Stagecoach Group plc ("the Group") is today providing an update on trading in advance of a series of meetings with analysts.
Financial performance
- The overall profitability of the Group has remained good, and there has been no significant change to our expected Group profit before tax for the year ending 30 April 2013.
- Like-for-like revenue growth for the financial year to date in each of the Group's main businesses is provided below.
- UK Bus (regional operations) - twenty four weeks ended 14 October 2012 3.6%
- UK Bus (London) - twenty four weeks ended 14 October 2012 (0.9)%
- UK Rail - twenty four weeks ended 14 October 2012 7.9%
- North America - five months ended 30 September 2012 10.7% (including Megabus.com, excluding disposed Wisconsin school bus business)
- Virgin Rail Group - twenty four weeks ended 14 October 2012 2.7%
The like for like revenue growth of 3.6% reported for UK Bus (regional operations) excludes the revenue earned from the contracts to provide transport for the London 2012 Olympics. The growth figures do, however, include any indirect incremental revenue at UK Rail and UK Bus (London) related to the London 2012 Olympics.
The 0.9% decline in revenue at UK Bus (London) is consistent with our previous expectation that some less profitable contracts would not be retained as we restructured the acquired business and improved its overall profitability. This reflects the revenue lost from contracts that ended during the year to 30 April 2012. For the year as a whole to 30 April 2013, UK Bus (London) is well placed to maintain revenue with contract losses being offset by some contract wins and inflationary price increases on existing contracts.
