04/12/2002
Financial Highlights
- Group continuing turnover £1,067.7m (2001 - £1,085.8m)
- Total operating profit* £86.9m (2001 - £106.7m)
- Profit before tax* £75.2m (2001 - £75.1m)
- Earnings per share* 4.4p up from 4.1p
- Free cash flow up 14% to £100.2m
- Net debt down £114.8m to £659.8m
- £575m non-cash write-downs from Coach USA review
- Interim dividend 0.8p (2001 - 1.3p)
- Over £250m of current available cash and undrawn debt facilities
* excluding goodwill amortisation and exceptional items
Operational Highlights
- Review of Coach USA complete; actions to restructure underway
- Chairman and Chief Executive positions confirmed
- New South West Trains franchise
- Simple, effective growth initiatives in bus operations
Stagecoach Chief Executive Brian Souter said: 'All our divisions continue to trade profitably and the current trading of the Group remains in line with the expectations we set out in the pre-close statement in October.
"Our focused strategy and decisive action over the past four months has consolidated the Group's position. The restructuring of our Coach USA operations will produce a smaller but more robust business and, together with securing the new franchise at South West Trains, will deliver greater stability and certainty to the Group.
"We continue to be encouraged by the performance of our core bus operations in the UK and the Pacific Rim, which have achieved further growth and generate significant cash flow for the Group."
Enquiries to:
Robert Ballantyne, Stagecoach Group - 01738 442111
Steven Stewart, Stagecoach Group - 01738 442111
John Kiely, Smithfield Financial - 020 7360 4900
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