LONDON (dpa-AFX) - Stagecoach Group Plc. (SGC.L) reported that its profit before taxation for the year ended 27 April 2019 rose to 101.2 million pounds from 77.6 million pounds in the prior year.
But, annual profit attributable to equity holders of the parent declined to 21.6 million pounds from 70.5 million pounds last year. Earnings per share reduced to 3.7 pence from the prior year's 12.2 pence, largely because of the exceptional charges relating to the impairment and disposal of the North America business.
Earnings per share before exceptional items and non-software intangible asset amortisation were 21.9 pence compared to 22.2 pence in the prior year.
Revenue from continuing operations declined to 1.88 billion pounds from last year's 2.82 billion pounds, principally due to South West Trains franchise ending in August 2017 and Virgin Trains East Coast franchise ending in June 2018.
The company proposed to maintain the full year dividend in line with last year. It proposed a final dividend of 3.9 pence, which will result in a full year dividend of 7.7 pence per share for the year ended 27 April 2019. The proposed final dividend of 3.9 pence per share is payable to shareholders on the register at 23 August 2019 and, if approved, will be paid on 2 October 2019.
The company said it has made a satisfactory start to the year ending 2 May 2020 and have not significantly changed expectation of adjusted earnings per share for the year.
The company anticipates vehicle mileage in 2019/20 to be broadly in line with 2018/19, with a continuation in modest revenue growth in the short-term.
UK Rail operating profit for 2019/20 is expected to be minimal, reflecting the end of the East Midlands Trains franchise in August 2019.
Separately, Stagecoach Group said that Will Whitehorn, the company's Deputy Chairman, will step down from the Board on 30 June 2020.
Will Whitehorn will be succeeded as Deputy Chairman by Ray O'Toole, who joined the Board as a Non-Executive Director in September 2016 and is currently Chairman of the Health, Safety and Environmental Committee and the Remuneration Committee.
The company confirmed that Karen Thomson, Non-Executive Director, will continue to serve on the Board. She was due to step down from the Board at the conclusion of the Annual General Meeting scheduled for 30 August 2019. However, she will now continue as a Non-Executive Director, due to recent changes in her other business commitments, and will seek re-election at the 2019 Annual General Meeting.
In addition, Non-Executive Director, Dame Jayne-Anne Gadhia will be stepping down from the Board on 31 July 2019 and will therefore now not seek election at the 2019 Annual General Meeting.
Dame Jayne-Anne is stepping down to take up the new full-time role of Chief Executive at financial services start-up, Snoop.
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