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Stagecoach Group plc
Trading update
Stagecoach Group plc ("the Group") is today providing an update on trading in advance of a series of meetings with analysts.
The Group plans to announce its interim results for the six months ending 31 October 2009 on 9 December 2009.
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.
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UK Bus
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– twenty-four weeks ended 18 October 2009
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4.3%
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UK Rail
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– twenty-four weeks ended 18 October 2009
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1.7%
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(excluding tram businesses)
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North America
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– five months ended 30 September 2009
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(6.8)%
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(including Megabus.com)
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Virgin Rail Group
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– twenty-four weeks ended 18 October 2009
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6.9%
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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 revenue growth remains below the growth rates observed in recent years. The actions we have taken to reduce controllable costs have helped to partly offset the impact on profitability. 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
Ross Paterson, Director of Finance & Company Secretary 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.
This information is provided by RNS
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