Group overview:
* Trading for the first half was in line with management's expectations and
our multi-year transformation programme is on track
* Encouraging progress with First Student turnaround and good performances in
First Transit and UK Rail
* Core Greyhound customers and some local UK Bus markets not yet seeing
benefit of improving economic trends
* Reported revenue decreased by 10.9%, in part reflecting structural changes
in Rail revenues which have no material impact on operating profit, prior
period revenues from UK Bus operations now sold/closed, and foreign
exchange. Excluding these items, revenue increased by 3.9%
* Adjusted operating profit increased by 2.4% and adjusted attributable
profit more than doubled
* Statutory operating profit decreased by 11.5%, with prior period
benefitting from gain on UK Bus disposals
* Seasonally higher mid-year net debt: EBITDA ratio of 2.5 times (2.2 times
as at 31 March 2014). Five year, £800m revolving credit facility signed in
the period
* On course to achieve our medium term financial targets
