations

Our German operations have had a very good start to the year with six new schools opening in September 2009, an increase of 40% to a total of 21 schools. Such growth takes us closer to achieving the critical mass of schools required for the German subsidiary to move into profitability. There has been no further growth in the number of schools for our US operations.

 

In our overseas markets, comprising Germany, USA, Malta, Ireland, Canada, Spain, Greece and Australia, there are now 56 Stagecoach schools, 49 Early Stages classes, 3 Further Stages classes, 12 Mini Stages sessions and a total of 2,896 students (2008: 52 Stagecoach schools, 55 Early Stages classes, 3 Further Stages classes, 12 Mini Stages sessions and a total of 2,838 students).

 

Strategy

 

Your Board remains committed to bringing each part of our business to profitability. With the new school openings in Germany we remain on track for achieving this goal by the year ending 31 May 2011. We continue to invest in the German market, taking a medium to long term view that Stagecoach Germany has the most potential to emulate the success of Stagecoach UK.

 

Our key objectives remain as follows:

 

·; further growth in the UK

·; growth from our other networks (International, SportsCoach)

·; maintain a tight management of costs, and thus maintain our cash reserves

·; continue to provide a return to shareholders with a progressive dividend policy

 

The Group also continues to support The Stagecoach Charitable Trust, which runs InterAct classes and theatre workshops, providing inclusive performing arts tuition to children of all abilities and needs.

 

On 3 December 2009, the Directors of Stagecoach Theatre Arts proudly launched The Stagecoach Theatre Arts Awards, Acknowledging and Rewarding Children's Achievements during 2009/2010. The launch reception took place at The House of Commons hosted by Ed Vaizey MP, Shadow Arts Minister. Patrons of these awards are Viscountess Mackintosh of Halifax and Sir Bernard Ingham. The Awards will recognise, acknowledge and reward young people from all walks of life who have faced adversity, demonstrated bravery, shown courage, cared for others or been good role models for young citizens. Students from The Stagecoach Charitable Trust's InterAct performed for guests at the Awards launch party.

 

Current Trading and Future Prospects

 

As for many businesses, this has been another challenging six months. However, the effects of the recession and swine flu have had a minimal impact on the sales and underlying profitability of the business, and we have seen an increase in student numbers from the Summer Term 2009 to Autumn Term 2009. This demonstrates the popularity of our Stagecoach Theatre Arts schools training and education and the resilience of our business model.

 

However, we are not entirely immune to the effects of recession: the economic climate has already contributed to a few school closures and to other franchisees choosing to postpone plans to expand their businesses. The severe weather conditions in early January may also impact on student recruitment for our franchisees as their marketing and advertising campaigns, and open meetings and first days of term were disrupted. However, we do not expect this to have a significant effect on our results for the full year.

 

We have increased our investment in online marketing and other promotional activity to maintain our market presence and brand awareness. We continue to offer the highest standards of education in performing arts and sports tuition for children.

 

Graham Cole

Chairman

 

3 February 2010

 

 

Responsibility Statement of Directors

in respect of the Half-year Report

 

We confirm that to the best of our knowledge:

 

(a) The condensed set of financial statements has been prepared in accordance with IAS34 "Interim Financial Reporting" as adopted by the EU.

 

(b) The half-year management report includes a fair review of the information required by:

 

·; DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed half-year financial statements; and a description of the principal risks and uncertainties of the remaining six months of the year; and

 

·; DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

By Order of the Board:

 

David Sprigg Joint Managing Director

Stephanie Manuel Artistic Director and Joint Managing Director

 

3 February 2010

 

 

Unaudited Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 November 2009

 

		Six months ended				Year ended
		30 Nov		30 Nov		31 May
		2009		2008		2009
	Notes	£'000		£'000		£'000
Network fees (see note)	2	13,095		13,275		29,435
Revenue	2	3,034		3,054		6,204
Cost of sales		(1,696)		(1,807)		(3,203)
Gross profit		1,338		1,247		3,001
Other operating income		12		12		23
Administrative expenses		(1,087)		(950)		(2,327)
Operating profit	2	263		309		697
Financial income		6		28		39
Financial expenses		(2)		(4)		(10)
Net financing income		4		24		29
Profit before income tax		267		333		726
Income tax expense	3	(80)		(91)		(200)
Profit for the period		187		242		526
Other comprehensive income
Foreign currency translation differences for foreign operations		(3)		(1)		(44)
Total comprehensive income for the period		184		241		482
Profit for the period attributable to:
Equity holders of the parent		187		242		526
Total comprehensive income for the period attributable to:
Equity holders of the parent		184		241		482
Earnings per share (pence)
- Basic earnings per share	5	1.9		2.5		5.3
- Diluted earnings per share	5	1.9		2.4		5.3

 

 

Note: Network fees represent total school fees earned over the period by our franchisees from the students that attended Stagecoach, SportsCoach and Mini Stages worldwide.

 

 

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six month period ended 30 November 2009

 

	Share capital	Share premium	Translation reserve	Profit and loss account	Total
	£'000	£'000	£'000	£'000	£'000
At 1 June 2008	494	1,601	(35)	916	2,976
Profit for the six months ended 30 November 2008	-	-	-	242	242
Dividends paid	-	-	-	(197)	(197)
Exchange differences on translation of foreign operations	-	-	(1)	-	(1)
Balance at 30 Nov 2008	494	1,601	(36)	961	3,020
Profit for the six months ended 31 May 2009	-	-	-	284	284
Dividends paid	-	-	-	(49)	(49)
Share-based payments	-	-	-	7	7
Exchange differences on translation of foreign operations	-	-	(43)	-	(43)
Shares issued	1	8	-	-	9
Balance at 31 May 2009	495	1,609	(79)	1,203	3,228
Profit for the six months ended 30 November 2009	-	-	-	187	187
Dividends paid	-	-	-	(199)	(199)
Share-based payments	-	-	-	(23)	(23)
Exchange differences on translation of foreign operations	-	-	(3)	-	(3)
Shares issued	2	10	-	-	12
Balance at 30 Nov 2009	497	1,619	(82)	1,168	3,202

 

 

 

Unaudited Condensed Consolidated Statement of Financial Position

As at 30 November 2009

		30 Nov		30 Nov		31 May
		2009		2008		2009
		£'000		£'000		£'000
Non-current assets
Property, plant and equipment		82		98		92
Intangible assets - Goodwill		981		981		981
Intangible assets - Computer software		270		330		279
Total non-current assets		1,333		1,409		1,352
Current assets
Inventories		269		296		245
Trade and other receivables		1,440		1,178		2,182
Cash and cash equivalents		1,308		1,380		1,037
Total current assets		3,017		2,854		3,464
Total assets		4,350		4,263		4,816
Equity
Share capital		497		494		495
Share premium		1,619		1,601		1,609
Translation reserve		(82)		(36)		(79)
Retained earnings		1,168		961		1,203
Total equity		3,202		3,020		3,228
Non-current liabilities
Other interest-bearing loans and borrowings		-		25		-
Deferred tax liabilities		4		16		8
Total non-current liabilities		4		41		8
Current liabilities
Other interest-bearing loans and borrowings		25		59		50
Trade and other payables		1,119		1,143		1,530
Total current liabilities		1,144		1,202		1,580
Total liabilities		1,148		1,243		1,588
Total equity and liabilities		4,350		4,263		4,816

 

 

Unaudited Condensed Consolidated Statement of Cash Flows

For the six month period ended 30 November 2009

 

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2009		2008		2009
	£'000		£'000		£'000
Cash flows from operating activities
Profit for the period	187		242		526
Adjustment for:
Depreciation and amortisation	83		77		156
Foreign exchange differences	(2)		(8)		(52)
Financial income	(6)		(28)		(39)
Financial expense	2		4		10
Loss on disposal of property, plant and equipment	-		1		3
Write-down of territories held for resale	-		-		45
Employee share option scheme	(23)		-		7
Income tax expense	80		91		200
Operating profit before changes in working capital and provisions	321		379		856
Decrease in trade and other receivables	744		1,183		182
(Increase)/decrease in inventories	(24)		8		13
Decrease in trade and other payables	(370)		(665)		(288)
Cash generated from the operations	671		905		763
Interest received	6		28		39
Interest paid	(4)		(4)		(10)
Income tax paid	(126)		(259)		(350)
Net cash from operating activities	547		670		442
Cash flows from investing activities
Acquisition of additional shares in subsidiary	-		(82)		(99)
Acquisition of property, plant and equipment	-		(11)		(20)
Acquisition of intangible assets	(64)		-		(15)
Net cash used in investing activities	(64)		(93)		(134)
Cash flows from financing activities
Shares issued	12		-		9
Dividends paid	(199)		(197)		(246)
Repayment of borrowings	(25)		(32)		(66)
Net cash used in financing activities	(212)		(229)		(303)
Net increase in cash and cash equivalents	271		348		5
Cash and cash equivalents at beginning of the period	1,037		1,032		1,032
Cash and cash equivalents at end of the period	1,308		1,380		1,037

 

 

Notes to the Unaudited Condensed Consolidated Half-year Financial Statements

For the six month period ended 30 November 2009

 

1. Accounting Policies

 

General

Stagecoach Theatre Arts plc is a company incorporated in the UK.

 

The condensed consolidated half-year financial statements for the six months ended 30 November 2009 consolidate those of the Company and its subsidiaries (together referred to as the 'Group').

 

Statement of compliance

The Group's consolidated annual financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('Adopted IFRSs'). These condensed consolidated half-year financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the EU. They do not include all of the information for full consolidated annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 May 2009, which are available upon request from the Company's registered office or at www.stagecoach.co.uk.

 

The comparative figures for the financial year ended 31 May 2009 are not the Company's statutory accounts for that financial year and do not constitute the statutory accounts as defined in section 240 of the Companies Act 2006. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 2006.

 

These condensed consolidated half-year financial statements were approved by the Board of Directors on 3 February 2010.

 

Basis of preparation

Except as described below, the same accounting policies and presentation methods of computation are followed in the condensed consolidated half-year financial statements as applied in the Group's latest consolidated annual audited financial statements for the year ended 31 May 2009.

 

The Group has considerable financial resources together with long-term contracts with a number of customers and suppliers across different geographic areas. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-year report and financial statements.

 

Changes in accounting policy

In the current financial year the Group has adopted IAS 1 'Presentation of Financial Statements (Revised 2007)' and IFRS 8 'Operating Segments', which became effective as of 1 January 2009.

 

IAS 1 'Presentation of Financial Statements (Revised 2007)' includes the requirement to present a Statement of Changes in Equity as a primary statement and introduces the possibility of either a single Statement of Comprehensive Income (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement with a supplementary Statement of Comprehensive Income. The first option has been adopted by the Group. As this standard is concerned with presentation only, it does not have any impact on the results or net assets of the Group.

 

IFRS 8 'Operating Segments' requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board of Directors to allocate resources to the segments and to assess their performance. In contrast, the predecessor IAS 14 'Segment Reporting' required the Group to identify two sets of segments (business and geographical), using a 'risks and rewards' approach. The implementation of IFRS 8 resulted in no significant changes to the presentation of results.

 

Measurement convention

The condensed consolidated half-year financial statements are presented in sterling, rounded to the nearest thousand and are prepared on the historical cost basis.

 

Use of estimates and judgements

The preparation of condensed consolidated half-year financial statements in conformity with Adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

 

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

 

2. Segment Reporting

 

In respect of IFRS 8 'Operating Segments', the Board of Directors believe that the Group has one reportable group of related services and products, being franchising (Stagecoach and SportsCoach) as no other activities are significant enough to report separately. The SportsCoach franchising operation is reviewed by the Board of Directors, but is not considered to be a separately reportable operating segment as it does not represent a significant part of the franchising segment. The Group no longer offers Mini Stages franchises and during the period assisted the remaining Mini Stages franchisees to cease their operations. Mini Stages franchising was not a significant operation of the Group.

 

Segment information is provided and reviewed on the basis of geographic areas: UK, the home country of the parent company, and International, the franchising operations in the Americas, Europe and the Rest of the World, being the basis on which the Group manages its world wide interests. International operations are considered to have similar long term economic characteristics and are aggregated below.

 

The Board of Directors review network fees and the income statement in these segments, and the statement of financial position and statement of cash flows on a Group basis. The Board of Directors review internal management reports on a termly basis and senior management review these on a monthly basis. The Group does not rely on one major customer.

 

The Group operations for the periods are as follows:

 

	Six months ended						Year ended
	30 Nov 2009			30 Nov 2008			31 May 2009
	United Kingdom	International	Total	United Kingdom	International	Total	United Kingdom	International	Total
Student numbers	36,425	2,896	39,321	37,274	2,838	40,112	36,318	2,609	38,927
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Network fees	12,264	831	13,095	12,587	688	13,275	27,726	1,709	29,435
Revenue	2,877	157	3,034	2,943	111	3,054	5,919	285	6,204
Operating profit/(loss)	268	(5)	263	320	(11)	309	713	(16)	697
Net financing income	4	-	4	24	-	24	29	-	29
Profit/(loss) before income tax	272	(5)	267	344	(11)	333	742	(16)	726
Depreciation and Amortisation	77	6	83	72	5	77	145	11	156

 

3. Income tax expense

 

The income tax expense for the six month period is charged at 30% (six month ended 30 November 2008: 30%; year ended 31 May 2009: 28%), representing the best estimate of the average annual effective tax rate expected for the full financial year, applied to the pre-tax income of the six month period.

 

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2009		2008		2009
	£'000		£'000		£'000
UK income tax expense	80		91		200

 

4. Dividends

 

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2009		2008		2009
	£'000		£'000		£'000
Amounts recognised as distributions to equity holders in the period
Final dividend for the year ended 31 May 2009 of 2p per ordinary share (2008: 2p per ordinary share).	199		197		197
Interim dividend for the year ended 31 May 2009 of 0.5p per ordinary share (2008: nil).	-		-		49
	199		197		246
Amounts proposed as distributions to equity holders
Proposed interim dividend for the year ended 31 May 2010 of 0.5p per ordinary share (2009: 0.5p per ordinary share).	50		49		-
Proposed final dividend for the year ended 31 May 2009 of 2p per ordinary share (2008: 2p per ordinary share).	-		-		198

 

The proposed interim dividend had not been approved by the Board of Directors at 30 November 2009 and therefore has not been included as a liability. The comparative interim dividend at 30 November 2008 was also not recognised as a liability in the prior year.

 

The proposed interim dividend of 0.5p (2008: 0.5p) per ordinary share will be paid on 17 March 2010 to those shareholders on the register as at 19 February 2010.

 

5. Earnings per share

 

	Six months ended				Year ended
	30 Nov		30 Nov		31 May
	2009		2008		2009
Earnings
Profit for the period for basic and diluted earnings per share (£'000)	187		243		526
Number of shares
Weighted average number of shares used for basic earnings per share ('000)	9,932		9,879		9,881
Dilutive effect of share options ('000)	75		113		83
Fully diluted weighted average number of shares used for diluted earnings per share ('000)	10,007		9,992		9,964
Basic earnings per share (pence)	1.9		2.5		5.3
Diluted earnings per share (pence)	1.9		2.4		5.3

 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

 

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue by the number of shares deemed to be issued for no consideration (options granted to employees).

 

6. Related Party Transactions

 

The directors consider there to be no one individual or entity that ultimately controls the Group.

 

Directors of the Company and their immediate relatives control 61.86% (six month ended 30 November 2008: 59.93%; year ended 31 May 2009: 61.57%) of the voting shares of the Company. The Directors are considered to be the key management personnel of the Group.

 

Directors' rights to subscribe for shares in the company are indicated below:

 

	Date of Grant	Exercise Price	Number of options	Dates when exercisable
Richard Dawson	21 Oct 01	42p	47,786	14 Dec 01 to 21 Oct 11
	27 Jan 05	67.5p	100,000	31 May 07 to 27 Jan 15
	4 Oct 06	32.5p	35,000	31 May 07 to 4 Oct 16
	29 Jan 09	46.5p	43,010	31 May 10 to 28 Jan 19
Manzoor Ishani	5 Aug 02	112.5p	44,444	5 Aug 05 to 4 Aug 12
	27 Jan 05	67.5p	100,000	31 May 07 to 27 Jan 15
	4 Oct 06	32.5p	100,000	31 May 07 to 4 Oct 16
	29 Jan 09	46.5p	43,010	31 May 10 to 28 Jan 19

 

On 5 August 2009, Richard Dawson exercised 35,000 shares under option at the exercise price of 32.5 pence per shares, realising a gain of £7,000. No options held by Directors lapsed during the period. The mid-market price of the shares at 30 November 2009 was 49.5 pence and the range during the period was 51.5 pence to 58.5 pence.

 

During the period the Directors' remuneration including benefits in kind was £322,904 (30 Nov 2008: £321,312).

 

At 30 November 2009, there were no payments due to Directors other than fees and expenses in the normal course of business.

 

The Group continues to support and provide management time to the Stagecoach Charitable Trust (SCT), the trustees of which include Stephanie Manuel and David Sprigg. During the period the Group donated £33,710 to SCT (2008: £29,420).

 

This information is provided by RNS

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