firstgroup plc (FGROF) Snapshot

Firstgroup plc reported preliminary earnings results for the year ended March 31, 2013. For the year, reported revenue of GBP 6900.9 million against GBP 6,678.7 million a year ago. Underlying EBITDA was GBP 667.0 million against GBP 742.9 million a year ago. Underlying operating profit was GBP 335.4 million against GBP 428.5 million a year ago. Underlying profit before tax was GBP 172.4 million compared to GBP 271.4 million last year. Underlying basic EPS was 26.9 pence against 40.0 pence a year ago. Statutory operating profit was GBP 205.7 million against GBP 448.0 million a year ago. Statutory profit before tax was GBP 37.2 million against GBP 279.9 million a year ago. Statutory basic EPS was GBP 7.3 pence against GBP 42.7 pence a year ago. Net debt as on March 31, 2013 was GBP 1,979.1 million against as on March 31, 2012 was GBP 1,837.5 million a year ago. The company’s profit before tax decreased to GBP 37.2 million from GBP 279.9 million last year. Profit for the year from continuing operations was GBP 47.8 million compared to GBP 229.8 million last year. The Group announced the decrease in underlying profit was due principally to lower underlying operating profits. Underlying profit per share from continuing operations was 26.7 pence compared to 39.8 pence last year.

Firstgroup plc, 2013 Earnings Call, May 20, 2013

The Firstgroup plc proposed that no final dividend will be paid in respect of the year to March 31, 2013, nor an interim dividend for the year to March 31, 2014. Payments will recommence with a final dividend for the year to March 31, 2014, subject to performance in line with expectations, as a transition to re-establishing a progressive dividend policy thereafter. While the exact quantum will be determined at that time, the Board's intent is to pay a transitional final dividend of up to GBP 50 million in the year to March 31, 2014. The final dividend declared for 2012 was 16.05 pence.