DOCSLIB.ORG

Firstgroup Plc Half-Yearly Results for the Six Months to 30 September 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Firstgroup Plc Half-Yearly Results for the Six Months to 30 September 2014 FirstGroup plc Half-yearly results for the six months to 30 September 2014 Wednesday 5 November 2014 Tim O’Toole Chief Executive 2 Overview • Trading for the Group in line with our expectations – Encouraging progress with First Student turnaround – Good performances in First Transit and UK Rail – Core Greyhound customers and some local UK Bus markets not seeing benefit from improving macroeconomic trends • Results more weighted to H2 than usual this year • Negotiating FGW and FTPE direct awards with DfT • Multi-year transformation programme on track; confident our plans will deliver sustainable improvements in shareholder value 3 Chris Surch Group Finance Director Financial review 4 Key highlights • Adjusted operating profit £103.6m up 2.4% • Adjusted EPS 1.8p up 63.6% • Net cash outflow of £91.0m (H1 2013: £103.0m outflow) – Expect full year outflow to be approx. £100m • Underlying capital investment £222m (ex-UK Rail) • Net debt to EBITDA: 2.5x due to seasonal swings (FY 2014: 2.2x) • ROCE 7.8% (H1 2013: 7.9%) 5 Financial summary Sep 2014 Sep 2013 restated1 Change Revenue £2,941.1m £3,300.7m (10.9)% Adjusted2 - EBITDA3 £253.3m £260.5m (2.8)% - Operating profit £103.6m £101.2m +2.4% - Margin % 3.5% 3.1% +0.4pp - Interest £(70.3)m £(81.6)m (13.8)% - Profit before tax £33.3m £19.6m +69.9% - Attributable profit £21.6m £10.3m +109.7% - EPS4 1.8p 1.1p +63.6% 1. Restated for the reclassification of UK Rail bid costs and property profits or losses 2. Before amortisation charges, ineffectiveness on financial derivatives and certain other items 3. Adjusted operating profit less capital grant amortisation plus depreciation 4. Change in EPS is less than for profit attributable to ordinary shareholders due to the increased weighted average number of shares in issue following the rights issue completed in H1 2013 6 Group revenue bridge £m Revenue Change H1 2013 3,300.7 (10.9)% UK Rail revenue support (192.7) UK Rail reduction in First ScotRail subsidy (98.2) UK Bus operations sold or closed in prior period (56.0) Foreign exchange (122.4) H1 2013 comparator 2,831.4 +3.9% Growth / other 109.7 H1 2014 2,941.1 7 Divisional performance Revenue (£m) Operating Profit1 (£m) Operating Margin1 (%) Sep 14 Sep 13 Sep 14 Sep 132 Sep 14 Sep 132 Student 605.7 666.4 4.5 10.4 0.7% 1.6% Transit 410.2 408.7 29.5 31.4 7.2% 7.7% Greyhound 314.0 333.7 29.9 32.1 9.5% 9.6% UK Bus 449.2 490.7 16.9 15.9 3.8% 3.2% UK Rail 1,155.6 1,395.2 40.0 25.8 3.5% 1.8% Group items 6.4 6.0 (17.2) (14.4) Total 2,941.1 3,300.7 103.6 101.2 3.5% 3.1% 1. Before amortisation charges, ineffectiveness on financial derivatives and certain other items 2. Restated for the reclassification of UK Rail bid costs and property profits or losses 8 Non-trading items Sep 14 Sep 13 £m £m Amortisation charges (25.8) (25.9) Gain on disposal of property 26.1 - Legal claims (12.2) - IT licences (8.7) - UK Bus depot sales and closures (2.4) 15.3 Ineffectiveness on financial derivatives - (17.0) Other (0.4) - Other non-GAAP adjusting items 2.4 (1.7) Total non-GAAP adjustments (23.4) (27.6) • Gain on disposal of property was realised on sale of Greyhound garage in Miami. £31.6m cash proceeds of this disposal were received during the period • Legal claims charge relates to two separate claims that pre-date the Laidlaw acquisition • IT licences have been written off as the related project objectives will now be achieved through a less costly and more appropriate alternative 9 Net cash flow £253.3m £43.9m (£15.2m) - (£268.5m) (£12.4m) (£7.5m) - (£84.6m) (£91.0m) EBITDA Pensions Provisions Net cash flow cash Net Interest and tax and Interest Capital expenditure Capital Working capital / other capital Working Property disposal proceeds disposal Property • Full year net cash outflow is expected to be approximately £100m including £70m outflow for FCC in H2 10 Financial position • Strong liquidity and stable financing platform to drive forward transformation – Long term facilities in place – next refinancing 2019 – Average debt maturity 5.7 years (2013: 6.5 years) – Liquidity – headroom under committed facilities plus free cash: £943m (2013: £1,003m) – Mid-year net debt: EBITDA ratio 2.5x (FY 2014: 2.2x) £500m £400m £300m £200m £100m £0m FY 22/23 FY FY FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 23/24 H1 16/17 H1 H1 15/16H1 17/18H1 18/19H1 19/20H1 20/21H1 21/22H1 22/23H1 23/24H1 24/25H1 Lease finance Drawings under £800m RCF at 30 Sept 14 Private placement notes £200m bond 2024 £325m bond 2022 £350m bond 2021 £250m bond 2019 £300m bond 2018 11 Tim O’Toole Chief Executive Business review 12 First Student • Successful contract portfolio pricing programme this year – Average price increases of c.4.5% on contracts up for re-bid this season (approx. one-third of bus fleet) – timing of school year means benefit will be seen in H2 – 90% contract retention – customer recognition of our overall value proposition • Reduced proportion of low margin contracts from 36% to c.28% this year – multi-year programme to build on this improvement • Cost growth still running slightly ahead of inflation; on track to deliver approx. $20m this year of the $50m cost savings programme 13 First Transit • Outsourcing and demographic trends continue to create opportunities to grow our diverse contract portfolio, with modest capital requirements • Growth profile this year driven by timing of available opportunities and two larger contracts rolling off in H2 – Profitable contract wins continued; several start up towards end of current financial year – H1 revenue growth of 9.0% expected to moderate to c.4% for full year • Expect to maintain margin of c.7% this year, in line with medium term target 14 Greyhound • Greyhound Express delivered profitable like-for-like growth of 5.8% • Core Greyhound customers not yet benefiting from improving economy • Programme underway to equip traditional Greyhound with the tools to reduce dependence on the macroeconomic cycle – Good progress with technology rollout in the period – Improved CRM capability (web, mobile, loyalty) – Key systems upgrades for real-time pricing and yield management in place over next 12 months • Continue to utilise more flexible cost model to protect margin 15 US consumer sentiment by income band 105 Change over last twelve months: Top third: 11.4% up Middle third: 2.4% up 95 Bottom third: 0.6% up 85 75 Index value Index 65 55 45 2008 2009 2010 2011 2012 2013 2014 Bottom third Middle third Top third Source: University of Michigan Consumer Survey: Index of consumer sentiment within income terciles (three month moving averages) 16 UK Bus • Actions taken with fares, networks and local partnerships are delivering good volume growth – 2.1% LFL volume growth in H1; principally commercial passengers – Pace of economic recovery continues to vary across our local markets • 2.1% LFL revenue growth – no net price inflation across portfolio in H1 – Will begin to benefit in H2 from disciplined price increases to cover cost inflation, in line with peers – mainly from December/January • Continued disciplined operations programme – £6m of savings in H1 – Targeting double the amount in further efficiencies in H2 17 UK Rail • Robust revenue and passenger volume growth coupled with strong operating performance • Negotiating with DfT for First Great Western direct award to at least March 2019 • Shortlisted for TransPennine Express from February 2016; negotiating direct award up to that time • Submitted InterCity East Coast bid in June 2014; result expected shortly • Franchise competitions: remain ambitious but disciplined in bidding, in order to secure business at acceptable economic levels 18 Summary • Trading in the period in line with our expectations • Results more weighted to H2 than usual this year • Strong liquidity and stable financing platform to progress transformation • Focused on achieving our medium term financial targets • Confident our plans will deliver sustainable improvements in shareholder value 19 FirstGroup plc Half-yearly results for the six months to 30 September 2014 Appendices 21 First Student Sep 14 Sep 131 Change $m $m Revenue 1,013.1 1,029.7 (1.6)% Operating profit 6.0 17.3 (65.3)% Margin % 0.6% 1.7% (1.1)pp Operating $m Revenue profit Sep 131 1,029.7 17.3 Net growth / op days / other (20.4) (16.0) Exit of loss making contracts (21.6) - Inflation 18.7 (7.0) Mgmt initiatives 5.0 6.1 Weather 11.8 6.2 CAN$ fx (10.1) (0.6) Sep 14 1,013.1 6.0 1. Restated for the reclassification of property profits or losses 22 First Transit Sep 14 Sep 13 Change $m $m Revenue 687.7 630.8 9.0% Operating profit 49.3 48.6 1.4% Margin % 7.2% 7.7% (0.5)pp Operating $m Revenue Profit Sep 13 630.8 48.6 Net growth 64.1 2.5 CAN$ fx / Other (7.2) (1.8) Sep 14 687.7 49.3 23 Greyhound Sep 14 Sep 131 Change $m $m Revenue 527.0 514.7 2.4% Operating profit 50.3 49.6 1.4% Margin % 9.5% 9.6% (0.1)pp Operating $m Revenue profit Sep 131 514.7 49.6 Passenger revenue 18.0 18.0 Product improvement - (5.3) Increased marketing - (2.8) Inflation / other - (9.5) CAN$ fx (5.7) 0.3 Sep 14 527.0 50.3 1.
Load more

Recommended publications
  • Great Britain Passenger Rail: the Current Expected Timetable
    Great Britain passenger rail: the current expected timetable Franchise Current operator 2017 2018 2019 2020 2021 Onwards DJFMA MJJASONDJFMA MJJASONDJFMA MJJASOND South West Stagecoach West Midlands Govia East Midlands Stagecoach O I South Eastern Govia O I Wales & Borders Arriva InterCity W.C./W.C. Partnership Virgin/Stagecoach O I Cross Country Arriva OI Great Western First Group OI Apr. Chiltern Chiltern OITo Dec. 2021 To Jul. 2022 TSGN Govia O I To Sep. 2021 To Sep. 2023 East West n/a Potential development and competition period InterCity East Coast Stagecoach/Virgin To Mar. 2023 To Mar. 2024 ScotRail Abellio To Apr. 2022 To Apr. 2025 TransPennine Express First Group To Apr. 2023 To Apr. 2025 Northern Arriva To Apr. 2025 To Apr. 2026 East Anglia Abellio To Oct. 2025 To Oct. 2026 Caledonian Sleeper Serco To Apr. 2030 Essex Thameside Trenitalia To Nov. 2029 To Jun. 2030 Concession London Rail Arriva To Apr. 2024 To Apr. 2026 Tyne and Wear PTE Nexus Crossrail MTR To May 2023 To May 2025 MerseyRail Serco/Abellio To Jul. 2028 Based on publicly available information as at 1 April 2017 Key Existing franchise/concession term O OJEU notice expected Extension/direct award I ITT expected Max. length at discretion of DfT/TS Contract award expected New franchise/concession Operated by PTE Nexus Rail Finance Firm Rail Finance Firm Rail Finance Firm Rail Finance Firm Band 1 for Rail Band 1 for Rail Band 1 for Rail of the Year of the Year of the Year of the Year Finance Franchising Global Transport Global Transport Global Transport Global Transport Chambers UK 2015 The Legal 500 Chambers UK 2017 Finance 2016 Finance 2015 Finance 2014 Finance 2013 UK 2016 Stephenson Harwood LLP is a law firm of over 900 people worldwide, including 150 partners.
    [Show full text]
  • Scotrail Franchise – Franchise Agreement
    ScotRail Franchise – Franchise Agreement THE SCOTTISH MINISTERS and ABELLIO SCOTRAIL LIMITED SCOTRAIL FRANCHISE AGREEMENT 6453447-13 ScotRail Franchise – Franchise Agreement TABLE OF CONTENTS 1. Interpretation and Definitions .................................................................................... 1 2. Commencement .......................................................................................................... 2 3. Term ............................................................................................................ 3 4 Franchisee’s Obligations ........................................................................................... 3 5 Unjustified Enrichment ............................................................................................... 4 6 Arm's Length Dealings ............................................................................................... 4 7 Compliance with Laws................................................................................................ 4 8 Entire Agreement ........................................................................................................ 4 9 Governing Law ............................................................................................................ 5 SCHEDULE 1 ............................................................................................................ 7 PASSENGER SERVICE OBLIGATIONS ............................................................................................. 7 SCHEDULE 1.1 ...........................................................................................................
    [Show full text]
  • Competitive Tendering of Rail Services EUROPEAN CONFERENCE of MINISTERS of TRANSPORT (ECMT)
    Competitive EUROPEAN CONFERENCE OF MINISTERS OF TRANSPORT Tendering of Rail Competitive tendering Services provides a way to introduce Competitive competition to railways whilst preserving an integrated network of services. It has been used for freight Tendering railways in some countries but is particularly attractive for passenger networks when subsidised services make competition of Rail between trains serving the same routes difficult or impossible to organise. Services Governments promote competition in railways to Competitive Tendering reduce costs, not least to the tax payer, and to improve levels of service to customers. Concessions are also designed to bring much needed private capital into the rail industry. The success of competitive tendering in achieving these outcomes depends critically on the way risks are assigned between the government and private train operators. It also depends on the transparency and durability of the regulatory framework established to protect both the public interest and the interests of concession holders, and on the incentives created by franchise agreements. This report examines experience to date from around the world in competitively tendering rail services. It seeks to draw lessons for effective design of concessions and regulation from both of the successful and less successful cases examined. The work RailServices is based on detailed examinations by leading experts of the experience of passenger rail concessions in the United Kingdom, Australia, Germany, Sweden and the Netherlands. It also
    [Show full text]
  • East Coast Main Line Route Study – Technical Appendices 5 MB
    East Coast Main Line Route Study East Coast Main Line Route Study: Technical Appendix Demand and Capacity Autumn 2017 Network Rail – East Coast Main Line Route Study 02 The sections shows how standard class passenger Key Sectors /Groups of services Baseline demand is assumed to develop over the East Coast Route Study area over the next 2 to 3 The East Coast Route Study predominantly consists of the East Coast Throughout this section forecast demand is compared with decades, and identifies where this presents a Main Line (ECML) route sections from London Kings Cross to Berwick “baseline capacity”. The baseline capacities are based on what is and Leeds, but also includes a number of other route sections. These proposed to operate once the following CP5 Enhancement Delivery challenge to provide additional capacity: include Nottingham to Lincoln, Stevenage to Cambridge, the Plan projects have been implemented: Hertford Loop and the GN/GE route between Peterborough and East Coast Connectivity Fund projects including Huntingdon to Doncaster via Lincoln. • • a definition of the key sectors (groups of services) Woodwalton 4 tracking and Werrington Grade Separation. This on the route The East Coast Route Study area accommodates a number of facilitates a service predominantly worked by new Class 800 and different types of train services (sectors), which meet a particular 801 units ordered through the Intercity Express Programme (IEP), • a summary of the baseline capacities assumed for market need: with up to 8 LDHS services per hour into London Kings Cross. the route. This also includes the proposed freight loops between Long Distance High Speed (LDHS) services.
    [Show full text]
  • Short-Term Intercity East Coast Train Operator: 2018 Options Report
    Short-term Intercity East Coast train operator 2018 options report Short-term Intercity East Coast train operator 2018 options report Presented to Parliament by the Secretary of State for Transport by Command of Her Majesty May 2018 Cm 9617 © Crown copyright 2018 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications ISBN 978-1-5286-0391-1 CCS0518621700 05/18 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office Contents Section 1: background to the current situation and the options .................................. 2 1. Virgin Trains East Coast franchise termination ............................................. 2 2. The Intercity East Coast operating business ................................................. 5 3. The immediate choice for the Department as franchising authority ............... 8 4. The Secretary of State’s franchising policy ................................................. 10 5. The options ................................................................................................. 11 Section 2: comparison of options ............................................................................
    [Show full text]
  • Intercity East Coast Rail Franchise
    InterCity East Coast Rail Franchise Arriva’s vision for the InterCity East Coast franchise is ‘to establish it as the UK’s premier train operating company and realise its true value for all stakeholders’ We welcome your views so that we can realise this vision. InterCity East Coast is crucial to business and leisure travellers. Business travellers want a place to work or to unwind. Leisure travellers like comfortable cost effective travel. Overall we recognise that both these types of travellers require high quality and reliability. InterCity East Coast provides a fast, quality route, linking the capital cities of London and Edinburgh, regional capitals such as Leeds and Newcastle and market towns such as Newark and Grantham. InterCity East Coast can take you to work, a day in Doncaster at the races or a weekend in York or the Scottish Highlands. Inverness Carrbridge The InterCity East Coast franchise serves several economically important Aviemore markets throughout the East of England, the East Midlands, Yorkshire, the Kingussie Newtonmore North East of England and Scotland linking them to London and each other. Blair Atholl Aberdeen Pitlochry Stonehaven Dunkeld Montrose The Government is currently deciding who will run the franchise for the Perth Arbroath Dundee next seven years. Gleneagles Dunblane Leuchars Stirling Kirkcaldy Falkirk Arriva wants to be the company the Government selects. We only bid for Inverkeithing Queen EDINBURGH contracts that we believe we can run well and where we bring our success GLASGOW Street Central Haymarket Dunbar Berwick-upon-Tweed and experience from elsewhere to make a real difference. Motherwell Alnmouth Morpeth NEWCASTLE We want to bring our highly regarded rail experience – from across Europe Sunderland Durham – to create a franchise that will meet the needs of passengers.
    [Show full text]
  • Appendix 1 FINAL , Item 56. PDF 274 KB
    BACKGROUND TO THE EAST COAST MAIN LINE AND INTERCITY EAST COAST FRANCHISE 1 The East Coast Main Line 1.1 The East Coast Main Line (ECML) is one of two high-capacity north-south trunk routes that run between Scotland and London. Whilst not formally defined, it is broadly accepted as being the rail line from Edinburgh southwards via Newcastle, York, Doncaster, and Peterborough to London Kings Cross. The mainline from Leeds to Doncaster via Wakefield Westgate (often referred to the West Riding section) is also regarded as part of the East Coast Main Line. 1.2 Whilst the route serves an important function for long-distance Anglo-Scottish inter-city passenger trains, the InterCity East Coast franchise operates fewer than half the trains on the route. It is a multi-functional railway, accommodating many other local and regional services, together with freight traffic along various parts of its length. For the City Region this includes: TransPennine Express services on the route north of York to Middlesbrough, Newcastle, and in future, Edinburgh; InterCity Cross Country services north of York to the north east and Scotland, and also south of York and Leeds towards Sheffield, the midlands and south west; open access operators: . Grand Central services between West Yorkshire, Doncaster and London; . Grand Central services between the north east, York and London . Hull Trains services between Hull, Selby, Doncaster and London. Local services between Leeds and Doncaster / Sheffield via Wakefield Westgate. 1.3 The route’s role in the “heavy-lifting” of commuter traffic into Leeds itself, and increasingly into Wakefield, Doncaster and York too, is vital to the economic success of the region, and to providing socially inclusive and sustainable access to work and education opportunities.
    [Show full text]
  • 27 November 2014 STAGECOACH-VIRGIN COMPANY
    27 November 2014 STAGECOACH-VIRGIN COMPANY AWARDED INTERCITY EAST COAST RAIL FRANCHISE £140m planned investment to deliver an improved service and more personalised travel Over £25m planned spend in improving stations and car parking New trains and faster more frequent services Investment in staff with more training and new dedicated innovation council New technology to improve customer experience on-board and at stations Stagecoach Group (“Stagecoach”) today (27 November 2014) welcomed the announcement by the Department for Transport (“DfT”) of its intention to award the Inter City Railways (“ICR”) venture with Virgin Group (“Virgin”) the InterCity East Coast (“ICEC”) rail franchise which will bring major benefits to passengers, taxpayers and employees. Passengers can look forward to new services, faster and more frequent journeys whilst taxpayers will benefit from significant increases in premium payments to Government over the course of the eight year franchise. The groups’ venture, ICR, will transform the customer experience for around 20 million journeys a year on one of the UK’s major inter-city rail routes, blending the experience, culture and service-focus of both Stagecoach and Virgin. Stagecoach holds 90% of the share capital of ICR and Virgin holds the remaining 10%. The new franchise will start in March 2015 and is planned to run until 31 March 2023, with the option for a one-year extension at the DfT’s discretion. It includes a commitment to deliver £2.3bn* in real terms in premium payments to the Government between 2015 and 2023, providing a higher return to the taxpayer than under the current arrangements.
    [Show full text]
  • Firstgroup Plc Preliminary Results for the Year to 31 March 2009
    Embargoed until 07:00hrs on Wednesday 13 May 2009 FIRSTGROUP PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 MARCH 2009 • STRONG PERFORMANCE FROM RESILIENT, BALANCED PORTFOLIO OF OPERATIONS o Delivered results in line with expectations despite weaker economic backdrop o Group revenue up 31.4% and adjusted operating profit up 38.2% o EBITDA growth to £772.2m up 37.7% o Adjusted basic EPS 48.6p up 18.8% o Unique strengths of Group - 50% of revenues contract backed while revenue support in UK Rail provides substantial mitigation to the weaker economy o Strong cash generation o Successful refinancing achieved - funding through to 2012 now in place • COST MANAGEMENT – ALREADY TAKEN SIGNIFICANT ACTION, REMAINS KEY FOCUS o Actions already taken will deliver £200m savings in 2009/10 o Fuel hedge cost increase to absorb in 2009/10, set to recover in 2010/11 • NORTH AMERICA >80% EARNINGS CONTRACTED, GROWING ORDER BOOK $11.5BN o Laidlaw acquisition successfully integrated - $150m p.a. synergy targets achieved early o Student: Delivered margin improvement to 12.6% and contract retention over 90% New business wins targeting 1,000 buses supported by unique scale and economies o Transit: Margin improvement to 7.6%, new paratransit and shuttle bus contract wins o Greyhound: Improved year-on-year profitability and cash generation, less than 10% Group EBIT Highly flexible operating model - rapid response to changing demand has maintained revenue per mile • UK BUS – STRONG REVENUE AND VOLUME GROWTH o Continued strong, resilient performance, passenger revenues
    [Show full text]
  • Measuring up Annual Rail Consumer Report 2019 Findings by Train Company
    OFFICE OF RAIL AND ROAD MEASURING UP ANNUAL RAIL CONSUMER REPORT 2019 FINDINGS BY TRAIN COMPANY 1 Office of Rail and Road | ‘Measuring up’ Annual Rail Consumer Report 2019 © Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at orr.gov.uk Any enquiries regarding this publication should be sent to us at orr.gov.uk/contact-us 2 Office of Rail and Road | ‘Measuring up’ Annual Rail Consumer Report 2019 CONTENTS Guidance Notes .................................................................................................. 4-6 c2c ....................................................................................................................... 7-9 Caledonian Sleeper ........................................................................................ 10-12 Chiltern Railways ........................................................................................... 13-15 CrossCountry .................................................................................................. 16-18 East Midlands Trains ..................................................................................... 19-21 Govia Thameslink Railway ............................................................................ 22-24
    [Show full text]
  • The Intercity East Coast Passenger Rail Franchise
    House of Commons Committee of Public Accounts Department for Transport: The InterCity East Coast Passenger Rail Franchise Thirty-ninth Report of Session 2010– 12 Report, together with formal minutes, oral and written evidence Ordered by the House of Commons to be printed 22 June 2011 HC 1035 Published on 9 July 2011 by authority of the House of Commons London: The Stationery Office Limited £8.50 Committee of Public Accounts The Committee of Public Accounts is appointed by the House of Commons to examine “the accounts showing the appropriation of the sums granted by Parliament to meet the public expenditure, and of such other accounts laid before Parliament as the committee may think fit” (Standing Order No 148). Current membership Rt Hon Margaret Hodge (Labour, Barking) (Chair) Mr Richard Bacon (Conservative, South Norfolk) Mr Stephen Barclay (Conservative, North East Cambridgeshire) Dr Stella Creasy (Labour/Cooperative, Walthamstow) Jackie Doyle-Price (Conservative, Thurrock) Justine Greening (Conservative, Putney) Matthew Hancock (Conservative, West Suffolk) Chris Heaton-Harris (Conservative, Daventry) Joseph Johnson (Conservative, Orpington) Rt Hon Mrs Anne McGuire (Labour, Stirling) Mr Austin Mitchell (Labour, Great Grimsby) Nick Smith (Labour, Blaenau Gwent) Ian Swales (Liberal Democrats, Redcar) James Wharton (Conservative, Stockton South) The following member was also a member of the committee during the parliament: Eric Joyce (Labour, Falkirk) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House.
    [Show full text]
  • Lessons from Cancelling the Intercity West Coast Franchise Competition Our Vision Is to Help the Nation Spend Wisely
    REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 796 SESSION 2012-13 7 DECEMBER 2012 Department for Transport Lessons from cancelling the InterCity West Coast franchise competition Our vision is to help the nation spend wisely. We apply the unique perspective of public audit to help Parliament and government drive lasting improvement in public services. The National Audit Office scrutinises public spending for Parliament and is independent of government. The Comptroller and Auditor General (C&AG), Amyas Morse, is an Officer of the House of Commons and leads the NAO, which employs some 860 staff. The C&AG certifies the accounts of all government departments and many other public sector bodies. He has statutory authority to examine and report to Parliament on whether departments and the bodies they fund have used their resources efficiently, effectively, and with economy. Our studies evaluate the value for money of public spending, nationally and locally. Our recommendations and reports on good practice help government improve public services, and our work led to audited savings of more than £1 billion in 2011. Department for Transport Lessons from cancelling the InterCity West Coast franchise competition Report by the Comptroller and Auditor General Ordered by the House of Commons to be printed on 6 December 2012 This report has been prepared under Section 6 of the National Audit Act 1983 for presentation to the House of Commons in accordance with Section 9 of the Act Amyas Morse Comptroller and Auditor General National Audit Office 5 December 2012 HC 796 London: The Stationery Office £16.00 This report sets out the chronology of events that led to the Department cancelling the InterCity West Coast franchise competition.
    [Show full text]