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RNS Number : 1989I
Stagecoach Group PLC
08 March 2010 
 
8th March 2010 
 
Stagecoach Group plc 
 
Interim Management Statement 
 
Stagecoach Group plc ("the Group") is today publishing an interim 
management statement, covering available information for the period 
since 1 November 2009 to the date of this announcement. 

Financial performance 
 
The overall profitability of the Group since 1 November 2009 has 
remained in line with management's expectations. 
 
Like-for-like revenue growth* for the financial year to date in each 
of the Group's main businesses is provided below. Revenue in December 
and January was adversely affected by unusually severe weather 
conditions. 

 
UK Bus                        - forty weeks ended 7 February 2010                                    3.4% 
 
UK Rail                        - forty weeks ended 7 February 2010                                    2.1% 
 
(excluding tram businesses) 
 
North America             - nine months ended 31 January 2010                                  (5.2)% 
 
(including Megabus.com) 
 
Virgin Rail Group         - forty weeks ended 7 February 2010                                    8.8% 
 
Financial position 

The Group's financial position remains strong and we have significant 
committed, undrawn bank facilities.  In December 2009, the Group 
issued £400m 5.75 per cent. bonds with a seven-year term.  The new 
issue of bonds extended the average duration of the Group's debt. The 
proceeds of the issue were principally used to repay existing bank 
borrowings and the Group has subsequently cancelled part of its 
undrawn bank facilities. In connection with the issue of the bonds, 
the Group adjusted its interest rate management arrangements.  Certain 
of the Group's interest rate swaps became ineffective and were
cancelled, resulting in a one-off charge of approximately £20m.  This 
was part of ensuring an appropriate interest rate profile going 
forward. 
 
On 12 February 2010, the Group declared a second interim dividend of 
4.5p per ordinary share in addition to the first interim dividend of 
2.0p per share declared in December 2009.  In the light of this, the 
Group would not expect to pay a final dividend in respect of the year 
ending 30 April 2010. 
 
Other events 
 
As previously reported, Stagecoach South Western Trains is in dispute 
with the Department for Transport over the determination of franchise 
payments, including revenue support payments.  The disputes are 
subject to Railway Industry Dispute Resolution.  The Department for 
Transport requested additional time to prepare its case and the 
arbitrator agreed to this with the hearing now scheduled for May 
2010.  We would expect a decision on the matter in summer 2010.  There 
is no change to the Group's confidence in its position or to the 
timing of any cash flows in respect of revenue support payable
to Stagecoach South Western Trains. 
 
Outlook 
 
Notwithstanding the continued, uncertain economic outlook in the 
countries in which the Group operates, overall current trading remains 
in line with our expectations and we believe the prospects for the 
Group remain positive.
 
* 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 
 
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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