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Firstgroup Plc Half-Yearly Results for Six Months to 30 September 2013

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Firstgroup Plc Half-Yearly Results for Six Months to 30 September 2013 EMBARGOED UNTIL 7:00am on Wednesday 6 November 2013 FIRSTGROUP PLC HALF-YEARLY RESULTS FOR SIX MONTHS TO 30 SEPTEMBER 2013 H1 2012 H1 2013 Restated1 Change Revenue £3,300.7m £3,250.0m +1.6% Underlying2 - EBITDA3 £269.2m £262.3m +2.6% - Operating profit £109.9m £99.8m +10.1% - Profit before tax £28.3m £19.7m +43.7% - Attributable profit £17.1m £11.3m +51.3% - EPS 1.9p 1.9p - Statutory - Operating profit £90.6m £62.8m +44.3% - Loss before tax £(8.0)m £(20.6)m n/m - Attributable loss £(1.1)m £(15.0)m n/m - EPS (0.1)p (2.5)p n/m Net debt4 £1,446.8m £2,081.8m (30.5)% 1Prior year financial information throughout this statement has been restated due to the adoption of changes in IAS 19 and the rights issue – see note 1 for details. 2Before amortisation charges, ineffectiveness on financial derivatives, exceptional items and loss on disposal of properties. All references to ‘underlying’ figures throughout this document are defined in this way. 3 Underlying operating profit less capital grant amortisation plus depreciation. 4Net debt is stated excluding accrued bond interest. Group overview: Trading in line with management's expectations, despite continued headwinds in some markets Progress at the revenue, underlying and statutory operating profit and underlying attributable profit levels; underlying EPS in line with the same period last year Strengthened balance sheet following the rights issue completed in June, seasonally higher mid-year net debt: EBITDA ratio reduced to 2.4 times from 3.2 times last year £1.6bn investment plan over four years underway, with capital expenditure increasing in the period Progress in transformation plans, though much remains to be done Remain confident in achieving our medium term financial targets set out in May 2013 Operating highlights: First Student – on track with recovery programme; original $100m run rate cost saving target achieved, with further efficiency actions ongoing to achieve double digit margins in the medium term First Transit – continued good growth in both renewals and new business, particularly in shuttle and paratransit, with margin performance maintained Greyhound – US economic conditions affected core market though summer trends show signs of improvement. Further significant Greyhound Express expansion UK Bus – early positive signs from areas where we have reset our commercial proposition to enhance volume growth. Benefits of our transformation plan largely counterbalanced the anticipated headwinds during the period UK Rail – solid passenger revenue growth and operating performance. Franchise renewal programme now underway with 23-month First Great Western contract in place Commenting, FirstGroup's Chief Executive, Tim O’Toole said: “Over the past six months, we have worked hard to ensure we are positioned to deliver on our potential. We have strengthened our balance sheet through the rights issue, continued to drive the significant number of incremental operational enhancements required to yield better financial returns, and are making disciplined investments to benefit from the opportunities we see in our markets. We are focused on the task of meeting our medium term 1 financial objectives including our revenue, margin and return on capital targets, while continuing to improve the services we deliver for our customers. “We have a fundamentally attractive portfolio of market-leading transport businesses, and our unrivalled scale and breadth gives us significant opportunities to share best practice and expertise, to deliver outstanding services to our customers and to create long term, sustainable value for our shareholders. We remain confident that the trends toward increased urbanisation and greater congestion will generate significant opportunities for our business, and that we are returning to the strength necessary to drive sustainable, long term growth and increased shareholder value. “Although it is early days in our multi-year plan to improve our returns, resilience and growth prospects, we are seeing clear indications that we are making progress. While there remains a significant amount to be done, we believe the foundations are now in place to deliver on our market-leading potential.” For further information please contact: FirstGroup plc: Rachael Borthwick, Group Corporate Communications Director Faisal Tabbah, Group Investor Relations Manager Stuart Butchers, Group Media Relations Manager Tel: +44 (0) 20 7291 0512 Brunswick PR: Michael Harrison/Andrew Porter Tel: +44 20 7404 5959 A PRESENTATION TO INVESTORS AND ANALYSTS WILL BE HELD AT 8:30AM TODAY ATTENDANCE IS BY INVITATION A LIVE TELEPHONE ‘LISTEN IN’ FACILITY IS AVAILABLE FOR JOINING DETAILS PLEASE CONTACT +44 (0) 20 7725 3354 A PLAYBACK FACILITY WILL BE AVAILABLE AT WWW.FIRSTGROUP.COM/INVESTORS PHOTOS FOR MEDIA ARE AVAILABLE, PLEASE CALL +44 (0) 20 7725 3354 2 CHAIRMAN'S STATEMENT FirstGroup has established a broad-based portfolio of market-leading transport businesses in the UK and North America over many years. We have a wealth of expertise and unique knowledge of many different markets, networks, contracts, operations and assets, and we believe our stakeholders benefit from our diversity and experience. Effective transport links are a key enabler of economic growth, and the interlinked trends of increasing urbanisation and congestion mean experienced providers of efficient transport solutions such as FirstGroup have an increasingly important role to play – and consequently significant commercial opportunities – in today’s economy. In recent years, the external headwinds from the global economic downturn, reduced government support for public transport and the pausing of the UK rail re-franchising programme have been significant. We took action across a number of fronts to mitigate the effects of these headwinds: we have repositioned the business portfolio where necessary, activated root-and-branch transformation programmes throughout our underperforming divisions, strengthened the balance sheet through the recent rights issue, and committed to a substantial £1.6 billion investment programme over the next four years to raise returns, enhance growth and put the Group on a sustainable path to increased value creation. The response of our people throughout this time has been extraordinary, and on behalf of the Board I would like to extend our thanks to employees throughout the Group, who have remained committed, professional and steadfastly focused on serving the millions of customers who rely on us every day. I am pleased to say that during the first half of this financial year we have begun to see early signs that our initiatives to strengthen the Group are bearing fruit, and I have confidence that, as we move to the next phase of our development, FirstGroup will continue to build on this success. As indicated in May, the Board is not proposing an interim dividend in respect of this financial period, but subject to performance remaining in line with our expectations for the rest of the year, expects to propose a final dividend of up to £50 million for the year to 31 March 2014, as a transition to a progressive dividend policy thereafter, with dividend cover of 2.0 to 2.5x in the medium term. As I announced in May, it is my intention to step down as Chairman on the appointment of a successor, a process that is well underway and making progress. I have been involved with the company from its earliest days, when as a newly deregulated Scottish municipal bus operator FirstGroup embarked on an ambitious programme of acquisitions and contract bids to deliver profitable growth. From the merger with Badgerline, through privatisation of British Rail and our first rail franchise bids, and later expansion into North America, FirstGroup has always maintained a resolute focus on growing the breadth and attractiveness of the transportation services we provide for our diverse range of customers. The actions we have taken in recent times will ensure that the Group will continue to play a leading role in providing efficient and cost effective passenger transport services for our customers, while being an attractive and sustainable investment for our shareholders, for many years to come. Martin Gilbert Chairman 6 November 2013 Note: Operating profit referred to throughout this document refers to operating profit before amortisation charges, ineffectiveness on financial derivatives, exceptional items and loss on disposal of properties. EBITDA is underlying operating profit less capital grant amortisation plus depreciation. 3 OPERATING AND FINANCIAL REVIEW Earlier in 2013, the Group set out its objectives to deliver improved growth and return to a profile of consistent financial returns and cash generation in conjunction with the rights issue to provide the balance sheet flexibility to continue our transformation and investment plans. Over the next four years we aim to increase Group revenue (excluding UK Rail) at a faster rate than the economies we serve, to improve margins in First Student and UK Bus to double digit levels, and to achieve a post-tax return on capital employed (ROCE) in the 10% to 12% range. We aim to maintain an investment grade credit rating and appropriate balance sheet liquidity and headroom and, as the business performance improves, to re-establish a progressive dividend policy to target 2.0 to 2.5 times dividend cover in the medium term. The actions we are taking in each of the divisions will create a more robust company and one that is better placed to face its challenges, deliver on its promises and take advantage of future opportunities. Although many of the actions are at a relatively early stage, and a great deal remains to be done to achieve these targets, the six months to 30 September 2013 represents a period of solid progress on our medium term plans to return to strength. Group results Group revenue increased by 1.6% to £3,300.7m (2012: £3,250.0m), or by 5.4% as adjusted for the UK Bus portfolio changes, the disposal of the First Support Services (FSS) business in First Transit and the non-recurring London 2012 Games revenues.
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