TIDMSTA
RNS Number : 6181Z
Stagecoach Theatre Arts PLC
18 January 2011
Embargoed until 0700 on 18 January 2011
Stagecoach Theatre Arts plc (AIM: STA)
("Stagecoach" or "the Group")
Interim Results
for the half year ended 30 November 2010
"Stagecoach Theatre Arts plc operates the UK's largest franchise
network of part-time performing arts schools for children aged
between 4 and 18"
Highlights:
Financial
-- Network fees increased marginally by 0.8% to GBP13.2 million
(2009: GBP13.1 million). Group revenue was GBP2.9 million (2009:
GBP3.0 million).
-- Profit before tax was GBP72,000 (2009: GBP267,000) following
the planned and substantial funding of new marketing and
advertising material across group, along with a reduction in Agency
brochure income and initial fees.
-- Increase in cash balances to GBP1.6 million as at 30 November
2010 (2009: GBP1.3 million), and the Group has no bank debt.
-- Earnings per share of 0.6 pence (2009: 1.9 pence).
-- Interim dividend maintained at 0.5 pence per share (2009: 0.5
pence), reflecting Board's confidence in the underlying trading,
the long term strength of the business and the strong balance
sheet.
Operational
-- Group student numbers down by 100 students to 39,221 over the
year.
-- German operations continue to expand steadily with three more
schools and a total of 1,088 students attending.
-- North American operations expanding, with a 42% increase in
student numbers over the year to 656 students across 13
schools.
-- However, Stagecoach UK student numbers have decreased by 332
to 34 956, due to a number of school closures or mergers in those
areas of the UK hardest hit by the recession.
-- The Stagecoach Board remains committed to bringing each part
of the business to profitability. With the new school openings in
Germany and expansion in North America, the Group is moving towards
achieving this goal.
David Sprigg, Managing Director, commented:
"I am pleased with the performance of the business given the
tough economic climate. The minimal impact on our core business
demonstrates the popularity of Stagecoach training and education
and the resilience of our business model. Despite the short term
impact on profitability we have chosen to increase our investment
in marketing and advertising, which we believe will benefit future
student recruitment and help maintain our position as market
leader."
Enquiries:
Stagecoach Theatre Arts plc Tel: 01932 254 333 / 07775
Richard Dawson, Finance Director and 643 939
Head of Investor Relations rdawson@stagecoach.co.uk
www.stagecoach.co.uk
Smith & Williamson Corporate Finance Tel: 020 7131 4000
Limited Nominated Adviser & Broker
David Jones / Siobhan Sergeant / Barrie
Newton
Peckwater PR Tel: 07879 458 364
Tarquin Edwards Tarquin.Edwards@peckwaterpr.co.uk
Chairman's Statement
Results and Overview
Profit before tax for the six months to 30 November 2010 was
GBP72,000 (2009: GBP267,000). The reduction in profit results from
a planned significant funding of a complete redesign and
implementation of new marketing and advertising material across our
franchise network, combined with decreases in brochure income from
the Stagecoach Agency and in initial fees.
Stagecoach has demonstrated resilience in its underlying trading
performance throughout this difficult economic climate. In
particular, the Group has grown its network fees compared to last
year, we have grown our Stagecoach worldwide student base, have
maintained the interim dividend, continue to be profitable and have
managed our capital resources successfully to increase our net cash
to GBP1.6 million as at 30 November 2010 (2009: GBP1.3
million).
The total number of students attending our schools during the
Autumn Term 2010 decreased marginally by 0.3% to 39,221 students
(Autumn Term 2009: 39,321 students). This reflects a reduction of
approximately 200 students across SportsCoach and Mini Stages,
whilst Stagecoach worldwide has increased by around 100 students.
Network fees, which reflect total school fees earned over the
period by our franchisees, increased slightly to GBP13.2 million
(2009: GBP13.1 million) due to further expansion overseas. Group
revenue was broadly similar at GBP2.9 million (2009: GBP3.0
million).
Earnings per share for the six month period were 0.6 pence
(2009: 1.9 pence). We have maintained the level of interim dividend
of 0.5 pence per share (2009: 0.5 pence) reflecting your Board's
confidence in the underlying trading, the long term strength of the
business and the strong balance sheet. This interim dividend which
amounts to GBP49,722 will be paid on 2 March 2011 to those
shareholders on the register as at 4 February 2011.
Operating Performance
UK Operations
The number of Stagecoach Theatre Arts schools in the UK and
students attending during the Autumn Term 2010 decreased to 611
schools, 722 Early Stages classes and 34,956 students (2009: 623
schools, 719 Early Stages classes and 35,273 students). The net
reduction in main schools reflects some closures or mergers of
Stagecoach UK schools in those areas of the country hardest hit by
the recession. Initial fees income, from school transfers and new
school openings, decreased by GBP47,000 to GBP140,000 for the
period.
There has been a small increase in average student numbers per
main school to 41.5 students (2009: 41.3), with Early Stages level
at 13.0 students per class (2009: 13.0).
The Stagecoach Agency maintains its status as the largest
performing arts agency for children in Europe and continues to
provide our students with varied work across all areas of the
entertainment industry. However our September 2010 student intake
for the Agency reduced to 1,344 (2009: 1,605). This has resulted in
a GBP50,000 decrease in Agency income compared to the prior
year.
We have enjoyed another busy six months for large-scale
performances and events across the network. In June 2010, and again
in October 2010, over 300 students performed at Her Majesty's
Theatre in London's West End. In August, we staged our annual
showcase, the musical My Fair Lady, at the Leatherhead Theatre
featuring 75 students from schools in the UK, Canada Ireland, USA,
Spain and Germany.
Our SportsCoach network has 18 SportsCoach schools, 9 Early
Sporties Classes and 740 students (2009: 22 schools, 10 Early
Sporties and 849 students). We also have 81 Mini Stages students
attending classes operated at our Head Office and 98 Montessori
nursery students (2009: 197 and 106 students respectively).
We have invested heavily during the period in advertising,
marketing and promotions. This includes a new senior marketing
manager, increased and targeted internet advertising, the
development of Stagecoach.tv, and a significant re-design and
implementation of all our marketing material. This has resulted in
a GBP150,000 increase in advertising, marketing and promotions
expenditure compared to the prior year. Approximately half of this
funded the marketing re-design and is a one-off expense. These cost
increases are partially off-set by reductions of approximately
GBP50,000 in other operating costs and overheads.
International Operations
It is pleasing to see our German operations continue to expand
steadily, with another three Stagecoach schools opening, giving a
total of 24 schools in Germany with 1,088 students attending as at
the Autumn Term 2010 (Autumn Term 2009: 21 schools and 946
students). Such growth takes us close to achieving the critical
mass of schools required for the German subsidiary to move into
profitability. In North America, one school closed in the USA and
two new franchisees opened schools in Canada in Autumn Term 2010.
Average student attendance across North America has improved, and
the number of Stagecoach schools and students attending has
increased to 13 and 656 respectively (Autumn Term 2009: 12 schools
and 461 students).
In our overseas markets, comprising Germany, USA, Canada, Malta,
Ireland Spain, Greece and Australia, there are now 63 Stagecoach
schools, 59 Early Stages classes, 3 Further Stages classes, 12 Mini
Stages sessions and a total of 3,346 students (2009: 56 Stagecoach
schools, 49 Early Stages classes, 3 Further Stages classes, 12 Mini
Stages sessions and a total of 2,896 students).
Strategy
Your Board remains committed to bringing each part of our
business to profitability, which is a challenging goal given the
difficult economic climate worldwide. We continue to invest in the
German market, taking a long term view that Stagecoach Germany has
the most potential to emulate the success of Stagecoach UK.
Our key objectives remain as follows:
-- further growth in the UK, derived from investment in
marketing
-- growth from international operations
-- tight management of overheads, and thus maintaining our cash
reserves
-- continuing to provide a return to shareholders via
dividends
The Group also continues to support The Stagecoach Charitable
Trust, which runs InterAct classes and theatre workshops, providing
inclusive performing arts tuition to children of all abilities and
needs.
The Stagecoach Theatre Arts Awards
On 9 November 2010, the Directors of Stagecoach Theatre Arts
proudly presented The Stagecoach Theatre Arts Awards, Acknowledging
and Rewarding Children's Achievements. The launch reception took
place at The House of Commons hosted by Lord Cope of Berkeley.
Patrons of these awards are Viscountess Mackintosh of Halifax and
Sir Bernard Ingham. The Awards recognise young people from all
walks of life who have faced adversity, demonstrated bravery, shown
courage, cared for others or been good role models for young
citizens.
Current Trading and Future Prospects
I look forward to seeing Stagecoach continuing to grow its
international presence and in particular achieving the critical
mass required to move Stagecoach Germany into profitability. We
continue to increase our investment in online marketing and other
promotional activity to maintain our market presence and brand
awareness, both at home and overseas. Trading has generally
remained level during this difficult economic period, although we
have felt the effects of recession on schools and student numbers.
However, we have demonstrated our resilience during previous
recessions and throughout our 22 year history and are pleased that
the demand for performing arts tuition remains as strong as ever.
We continue to offer the highest standards of education in
performing arts and sports tuition for children.
Graham Cole
Chairman
18 January 2011
Responsibility Statement of Directors
in respect of the Half-year Report
We confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared
in accordance with IAS34 "Interim Financial Reporting" as adopted
by the EU.
(b) The half-year management report includes a fair review of
the information required by:
-- DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
half-year financial statements; and a description of the principal
risks and uncertainties of the remaining six months of the year;
and
-- DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By Order of the Board:
David Sprigg Stephanie Manuel
Joint Managing Director Artistic Director
and Joint Managing Director
18 January 2011
Unaudited Condensed Consolidated Statement of Comprehensive
Income
For the six months ended
30 November 2010 Six months ended Year ended
30 Nov 30 Nov 31 May
2010 2009 2010
Notes GBP'000 GBP'000 GBP'000
Network fees (see note) 13,201 13,095 29,242
========= ======== ===========
Revenue 2 2,923 3,034 6,219
Cost of sales (1,761) (1,696) (3,065)
--------- -------- -----------
Gross profit 1,162 1,338 3,154
Other income 10 12 24
Administrative expenses (1,105) (1,087) (2,458)
--------- -------- -----------
Results from operating activities 2 67 263 720
Finance income 5 6 11
Finance expenses - (2) (4)
--------- -------- -----------
Net finance income 5 4 7
--------- -------- -----------
Profit before income tax 72 267 727
Income tax expense 3 (14) (80) (210)
--------- -------- -----------
Profit for the period to
equity holders of the parent 58 187 517
Other comprehensive income
Foreign currency translation
differences for foreign
operations (7) (3) 11
--------- -------- -----------
Total comprehensive income
for the period attributable
to equity holders of the
parent 51 184 528
========= ======== ===========
Earnings per share (pence)
- Basic earnings per share 5 0.6 1.9 5.2
- Diluted earnings per
share 5 0.6 1.9 5.2
Note: Network fees represent total school fees earned over the
period by our franchisees from the students that attended
Stagecoach and SportsCoach worldwide.
Unaudited Condensed Consolidated Statement of Changes in
Equity
For the six
month period Profit
ended 30 Share Share Translation and loss Total
November 2010 capital premium reserve account equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 June 2009 495 1,609 (79) 1,203 3,228
Total
comprehensive
income for the
period
Profit for the
six months
ended 30
November
2009 - - - 187 187
Other
comprehensive
income
Foreign
currency
translation
differences
for foreign
operations - - (3) - (3)
Contributions
by and
distributions
to owners
Dividends paid - - - (199) (199)
Share based
payments - - - (23) (23)
Shares issued 2 10 - - 12
Balance at 30
November 2009
and 1
December
2009 497 1,619 (82) 1,168 3,202
Total
comprehensive
income for the
period
Profit for the
six months
ended 31 May
2010 - - - 330 330
Other
comprehensive
income
Foreign
currency
translation
differences
for foreign
operations - - 14 - 14
Contributions
by and
distributions
to owners
Dividends paid (50) (50)
Share based
payments - - - 12 12
Balance at 31
May 2010 and
1 June 2010 497 1,619 (68) 1,460 3,508
Total
comprehensive
income for the
period
Profit for the
six months
ended 30
November
2010 - - - 58 58
Other
comprehensive
income
Foreign
currency
translation
differences
for foreign
operations - - (7) - (7)
Contributions
by and
distributions
to owners
Dividends paid - - - (199) (199)
Share based
payments - - - 9 9
---------- ---------- ------------ ---------- -----------
Balance at 30
Nov 2010 497 1,619 (75) 1,328 3,369
========== ========== ============ ========== ===========
Unaudited Condensed Consolidated Statement of Financial
Position
As at 30 November 2010
30 Nov 30 Nov 31 May
2010 2009 2010
GBP'000 GBP'000 GBP'000
Assets
Property, plant and equipment 67 82 74
Intangible assets - Goodwill 981 981 981
Intangible assets - Computer
software 142 270 196
Deferred tax assets 9 - 9
-------- -------- --------
Total non-current assets 1,199 1,333 1,260
-------- -------- --------
Inventories 245 269 244
Trade and other receivables 1,471 1,440 2,402
Cash and cash equivalents 1,586 1,308 1,119
-------- -------- --------
Total current assets 3,302 3,017 3,765
-------- -------- --------
Total assets 4,501 4,350 5,025
======== ======== ========
Equity
Share capital 497 497 497
Share premium 1,619 1,619 1,619
Translation reserve (75) (82) (68)
Retained earnings 1,328 1,168 1,460
-------- -------- --------
Total equity attributable
to equity holders of the
company 3,369 3,202 3,508
-------- -------- --------
Liabilities
Deferred tax liabilities - 4 -
-------- -------- --------
Total non-current liabilities - 4 -
-------- -------- --------
Other interest-bearing
loans and borrowings - 25 -
Trade and other payables 1,132 1,119 1,517
-------- -------- --------
Total current liabilities 1,132 1,144 1,517
-------- -------- --------
Total liabilities 1,132 1,148 1,517
-------- -------- --------
Total equity and liabilities 4,501 4,350 5,025
======== ======== ========
Unaudited Condensed Consolidated Statement of Cash Flows
For the six month period ended
30 November 2010 Six months ended Year ended
30 Nov 30 Nov 31 May
2010 2009 2010
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 58 187 517
Adjustment for:
Depreciation and amortisation 82 83 166
Foreign exchange differences 1 (2) 1
Finance income (5) (6) (11)
Finance expenses - 2 4
Loss on disposal of property,
plant and equipment - - 5
Write-down of territories held
for re-sale - - 23
Employee share option scheme 9 (23) 16
Income tax expense 14 80 210
--------- -------- -----------
Operating profit before changes
in working capital and provisions 159 321 931
Decrease/(increase) in inventories (1) (24) (21)
Decrease/(increase) in trade
and other receivables 924 744 (215)
Decrease in trade and other payables (290) (370) (8)
--------- -------- -----------
Cash generated from the operations 792 671 687
Interest received 5 6 11
Interest paid - (4) (4)
Income tax paid (108) (126) (230)
--------
Net cash from operating activities 689 547 464
--------- -------- -----------
Cash flows from investing activities
Acquisition of property, plant
and equipment (1) - (8)
Acquisition of intangible assets (20) (64) (62)
--------
Net cash used in investing activities (21) (64) (70)
--------- -------- -----------
Cash flows from financing activities
Shares issued - 12 12
Cancellation of share options - - (27)
Dividends paid (199) (199) (249)
Repayment of borrowings - (25) (50)
--------- -------- -----------
Net cash used in financing activities (199) (212) (314)
--------- -------- -----------
Net increase in cash and cash
equivalents 469 271 80
Cash and cash equivalents at
beginning of the period 1,119 1,037 1,037
Effect of exchange rate fluctuations
on cash held (2) - 2
--------- -------- -----------
Cash and cash equivalents at
end of the period 1,586 1,308 1,119
========= ======== ===========
Notes to the Unaudited Condensed Consolidated Half-year
Financial Statements
For the six month period ended 30 November 2010
1. Accounting Policies
General
Stagecoach Theatre Arts plc is a company incorporated in the UK.
The Group is primarily involved in operating a franchise network of
part-time performing arts and sports schools.
The condensed consolidated half-year financial statements for
the six months ended 30 November 2010 consolidate those of the
Company and its subsidiaries (together referred to as the
'Group').
Statement of compliance
The Group's consolidated annual financial statements have been
prepared in accordance with International Financial Reporting
Standards as adopted by the EU ('Adopted IFRSs'). These condensed
consolidated half-year financial statements have been prepared in
accordance with International Accounting Standard 34 'Interim
Financial Reporting', as adopted by the EU. They do not include all
of the information for full consolidated annual financial
statements, and should be read in conjunction with the Group's
consolidated annual financial statements for the year ended 31 May
2010, which are available upon request from the Company's
registered office or at www.stagecoach.co.uk.
The comparative figures for the financial year ended 31 May 2010
are not the Company's statutory accounts for that financial year
and do not constitute the statutory accounts as defined in section
434 of the Companies Act 2006. Those accounts have been reported on
by the Company's auditors and delivered to the registrar of
companies. The report of the auditors was (i) unqualified, (ii) did
not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
These condensed consolidated half-year financial statements were
approved by the Board of Directors on 18 January 2011.
Basis of preparation
Except as described below, the same accounting policies and
presentation methods of computation are followed in the condensed
consolidated half-year financial statements as applied in the
Group's latest consolidated annual audited financial statements for
the year ended 31 May 2010.
The Group has sufficient financial resources together with
long-term contracts with a number of customers and suppliers across
different geographic areas. As a consequence, the Directors believe
that the Group is well placed to manage its business risks
successfully despite the current uncertain economic outlook.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-year report and financial statements.
Changes in accounting policy
In the current financial year the Group has adopted the
following interpretations to existing standards, which became
mandatory for the Group's accounting period beginning on 1 June
2010:
IFRS 3 'Business Combinations (Revised 2008)' and consequential
amendments IAS 27 'Consolidated and Separate Financial Statements
(Revised 2008)', requires acquisition costs to be expensed to the
Statement of Comprehensive Income as they are incurred and not
included in the cost of a business combination.
Amendment to IAS 39 'Financial Instruments: Recognition and
Measurement: Eligible Hedged Items' clarifies how existing
principles underlying hedge accounting should be applied to
particular situations.
Amendment to IFRS 2 'Group Cash-settled Shared-based Payments',
clarifies how an individual subsidiary in a Group should account
for some share-based payment arrangements in its own financial
statements.
The adoption of these standards resulted in no significant
changes to the presentation of results.
Measurement convention
The condensed consolidated half-year financial statements are
presented in sterling, rounded to the nearest thousand and are
prepared on the historical cost basis.
Use of estimates and judgements
The preparation of condensed consolidated half-year financial
statements in conformity with Adopted IFRSs requires management to
make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods
affected.
2. Segment Reporting
The Board of Directors believe that the Group has one reportable
group of related services and products, being children's education
through the performing arts via franchising (Stagecoach,
SportsCoach and Montessori) as all activities have similar economic
characteristics. The Stagecoach franchising operation includes the
Stagecoach Agency and creative and educational activities, which
are an integral part of the product offering to the students and
are not reviewed as separate operations by the Board of Directors.
The Group no longer offers Mini Stages franchises and during
2009-2010 assisted the remaining UK Mini Stages franchisees to
cease their operations. Mini Stages classes still operate under
international licence. Mini Stages franchising is not a significant
operation of the Group.
Segment information is provided and reviewed on the basis of
geographic areas: UK, the home country of the parent company, and
International, the franchising operations in North America, Europe
and the Rest of the World, being the basis on which the Group
manages its worldwide interests. International operations are
considered to have similar long term economic characteristics and
are aggregated below.
The Board of Directors review network fees and the statement of
comprehensive income in these segments, and the statement of
financial position and statement of cash flows on a Group basis.
The Board of Directors review internal management reports on a
termly basis and senior management review these on a monthly basis.
The Group does not rely on one major customer.
The Group operations for the period are as follows:
Six months ended Year ended
30 Nov 2010 30 Nov 2009 31 May 2010
United United United
Kingdom International Total Kingdom International Total Kingdom International Total
Student
numbers (at
period end) 35,875 3,346 39,221 36,425 2,896 39,321 36,361 2,964 39,325
======== ============== ======== ======== ============== ======== ======== ============== ========
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Network fees 12,209 992 13,201 12,264 831 13,095 27,246 1,996 29,242
======== ============== ======== ======== ============== ======== ======== ============== ========
Revenue 2,752 171 2,923 2,877 157 3,034 5,854 365 6,219
======== ============== ======== ======== ============== ======== ======== ============== ========
Results from
operating
activities 73 (6) 67 268 (5) 263 725 (5) 720
Finance income 5 - 5 6 - 6 11 - 11
Finance
expenses - - - (2) - (2) (4) - (4)
-------- -------------- -------- -------- -------------- -------- -------- -------------- --------
Profit/(loss)
before income
tax 78 (6) 72 272 (5) 267 732 (5) 727
======== ============== ======== ======== ============== ======== ======== ============== ========
Depreciation
and
Amortisation 75 7 82 77 6 83 153 13 166
======== ============== ======== ======== ============== ======== ======== ============== ========
Non-current
assets* 949 241 1,190 1,091 242 1,333 1,010 241 1,251
======== ============== ======== ======== ============== ======== ======== ============== ========
*This balance excludes deferred tax assets.
3. Income tax expense
The UK income tax expense for the six month period is charged at
28% (six months ended 30 November 2009: 30%; year ended
31 May 2010: 28%), representing the best estimate of the average
annual effective tax rate expected for the full financial year,
applied to the pre-tax income of the six month period.
Six months ended Year ended
30 Nov 30 Nov 31 May
2010 2009 2010
GBP'000 GBP'000 GBP'000
UK income tax expense 14 80 210
========= ======== ===========
4. Dividends
Six months ended Year ended
30 Nov 30 Nov 31 May
2010 2009 2010
GBP'000 GBP'000 GBP'000
Amounts recognised as distributions
to equity holders in the period
Final dividend for the year ended 31
May 2010 of 2p per ordinary share (2009:
2p per ordinary share). 199 199 199
Interim dividend for the year ended
31 May 2010 of 0.5p per ordinary share. - - 50
--------- -------- -----------
199 199 249
========= ======== ===========
Amounts proposed as distributions to
equity holders
Proposed interim dividend for the year
ended 31 May 2011 of 0.5p per ordinary
share (2010: 0.5p per ordinary share). 50 50 -
========= ======== ===========
Proposed final dividend for the year
ended 31 May 2010 of 2p per ordinary
share. - - 199
========= ======== ===========
The proposed interim dividend had not been approved by the Board
of Directors at 30 November 2010 and therefore has not been
included as a liability. The comparative interim dividend at 30
November 2009 was also not recognised as a liability in the prior
year.
The proposed interim dividend of 0.5p (2009: 0.5p) per ordinary
share will be paid on 2 March 2011 to those shareholders on the
register as at 4 February 2011.
5. Earnings per share
Six months ended Year ended
30 Nov 30 Nov 31 May
2010 2009 2010
Earnings
Profit for the period for basic and
diluted earnings per share (GBP'000) 58 187 517
--------- -------- -----------
Number of shares
Weighted average number of shares used
for basic earnings per share ('000) 9,944 9,932 9,938
Dilutive effect of share options ('000) 129 75 80
--------- -------- -----------
Fully diluted weighted average number
of shares used for diluted earnings
per share ('000) 10,073 10,007 10,018
========= ======== ===========
Basic earnings per share (pence) 0.6 1.9 5.2
Diluted earnings per share (pence) 0.6 1.9 5.2
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding by the
average number of shares deemed to be issued for no consideration
(options granted to employees).
6. Related Party Transactions
The Directors consider there to be no one individual or entity
that ultimately controls the Group.
Directors of the Company and their immediate relatives control
61.87% (six months ended 30 November 2009: 61.86%; year ended 31
May 2010: 61.87%) of the voting shares of the Company. The
Directors are considered to be the key management personnel of the
Group.
Directors' rights to subscribe for shares in the company are
indicated below:
Share Options
Date of Grant Exercise Number of Dates when
Price options exercisable
-------------- --------- ---------- ----------------------
Richard Dawson 21 Oct 01 42.0p 47,786 14 Dec 01 to
21 Oct 11
-------------- --------- ---------- ----------------------
27 Jan 05 67.5p 100,000 31 May 07 to
27 Jan 15
4 Oct 06 32.5p 35,000 31 May 07 to
4 Oct 16
29 Jan 09 46.5p 43,010 31 May 10 to
29 Jan 19
--------------- -------------- --------- ---------- ----------------------
Manzoor Ishani 5 Aug 02 112.5p 44,444 5 Aug 05 to
5 Aug 12
-------------- --------- ---------- ----------------------
27 Jan 05 67.5p 100,000 31 May 07 to
27 Jan 15
-------------- --------- ---------- ----------------------
4 Oct 06 32.5p 100,000 31 May 07 to
4 Oct 16
-------------- --------- ---------- ----------------------
29 Jan 09 46.5p 43,010 31 May 10 to
29 Jan 19
-------------- --------- ---------- ----------------------
Long-term Incentive Plan
Date of Grant Exercise Number of Dates when
Price options exercisable
-------------- --------- ---------- ----------------------
Richard Dawson 3 Feb 10 5.0p 35,000 10 Aug 10 to
2 Feb 2020
-------------- --------- ---------- ----------------------
11 Aug 10 5.0p 35,000 11 Aug 11 to
2 Feb 2020
--------------- -------------- --------- ---------- ----------------------
Manzoor Ishani 3 Feb 10 5.0p 28,000 10 Aug 10 to
2 Feb 2020
11 Aug 10 5.0p 28,000 11 Aug 11 to
2 Feb 2020
--------------- -------------- --------- ---------- ----------------------
No options held by Directors neither lapsed nor were exercised
during the period. The mid-market price of the shares at 30
November 2010 was 42.5 pence and the range during the period was
40.0 pence to 48.0 pence.
During the period, the Directors' remuneration including
benefits in kind was GBP333,183 (30 Nov 2009: GBP322,904).
At 30 November 2010, there were no payments due to Directors
other than fees and expenses in the normal course of business.
The Group continues to support and provide management time to
the Stagecoach Charitable Trust (SCT), the trustees of which
include Stephanie Manuel and David Sprigg. During the period, the
Group donated GBP34,710 to SCT (30 Nov 2009: GBP33,710).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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