28th Aug 2009 07:00
Company Stagecoach Group plc
TIDM SGC
Headline Interim Management Statement
Released 28 August 2009
Interim Management Statement
Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period since 30 April 2009 to the date of this announcement.
Financial performance
The overall profitability of the Group since 30 April 2009 has remained in line with management's expectations.
Like-for-like revenue growth* in each of the Group's main businesses is provided below.
UK Bus - twelve weeks ended 26 July 2009 4.4%
UK Rail - twelve weeks ended 26 July 2009 0.9%
(excluding tram businesses)
North America - three months ended 31 July 2009 (5.8)%
(including Megabus.com)
Virgin Rail Group - twelve weeks ended 26 July 2009 1.7%
Financial position
The Group's financial position remains strong and we have significant committed, undrawn bank facilities.
Outlook
Trading conditions across the Group, and at our rail businesses in particular, remain challenging and we are experiencing further reductions in the rate of revenue growth. We continue to take action to control the cost base of our operations. Our bus businesses, whilst not immune to changes in economic conditions, benefit from a robust and flexible business model and are well positioned to trade through the economic cycle.
* 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.
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:
SGC.L