Business overview
- Overall results in line with management expectations. Full year expectations are unchanged
- Bus operating profit up 8.4% to £45.1m, in line with strategic target
- Rail operating profit down 2.9% to £10.2m, with margins reducing to 0.9%. Contribution to the Government increased to £108.2m
- Challenging start to GTR franchise. Investment already underway to improve performance for passengers
- Working with Network Rail to minimise disruption to rail passengers during major infrastructure projects, in particular the £6.5 billion Thameslink Programme
- Proposed interim dividend increased by 4.3% to 26.6p (H1'14: 25.5p), in line with 2013/14 full year dividend increase
- Shortlisted for Northern and TransPennine Express franchises. Exploring overseas bus and rail opportunities
- Strong cashflow and reduction in adjusted net debt
