16th Mar 2009 07:00
Stagecoach Group plc
16 March 2009
Interim Management Statement
Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period since 31 October 2008 to the date of this announcement.
Financial performance
The overall profitability of the Group since 31 October 2008 has remained in line with management's expectations for the current financial year to 30 April 2009.
Like-for-like revenue growth* in each of the Group's main businesses is provided below.
UK Bus - forty four weeks ended 1 March 2009 9.0%
UK Rail - forty four weeks ended 1 March 2009 6.7%
North America - ten months ended 28 February 2009 6.8%
(including Megabus.com)
Virgin Rail Group - forty four weeks ended 1 March 2009 -0.6%
The reported like-for-like revenue growth for UK Rail does not include East Midlands Trains. For the forty four weeks ended 1 March 2009, the revenue of East Midlands Trains when compared to the equivalent businesses under their former ownership was 10.1% higher than the previous year.
Other significant events
In February 2009, the Group submitted its bid for the new South Central rail franchise due to commence in September 2009.
Financial position
Against a background of difficult credit markets, the Group's financial position remains strong and we have significant surplus cash and committed, undrawn bank facilities. A one-year bank facility that is used to issue a rail season ticket bond of c. £49m expires on 31 March 2009 and we have already secured a replacement facility for the season ticket bond through to March 2010.
Outlook
In the announcement of the Group's interim results for the six months ended 31 October 2008, we commented on the outlook for the Group, including the challenges and uncertainties facing our rail operations. These comments continue to apply. Our rail businesses are not immune to the impact of the current tough economic climate and we continue to monitor economic developments. We have already taken significant action to reduce costs at our rail operations and we will continue to seek opportunities to achieve further efficiencies and maximise revenue. Our bus businesses are growing strongly and we expect them to continue to perform well through difficult economic conditions.
* 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. In the case of Virgin Rail Group, the like-for-like revenue growth relates to West Coast Trains only and in order to obtain a like-for-like comparison, it excludes the services that were transferred from CrossCountry Trains to West Coast Trains.
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
Notes
Stagecoach Group
Stagecoach Group is a leading international public transport group, with extensive bus and rail operations in the UK and North America.
Cautionary Statement
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.
Related Shares:
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