LONDON (dpa-AFX) - Stagecoach Group (SGC.L) reported a pretax loss of 22.6 million pounds for the Half-year to 27 October 2018 compared to profit of 96.7 million pounds, previous year. Loss per share was 5.5 pence compared to profit of 13.6 pence. Adjusted profit before tax declined to 87.0 million pounds from 96.7 million pounds. Adjusted earnings per share was 12.8 pence compared to 13.6 pence. The Group said its adjusted earnings are ahead of expectations, principally reflecting the positive resolution of contractual matters for the former South West Trains franchise and strong profitability at its Virgin Rail Group joint venture.
First-half adjusted revenue was 1.23 billion pounds compared to 1.79 billion pounds, a year ago. The Group said its revenue for the period lower than the prior year period principally due to its South West Trains franchise ending in August 2017 and Virgin Trains East Coast franchise ending in June 2018. For UK Bus (regional operations), like-for-like revenue per vehicle mile was up 4.4%.
On the basis of current financial projections and the facilities available, the Directors are satisfied that the Group has adequate resources to continue for the foreseeable future and, accordingly, consider it appropriate to adopt the going concern basis in preparing the condensed financial statements for the half-year ended 27 October 2018.
Looking forward, the Group said the rail out-performance in the first half of the year is expected to flow through to full-year adjusted earnings for the year ending 27 April 2019. The Group continues to see positive long-term prospects for public transport.
Stagecoach Group has maintained the interim dividend at 3.8 pence per share, the same rate as the prior year consistent with guidance in June 2018. The dividend is payable to shareholders on the register at 25 January 2019 and will be paid on 6 March 2019.
Copyright RTT News/dpa-AFX