DOCSLIB.ORG

Virgin Money Group Annual Report and Accounts 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Virgin Money Group Annual Report and Accounts 2016 Virgin Money Group Annual Report and Accounts 2016 Group Money Virgin VIRGIN MONEY GROUP ANNUAL REPORT AND ACCOUNTS 2016 Issued by Virgin Money Holdings (UK) plc. Registered office: Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL Registered in England and Wales no.03087587 THERE’S MONEY AND THERE’S VIRGIN MONEY At Virgin Money, our ambition is to build a bank that makes ‘everyone better off.’ Customers, colleagues, communities, corporate partners and our company. About us With a powerful brand, strong balance sheet, customer-focused culture and an experienced team, we have created a business which delivers our unique approach to banking and financial services to 3.3 million customers. Virgin Money Lounge, Sheffield 1 I Virgin Money Group Annual Report 2016 What's in this report? Strategic Report 2012-2016 Highlights 2 2016 Highlights and strategic priorities 4 Business overview 12 Chairman’s statement 14 Chief Executive’s review 18 Women in Finance Charter 26 Market overview 30 Business model and strategy 32 Delivering to our stakeholders 34 Risk overview 44 Financial results Summary of Group results 53 Divisional results 62 Governance Board of Directors 74 Virgin Money Executive 77 Corporate Governance Report 79 Directors’ Remuneration Report 105 Directors’ Report 126 Risk Management Report The Group’s Approach to Risk Management 133 Risk Management Framework 135 Emerging Risks 136 Risk Classes 139 Full Analysis of Risk Classes 140 Financial Statements Independent Auditors’ Report 195 Consolidated Financial Statements 202 Parent Company Financial Statements 257 Alternative Performance Measures 267 Glossary 268 Abbreviations 271 Shareholder Information 272 The 2016 Annual Report and Accounts incorporates the Strategic Report and the consolidated financial statements, both of which have been approved by the Board of Directors. On behalf of the Board Glen Moreno Chairman 27 February 2017 Cover image: Virgin Money Lounge, Fargate, Sheffield 2 I Virgin Money Group Annual Report 2016 2012 - 2016 Highlights 5 years of making 'everyone better off' In 2012, five years on from the beginning of the financial crisis, This has helped us deliver significant growth in shareholder public confidence and trust in the banking industry was at returns and a solid double-digit return on tangible equity. an all-time low. In that same year, Virgin Money started on As a result of the strength of the business and our continued a journey to make banking better with an ambition to make ability to manage costs and optimise operational leverage, we ‘everyone better off’ (EBO). remain well positioned to continue to grow in a wide range of Virgin Money acquired the loss-making Northern Rock market conditions. plc from HM Treasury in January 2012, and work began on We are proud of what we have achieved over the last five years creating a new force in UK banking. and we look forward to continuing our journey to make The business transformation began straightaway. We banking better for all of our stakeholders – the company, launched a customer manifesto, all Northern Rock branches customers, colleagues, corporate partners and the were turned into Virgin Money Stores and the integration of communities in which we work. the businesses was completed successfully. We returned the business to a solid footing by deploying our core competencies of risk management - focused on balance ny Cu pa st sheet and asset quality - product design and pricing, and m om o e C r multi-channel distribution. s We now have 3.3 million customers and our overall C C Net Promoter Score (NPS), the likelihood of customers o o l l r recommending us, has improved considerably to +29 since EVERYONE’S e p a o 2012, making us one of the leading UK retail banks for BETTER OFF g r a u customer satisfaction. t e e s p We created Virgin Money Lounges – spaces designed for a r customers to relax and for local communities to come tn e together. With a total footfall of around 50,000 per month rs s tie across all seven Virgin Money Lounges, they drive excellent Communi customer satisfaction ratings and an NPS of +86. We have helped tens of thousands of people get onto and move up the housing ladder and more than doubled mortgage balances to £29.7 billion. We have a thriving savings business and have grown deposit balances from £16.2 billion to £28.1 billion. We have also created a credit card business from scratch and now have £2.4 billion in customer balances. Virgin Money Giving, our not-for-profit online donation service, has helped fundraisers raise more than £500 million since it launched, and we set up the Virgin Money Foundation in 2015, an independent charitable foundation focused on housing, homelessness and youth employment. When we listed on the London Stock Exchange in 2014, we said that we would deliver a strategy founded on three fundamental and equally important principles: growth, quality and returns. Despite a number of headwinds, including the introduction of the bank tax surcharge and the lower for longer interest rate environment, we have continued to deliver strong asset growth, while maintaining our high-quality balance sheet and prudent risk appetite. Virgin Money Group Annual Report 2016 I 3 Strategic ReportStrategic Financial results Governance report management Risk statements Financial 2012-2016 Highlights 2 2016 Highlights and strategic priorities 4 Business overview 12 Chairman’s statement 14 Chief Executive’s review 18 Women in Finance Charter 26 Market overview 30 Business model and strategy 32 Delivering to our stakeholders 34 Risk overview 44 52 73 132 193 Eliud Kipchoge KEN, the winner of the Elite Men’s Race with second place athlete Stanley Biwott KEN just after crossing the line. Photo: Virgin Money London Marathon 4 I Virgin Money Group Annual Report 2016 2016 Highlights and strategic priorities Results 2012-16 2016 2015 2014 2013 2012 TOTAL CUSTOMER Growth LOAN BALANCES GREW BY Gross mortgage lending £bn 8.4 7.5 5.8 5.6 4.9 19% Mortgage balances £bn 29.7 25.5 21.9 19.6 16.8 Credit card balances £bn 2.4 1.6 1.1 0.8 – LOW COST OF Total assets £bn 35.1 30.2 26.5 24.6 21.8 RISK OF Deposit balances £bn 28.1 25.1 22.4 21.1 18.0 0.13% Quality Cost of risk % 0.13 0.12 0.07 0.15 0.02 COMMON EQUITY Common Equity Tier 1 capital ratio % 15.2 17.5 19.0 15.5 15.5 TIER 1 RATIO OF Total capital ratio % 20.4 20.2 22.1 18.6 19.1 15.2% Leverage ratio % 4.4 4.0 4.1 3.8 3.6 Returns LEVERAGE RATIO OF Underlying total income £m 586.9 523.5 438.1 365.1 233.8 4.4% Statutory total income £m 581.4 521.9 438.3 383.0 261.6 Underlying profit/(loss) before tax £m 213.3 160.7 104.7 43.6 (10.0) RETURN ON Statutory profit before tax £m 194.4 138.0 34.0 185.4 160.2 TANGIBLE EQUITY Net interest margin % 1.60 1.65 1.50 1.26 0.54 OF Cost: income ratio % 57.2 63.5 72.5 80.1 103.0 12.4% Return on tangible equity % 12.4 10.9 7.4 2.6 (1.2) Statutory basic earnings per share p 29.4 22.9 (0.4) 42.4 59.3 Underlying basic earnings per share p 32.7 26.8 18.5 5.6 (2.0) Alternative performance measures These results have been prepared in Underlying profit and total income are A number of other Alternative accordance with International Financial now presented excluding the fair value Performance Measures (APMs), in Reporting Standards (IFRS). Aspects of (losses)/gains on financial instruments, addition to underlying profit, are used in the results are adjusted for certain items, which reflect timing differences on fair the analysis and discussion of the Group’s which are listed below, to reflect how the value movements on derivatives where financial performance and position. APMs Executive assesses the Group’s underlying these are held to maturity. Prior periods do not have standardised definitions and performance presented have been adjusted, however may not be directly comparable to any the change has no material impact measures defined within IFRS. Details > IPO share based payments; on those periods. Further information of all APMs disclosed, including the > Strategic items; on the underlying results, including rationale for their use and their bases of reconciliations of the Group’s statutory calculation, are set out on page 267. > Simplification costs; and and underlying results, is reported on > Fair value (losses)/gains on page 54 and in note 2 to the consolidated financial instruments. financial statements. Virgin Money Group Annual Report 2016 I 5 Strategic ReportStrategic Financial results Governance report management Risk statements Financial 2012-2016 Highlights 2 2016 Highlights and strategic priorities 4 Business overview 12 Chairman’s statement 14 Chief Executive’s review 18 Women in Finance Charter 26 Market overview 30 Business model and strategy 32 Delivering to our stakeholders 34 Risk overview 44 52 73 132 193 In 2016, we delivered strongly to all of our stakeholders, living up to our ambition to make everyone better off. Highlights include: COMPANY AND SHAREHOLDERS Growth of Growth of 33% 41% in underlying profit before tax in statutory profit before tax to £213.3 million, with return to £194.4 million. on tangible equity increasing from 10.9% to 12.4%. Final Dividend Recommended final dividend payment of 3.5 pence per ordinary share. This will result in a total dividend for 2016 of 5.1 pence per ordinary share, an increase of 13% compared to 2015.
Load more

Recommended publications
  • Firstgroup Vies with Virgin in West Coast Rail Bidding War | Business | Guardian.Co.Uk Page 1 of 2
    FirstGroup vies with Virgin in west coast rail bidding war | Business | guardian.co.uk Page 1 of 2 Printing sponsored by: FirstGroup vies with Virgin in west coast rail bidding war Aberdeen-based group is frontrunner, along with incumbent, in battle to secure 14-year franchise contract Dan Milmo, industrial editor guardian.co.uk, Sunday 15 July 2012 14.13 BST Virgin, the current holders of the west coast franchise, pay an annual premium of £150m to the government. Photograph: Christopher Thomond for the Guardian FirstGroup has emerged as a frontrunner for the multibillion-pound west coast rail franchise alongside incumbent Virgin Trains, with the contest now a two-horse race between the experienced operators. Aberdeen-based FirstGroup is vying with Virgin despite announcing last year that it is handing back its Great Western rail contract three years ahead of schedule, avoiding more than £800m in payments to the government. The Department for Transport is expected to bank a considerable windfall from the new 14-year west coast contract, with Virgin currently paying an annual premium of about £150m to the state. Both bidders are expected to promise an even bigger number over the life of the new franchise. The winner is expected to be announced next month. It is understood that FirstGroup and Virgin are still in talks with the DfT, but two foreign-owned bidders on the four-strong shortlist are no longer considered likely contenders. They are a joint venture between public transport operator Keolis and SNCF, the French state rail group, and a bid from Abellio, which is controlled by the Dutch national rail operator.
    [Show full text]
  • OCR a Level H431/02 Business RB June 2018
    Oxford Cambridge and RSA A Level Business H431/02 The UK business environment Resource Booklet Thursday 7 June 2018 – Afternoon *7010745375* Time allowed: 2 hours INSTRUCTIONS • This is a Resource Booklet. • You should refer to it when answering the examination questions in Section B, which are printed in a separate booklet. • The business described in this Resource Booklet is a real business. INFORMATION • This document consists of 8 pages. Any blank pages are indicated. © OCR 2018 [601/4675/8] OCR is an exempt Charity DC (SC/CT) 152842/3 Turn over 2 VIRGIN TRAINS Virgin Rail Group is a UK train operating company which uses the ‘Virgin Trains’ brand name. It is a joint venture between Virgin Group Ltd and Stagecoach plc. Virgin Trains has operated the West Coast route since 1997 and the East Coast route since 2015 (see Fig. 1). Virgin Trains’ routes West Coast routes Inverness East Coast routes Aberdeen Glasgow Edinburgh York Leeds Liverpool Holyhead Manchester Birmingham Peterborough London Euston London King’s Cross Fig. 1 Virgin Trains is one of more than 20 train operating companies in the UK, all of which are private sector businesses. However, the rail infrastructure, including the rail tracks, signalling and 5 stations, are owned by Network Rail which is a public sector organisation. Train operating companies, such as Virgin Trains, are awarded contracts by the UK government’s Department for Transport to operate a geographical route for a specified number of years. Virgin Trains’ West Coast contract runs until 2019 and the East Coast contract runs until 2023. © OCR 2018 H431/02/RB Jun18 3 Extract A – Virgin Trains renews West Coast contract Stagecoach Group plc & Virgin Group Ltd are pleased to confirm that their joint venture has 10 agreed a new West Coast rail contract with the Department for Transport.
    [Show full text]
  • Virgin Trains Makes Finding the Cheapest Fare Easier Than Ever with New Industry-Leading Website Submitted By: Morris & Company Tuesday, 20 March 2007
    Virgin Trains makes finding the cheapest fare easier than ever with new industry-leading website Submitted by: Morris & Company Tuesday, 20 March 2007 Virgin Trains is leading the railway industry with its new website designed to make searching and buying the cheapest possible ticket far simpler. The site provides customers with a one-stop-shop from enquiry through to ticket purchase. Already over 60,000 Virgin Trains customers have bought tickets through the new improved website. Searching for, and identifying, the cheapest available tickets for a rail journey has long been a bone of contention for many passengers. However, Virgin Trains has tackled this issue head on by developing and implementing a brand new search engine which simplifies the process and enables passengers to identify and purchase the best rail fare available quickly. While the railways are moving towards simplification of advance purchase fares across the industry, Virgin Trains is leading the way with its new, improved search engine (www.virgintrains.com) which has been developed in conjunction with ticket retailer The Trainline.com. Virgin Trains is also announcing a major campaign to make rail ticket fares more transparent and raise awareness of the value for money of rail travel. The new search engine and simpler, more user-friendly website will present rail passengers with the cheapest advance purchase – or walk-up – fares which are available for their chosen journey. No longer are all fares shown, irrespective of whether they are available or not. In a separate development, passengers who are unable to buy a Virgin Advance ticket for both the outward and return legs of their journey, or unable to specify an exact train for one leg of a return journey, are now able to mix and match ticket types and buy a Saver Half Return (at half the price of a Saver Return) for either the outward or return leg of the journey.
    [Show full text]
  • Drivers'union
    The train ASLEF drivers’ union >>> Rail Franchise Handbook 2019 ASLEF Introduction Welcome to our new Rail Franchise Handbook. I hope you will find it as interesting, and useful, as I do and a valuable tool for the political and industrial work you do for our union. We put this handbook together to give our reps and decision makers the inside track on who really runs Britain’s railways, how they run our railways, and what they take out from our railway industry every year. Because we believe the facts and figures revealed in these pages show, with crystal clarity, the utter folly of our privatised, and fragmented, franchise system. A structure – set up by John Major, 25 years ago, and continued by Conservative governments ever since – that separates the wheels and steel and is underwritten by an enormous public subsidy from every taxpayer in this country, and sky high passenger fares, while tens of millions of pounds haemorrhage from the system into the pockets of shareholders in the form of profits and dividends, or increasingly due inefficiencies. In fact whilst the system has never worked for passengers or taxpayers, there are now signs that it doesn’t work for operators either. The franchising system has been put on hold for a couple of years now due to a lack of bidders. This means direct awards have been handed out leading to even less competition. So we now have a system that exists to maintain the system itself, not our railway. It isn’t true to say that all the train and freight operating fill the pockets of shareholders; some TOCs and FOCs are owned by public, not private, operators where shareholders do not skim the cream off the top of the milk.
    [Show full text]
  • Trainline Prospectus – June 2019
    ELECTRONIC TRANSMISSION DISCLAIMER STRICTLY NOT TO BE FORWARDED TO ANY OTHER PERSONS IMPORTANT: You must read the following disclaimer before continuing. This electronic transmission applies to the attached document and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached prospectus (the “Prospectus”) relating to Trainline plc (the “Company”) dated 21 June 2019 accessed from this page or otherwise received as a result of such access and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Prospectus. In accessing the attached Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. You acknowledge that this electronic transmission and the delivery of the attached Prospectus is confidential and intended for you only and you agree you will not forward, reproduce or publish this electronic transmission or the attached Prospectus to any other person. The Prospectus has been prepared solely in connection with the proposed offer to certain institutional and professional investors (the “Offer”) of ordinary shares (the “Shares”) of the Company. The Prospectus has been published in connection with the admission of the Shares to the premium listing segment of the Official List of the UK Financial Conduct Authority (the “FCA”) and to trading on London Stock Exchange plc’s main market for listed securities (together, “Admission”). The Prospectus has been approved by the FCA as a prospectus prepared in accordance with the Prospectus Rules made under section 73A of the FSMA.
    [Show full text]
  • Stagecoach South Western Trains Limited (SSW) for the Purpose of Pre- Qualifying For, Bidding for and Operating the South Western Franchise (SWF)
    Completed acquisition by Stagecoach Group plc of the South Western franchise The OFT's decision on reference under section 33(1) given on 27 February 2007. Full text of decision published 8 March 2007. Please note that square brackets indicate figures or text which have been deleted or replaced at the request of the parties for reasons of commercial confidentiality. PARTIES 1. Stagecoach Group plc (Stagecoach) is an international public transportation group, with operations in the UK, the USA and Canada. It established Stagecoach South Western Trains Limited (SSW) for the purpose of pre- qualifying for, bidding for and operating the South Western Franchise (SWF). 2. The SWF consolidates two existing passenger franchises, the South West Trains (SWT) franchise, operating in the South and South West of England and the Island Line franchise, operating in the Isle of Wight. Stagecoach currently operates both the SWT and the Island Line franchise through operating subsidiaries. Both franchises commenced in 1996, and have a combined turnover of £687 million for the 2005/2006 financial year. TRANSACTION 3. The SWF franchise runs for 10 years, commencing 4 February 2007 and expiring in February 2017, with the last three years conditional upon set criteria being met. The merger arises from a competitive bidding process, originally tendered by the Strategic Rail Authority, but which is now managed by the Department for Transport. 1 4. SSW was notified on 20 December 2005 that it had pre-qualified to bid for the SWF. It submitted its bid on 30 June 2006 and on 21 September 2006 it entered into the Franchise Agreement with the Department for Transport (DfT) to operate the SWF.
    [Show full text]
  • Download the Music Market Access Report Canada
    CAAMA PRESENTS canada MARKET ACCESS GUIDE PREPARED BY PREPARED FOR Martin Melhuish Canadian Association for the Advancement of Music and the Arts The Canadian Landscape - Market Overview PAGE 03 01 Geography 03 Population 04 Cultural Diversity 04 Canadian Recorded Music Market PAGE 06 02 Canada’s Heritage 06 Canada’s Wide-Open Spaces 07 The 30 Per Cent Solution 08 Music Culture in Canadian Life 08 The Music of Canada’s First Nations 10 The Birth of the Recording Industry – Canada’s Role 10 LIST: SELECT RECORDING STUDIOS 14 The Indies Emerge 30 Interview: Stuart Johnston, President – CIMA 31 List: SELECT Indie Record Companies & Labels 33 List: Multinational Distributors 42 Canada’s Star System: Juno Canadian Music Hall of Fame Inductees 42 List: SELECT Canadian MUSIC Funding Agencies 43 Media: Radio & Television in Canada PAGE 47 03 List: SELECT Radio Stations IN KEY MARKETS 51 Internet Music Sites in Canada 66 State of the canadian industry 67 LIST: SELECT PUBLICITY & PROMOTION SERVICES 68 MUSIC RETAIL PAGE 73 04 List: SELECT RETAIL CHAIN STORES 74 Interview: Paul Tuch, Director, Nielsen Music Canada 84 2017 Billboard Top Canadian Albums Year-End Chart 86 Copyright and Music Publishing in Canada PAGE 87 05 The Collectors – A History 89 Interview: Vince Degiorgio, BOARD, MUSIC PUBLISHERS CANADA 92 List: SELECT Music Publishers / Rights Management Companies 94 List: Artist / Songwriter Showcases 96 List: Licensing, Lyrics 96 LIST: MUSIC SUPERVISORS / MUSIC CLEARANCE 97 INTERVIEW: ERIC BAPTISTE, SOCAN 98 List: Collection Societies, Performing
    [Show full text]
  • Annual Results
    1 Annual Results Year ended 28 April 2018 28 June 2018 2 Cautionary statement This document is solely for use in connection with a briefing on the group headed by Stagecoach Group plc (“the Group”). This document contains forward-looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward- looking statements in this presentation will be realised. The forward-looking statements reflect the knowledge and information available at the date of preparation. This document is not a full record of the presentation because it does not include comments made verbally by Stagecoach Group management or by others. 3 ROSS PATERSON FINANCE DIRECTOR 4 Good momentum in bus and rail Financial ▪ Adjusted EPS 22.3p (2017 restated: 23.3p) ▪ Basic EPS of 12.3p (2017: 5.5p) reflect exceptional charges ▪ Full year dividend per share rebased to 7.7p (2017: 11.9p) ▪ No significant change to our 2018/19 adjusted EPS expectation Bus & Coach ▪ Commercial and technology-led initiatives to drive growth ▪ UK bus pricing and network changes delivering improved revenue per vehicle mile ▪ Moderating capital investment following several years of
    [Show full text]
  • Die Werbeselbstregulierung Der Britischen Advertising Standards Authority
    Die Werbeselbstregulierung der britischen Advertising Standards Authority. Ein Vergleich mit deutschem Wettbewerbsrecht Dissertation zur Erlangung des Doktorgrades des Fachbereichs Rechtswissenschaften der Universität Osnabrück vorgelegt von Richard Mayer-Uellner aus Aachen Osnabrück, 2006 Inhaltsübersicht Inhaltsverzeichnis 3 Abkürzungsverzeichnis 9 Einführung und Gang der Darstellung 13 A. Eingrenzung des Untersuchungsgegenstands 13 B. Das Marketinginstrument der Werbung im Spannungsfeld von Anbieter-, Verbraucher- und Allgemeininteressen 15 C. Die Bedeutung des Themas unter besonderer Berücksichtigung der europäischen Rechtsvereinheitlichung 16 D. Gang der Darstellung 18 Teil 1: Die Systeme der Werberegulierung 19 A. Das britische System 19 B. Vergleich mit der Kontrolle von Werbung in Deutschland 65 Teil 2: Die Entscheidungspraxis 85 A. Einleitung und Gang der Darstellung 85 B. Irreführende Werbung 85 C. Rechtsbruch 137 D. Public Policy 139 E. Schutz der Privatsphäre 156 F. Belästigende Werbung 159 G. Vergleichende Werbung 162 H. Wettbewerbsrechtlicher Leistungsschutz 174 I. Tarnung von Werbung 181 J. Verkaufsförderung 188 K. Preisausschreiben und Gewinnspiele 199 L. Ungeregelte Bereiche 202 M. Zusammenfassende Bewertung des zweiten Teils 205 Schlussbetrachtung 210 A. Schutzsubjekte 210 B. Die europäische Rechtsvereinheitlichung 213 C. Zusammenfassung 215 1 Anhang: The British Code of Advertising, Sales Promotion and Direct Marketing (11. Auflage) 217 Literaturverzeichnis I 2 Inhaltsverzeichnis: Einführung und Gang der Darstellung 13 A. Eingrenzung des Untersuchungsgegenstands 13 B. Das Marketinginstrument der Werbung im Spannungsfeld von Anbieter-, Verbraucher- und Allgemeininteressen 15 C. Die Bedeutung des Themas unter besonderer Berücksichtigung der europäischen Rechtsvereinheitlichung 16 D. Gang der Darstellung 18 Teil 1: Die Systeme der Werberegulierung 19 A. Das britische System 19 I. Einleitung: Die werberegulierenden Rechtsmassen und ihre Schutzzwecke 19 II. Die Werbeselbstkontrolle 21 1.
    [Show full text]
  • Transport Committee
    TRANSPORT COMMITTEE Transport and the economy TE 01 London Borough of Newham TE 02 Royal Aeronautical Society TE 03 Richard Starling TE 04 Derek Halden TE 05 liftshare TE 06 FSB - Federation of Small Businesses TE 08 PACTS TE 09 TRL - Transport Research Laboratory TE 10 TfL - Transport for London TE 11 Transport Watch TE 12 Stagecoach Group plc TE 13 Joint from Dr Greg Marsden and Professor Peter Mackie TE 14 Unite - the union TE 15 Merseytravel TE 17 Passenger Focus TE 18 CILT - The Chartered Institute of Logistics and Transport TE 19 Local Government Technical Advisers Group (TAG) TE 20 Rail Freight Group TE 21 Roger Vickerman TE 22 UK Major Ports Group TE 23 TravelWatch NorthWest TE 24 National Alliance Against Tolls TE 25 Virgin Atlantic Airways' TE 26 VisitBritain TE 27 Independent transport commission TE 28 David Simmonds Consultancy Ltd TE 29 ADEPT TE 30 Wharf Weston TE 31 BAR UK TE 32 North of Tyne Transport Group TE 33 Norfolk Chamber of Commerce TE 34 "The Northern Way" TE 35 South Yorkshire Passenger Transport Executive TE 36 Edward Gibbins TE 37 Royal Town Planning Institute (RTPI) and the Transport Planning Society (TPS) TE 38 Light Rail Transit Association (LRTA) TE 39 Southampton City Counci TE 40 FlyingMatters TE 41 RAC Foundation TE 42 The Hoseasons Group TE 44 The Transport Planning Society (TPS) TE 45 London First TE 46 James Morshead TE 47 Directors of Public Health for the West of England Partnership Area TE 48 ASLEF TE 49 North West Rail Campaign TE 50 West of England Authorities TE 51 Oxfordshire County Council
    [Show full text]
  • STAGECOACH GROUP PLC (Incorporated with Limited Liability in Scotland with Registered Number SC 100764)
    PROSPECTUS DATED 25 September 2015 STAGECOACH GROUP PLC (incorporated with limited liability in Scotland with registered number SC 100764) £400,000,000 4.00 per cent. Bonds due 2025 Issue Price 98.979 per cent. The £400,000,000 4.00 per cent. Bonds due 2025 (the “Bonds”) will be issued by Stagecoach Group plc. Interest on the Bonds is payable annually in arrear on 29 September in each year at the initial rate of interest of 4.00 per cent. per annum, subject to adjustment as described in “Terms and Conditions of the Bonds – Interest”. Payments on the Bonds will be made without deduction for or on account of taxes imposed or levied by or on behalf of the United Kingdom to the extent described under “Terms and Conditions of the Bonds - Taxation”. The Bonds mature on 29 September 2025 and are subject to redemption or purchase at the option of the Issuer, as further described in “Terms and Conditions of the Bonds – Redemption and Purchase – Redemption or purchase at the option of the Issuer”. Also, the Issuer may purchase or redeem all (but not some only) of the Bonds at their principal amount outstanding together with interest accrued to (but excluding) the date of such purchase or, as the case may be, redemption, in the event of certain tax changes as described under “Terms and Conditions of the Bonds – Redemption and Purchase — Redemption or purchase for tax reasons”. The Bonds are also subject to redemption at the option of the holders of the Bonds (the “Bondholders”) upon a change of control, as further described under “Terms and Conditions of the Bonds – Redemption and Purchase — Redemption at the Option of the Bondholders upon a Change of Control Event”.
    [Show full text]
  • Operating Review
    Operating review The year to April 2002 has been uniquely challenging as a result Financial results of unparalleled acts of terrorism in North America, lengthy Turnover for the year in UK Bus was »567.9m, compared to disruption to the UK rail infrastructure and an uncertain global »547.6m in the previous year. The results for the previous year economic environment. included a full year's trading from four depots in East Lancashire, which were disposed of in April 2001. Excluding these four The year ahead will be a challenging time for the Group but depots, turnover increased by 6.2%. we have begun the year with actions that should secure our long-term interests in South West Trains and Virgin Rail Group. Underlying UK Bus passenger volumes increased by 1.4% in the At Coach USA we will be undertaking a full business review of year, with particularly strong growth in London. Our targeted our portfolio of businesses and will report the results of this by commercial and marketing plans are generating volume growth in December 2002. a number of key towns and cities, and the bus market in the UK continues to offer good organic growth opportunities, particularly We are committed to modernising public transport and playing in urban areas. a leading role in achieving passenger growth in each of our markets. In the year ahead, we will continue to focus on Operating profit was »71.1m1, compared to »73.4m in the enhancing business performance and improving the quality of previous year. This represents an operating margin of 12.5% our services by further investing in our core operations.
    [Show full text]