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Preliminary results for the year to 31 March 2001
Tuesday 15 May 2001
HIGHLIGHTS
Further increases in turnover, profit and cash flow
Focus on core businesses enhanced
Successful disposal of New World First Holdings and Bristol International Airport
Rail portfolio strengthened through re-negotiation of First North Western franchise
North America outperforms acquisition plan
US school bus business growing at 10% per annum
Total UK Bus volumes up by over 1%
Turnover £2,054m up 14%
Profit before tax £136.8m up 13%
Net dividend per share 9.4p up 11%
Cash generation £307m* up 18%
Adjusted basic earnings per share 28.9p
Net debt reduced by £119m to £661m
Commenting, FirstGroup's Chief Executive, Moir Lockhead said:
"This has been a year of achievement. We have delivered on our strategy and the Group is now focused on its three core businesses. North American operations have outperformed expectations, our UK rail business has achieved strong results despite the aftermath of Hatfield and our UK bus operation has seen its third year of volume growth. We have reduced debt by over £100m in the year and this puts us in a strong position to develop new opportunities and where appropriate to further reduce debt and buy back equity. Despite the more uncertain economic outlook, I believe our companies are well placed to grow on both sides of the Atlantic, and I remain confident about the prospects for the Group."
* Group operating profit before ESOP, goodwill and restructuring and other exceptional costs, plus depreciation