Group overview:
* Overall trading in line with expectations for the year, excluding the £14m
operating profit impact of unprecedented weather conditions on First
Student and Greyhound in the fourth quarter
* Adjusted operating profit increased by 5.5%, reflecting improved underlying
operating performances in four divisions, partially offset by slower
progress in First Student and the extreme weather
* Adjusted EPS fell 31.8% due to the dilutive effect of the rights issue
completed in June 2013
* Statutory operating profit and EPS substantially improved
* Net cash flow broadly flat for the year (excluding the proceeds of the
rights issue), in line with expectations
* Balance sheet strengthened, net debt: EBITDA ratio reduced to 2.2 times
from 3.4 times last year and new £800m five-year revolving credit facility
signed
* Disciplined investment programme underway, with gross capital expenditure
increasing by 15% in the period
* ROCE increased to 8.2% (2013: 7.0%) in line with expectations. Medium term
10-12% ROCE target and other financial targets maintained
* Dividend - taking together the current stage of the turnaround programmes and our commitment to our capital programme, the Board has decided to refrain from reinstating a dividend at this point
