07/12/2005
Highlights
- Bus operator of the year AND train operator of the year
- Strong revenue growth in bus and rail operations in UK and North America
- Increased operating profits* at UK Bus operations+, despite increase of £9.2m in fuel costs
- Expansion of UK Bus division with acquisition of Glenvale Transport Limited in Merseyside and joint venture with ComfortDelGro in Scotland
- Further improvement in operating margins* in North American bus operations
- Revenue at UK Rail subsidiaries up 4.6% despite impact of London terrorist incidents
- Pre-qualification documentation submitted for South Western rail franchise
- Disposal of Stagecoach New Zealand in November 2005 for NZ$250.5m (approximately £100m) enterprise value
* excluding restructuring costs, intangible asset amortisation and exceptional items (refer to definition of exceptional items in note 3 of the interim financial information)
+ excluding acquisition of Glenvale
Financial Highlights
First Stagecoach interim results to be reported under IFRS accounting policies:- 20.6% increase in earnings per share
- 28.6% increase in earnings per share, excluding intangible asset amortisation and exceptional items
- Interim dividend up 10.0% at 1.1pence
| Reported results | Results excluding intangible asset amortisation and exceptional items | |||
| 2005 | 2004 | 2005 | 2004 | |
| Revenue from continuing operations, excluding Glenvale acquisition (£m) | 786.2 | 729.1 | 786.2 | 729.1 |
| Total operating profit (£m) | 69.5 | 74.1 | 82.7 | 80.7 |
| Profit before taxation (£m) | 54.9 | 59.3 | 72.1 | 70.6 |
| Earnings per share (pence) | 4.1 | 3.4 | 5.4 | 4.2 |
| Interim dividend (pence) | 1.1 | 1.0 | 1.1 | 1.0 |
Commenting on the results, Stagecoach Chief Executive, Brian Souter said:“We are continuing to deliver on our strategy for organic growth in our bus and rail operations. Our focus on innovation, investment and targeted marketing is producing further revenue growth in our bus operations and we will continue to bid for new rail franchises. We remain confident in the prospects for the rest of the year and the opportunities to deliver further shareholder value.”
Enquiries to:
Martin Griffiths, Stagecoach Group +44 (0) 1738 442111
Steven Stewart, Stagecoach Group +44 (0) 1738 442111 or +44 (0) 7764 774680
John Kiely, Smithfield Financial +44 (0) 20 7360 4900
Note to Editors:
High resolution photographs are available to the media free of charge at www.newscast.co.uk (telephone +44 (0) 207 608 1000).
View the full announcement of Interim Results
In order to view this format you will need the Acrobat Reader
