7 Mar 2011 07:00
Stagecoach Group plc
Interim Management Statement
Stagecoach Group plc ("the Group") is today publishing an interim management statement, covering available information for the period to the date of this announcement.
Financial performance
The overall profitability of the Group has remained good, notwithstanding the challenges presented by adverse weather conditions in recent months.
Like-for-like revenue growth* for the financial year to date in each of the Group's main businesses is provided below. Revenue in December 2010 was adversely affected by unusually severe weather conditions.
UK Bus - forty weeks ended 6 February 2011 1.9%
UK Rail - forty weeks ended 6 February 2011 6.9%
(excluding tram businesses)
North America - nine months ended 31 January 2011 8.2%
(including Megabus.com)
Virgin Rail Group - forty weeks ended 6 February 2011 12.6%
Financial position
The Group's financial position remains strong. In February 2011, the Group entered into new, unsecured bi-lateral bank facilities that are committed for five years to February 2016 and we are pleased with the pricing and terms that we secured on these new facilities. These new facilities replaced the bank facilities that were due to expire in March 2012. This re-financing extends the Group's debt maturities and provides it with continued access to significant, committed, undrawn bank facilities.
Other events
In January 2011, the Group completed the sale of Preston Bus Limited, a wholly owned subsidiary, to Rotala plc.
Outlook
Overall current trading remains good and we believe the prospects for the Group remain positive.
* 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
Ross Paterson, Director of Finance & Company Secretary 01738 442111
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.