Press Release
Stagecoach Group plc – Preliminary results for the year ended 30 April 2006
Business Highlights
- Strong operational and financial performance across the Group
- Fourth year of successive earnings growth
- Dividend increased by 12.1%
- Innovation driving growth at UK Bus
- 2.1% like for like passenger volume growth excluding London and megabus.com
- Acquisition of bus operations in Merseyside, Yorkshire, Lincolnshire and Tayside
- Named UK Bus Operator of the Year
- Excellent performance at UK Rail
- Revenue up 5.7%
- South West Trains operational performance among best in London and South East
- £66.7m of revenue and profit share payable to DfT
- Shortlisted for South Western rail franchise – innovative and value-for-money bid to build on record of operational and financial achievement
- Named Rail Passenger Operator of the Year
- Further growth in North America
- Strong revenue growth – overall US$ revenue up 11.0%
- Continued margin growth despite significant cost pressures
- Launch of budget inter-city coach services in United States
- Improved performance and revenue growth at Virgin Rail Group
- Good progress on renegotiation of West Coast franchise
- Conditional sale of London bus business agreed for £263.6m
- Bus division strategy to focus on less regulated bus operations outside London
- Disposal of New Zealand operations resulting in gain of £22.5m
- Appointment of Sir George Mathewson as a non-executive director
Financial Highlights - Results reported under IFRS accounting policies
- 11.6% increase in earnings per share, excluding amortisation of intangible assets and
exceptional items - 42.7% increase in basic earnings per share
Commenting on the results, Stagecoach Chief Executive, Brian Souter said:
“The Group has achieved another strong set of results, delivering continued organic growth in our bus and rail operations in the UK and North America. Despite continued cost pressures, this has been a very successful year for the business.
“Our strong track-record of investment and innovation is attracting more people to public transport, particularly in our bus operations in the UK. The planned sale of our London bus business will allow us to concentrate on our successful growth strategy in our UK Bus businesses outside London.
“Excellent operational and financial performance in our UK Rail division means we are well placed to submit a strong bid for the new South Western rail franchise. In North America, we have made further progress by growing revenue and passenger volumes in both our scheduled and leisure operations.
“The Group will continue to look for further organic growth and bolt-on acquisition opportunities in our UK and North American bus business and opportunities to grow our rail portfolio.”
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
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- Stagecoach Group plc – Preliminary results for the year ended 30 April 2006
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