Overview:
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Operating profit maintained despite smaller rail portfolio and challenging trading environment in some businesses, in line with prior update on fourth quarter trading
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Solid progress made in the year to position the Group for future growth and higher returns
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Contract portfolio enhanced with TransPennine Express rail award and other wins across the Group
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Wolfhart Hauser appointed as Chairman and Matthew Gregory joined as CFO in the year
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Continued disciplined bidding and cost efficiencies, as well as lower fuel costs and additional First Student operating days expected to result in strong progress for the Group in the year ahead
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Significantly increased cash generation expected in 2016/17
Financial summary 2015/16:
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Underlying revenue broadly flat. Reported revenue decreased by 13.8% due to changes in rail portfolio
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Adjusted operating profit in line with prior year, and adjusted2 EPS increased by 5.1%
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Statutory operating profit and EPS increased by 0.2% and 21.0% respectively
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Net cash inflow for the year (before end of rail franchise outflows) was ahead of expectations at £36.0m
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Net debt:EBITDA flat at 2.3 times
