TIDMSTA
RNS Number : 2253Y
Stagecoach Theatre Arts PLC
28 February 2012
Stagecoach Theatre Arts plc (AIM: STA)
("Stagecoach" or "the Group")
Interim Results
for the six months ended 30 November 2011
"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, which reflect total school fees earned over the
period by franchisees, decreased slightly to GBP12.9 million (2010:
GBP13.2 million) reflecting the reduction in student numbers.
-- Group revenue decreased slightly to GBP2.8 million (2010: GBP2.9 million).
-- Loss before tax was GBP66,000 (2010: profit GBP72,000)
reflecting a 3.6% fall in turnover due to a small decrease in
student numbers combined with a necessary and planned increase in
advertising and marketing spend for future recruitment of new
students across the franchise network.
-- Loss per share during the period was 0.4 pence (2010: Earnings per share 0.6 pence).
Operational
-- Total number of students attending schools during the Autumn
Term 2011 was down slightly by 2.4% to 38,291 students (2010:
39,221 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 economic downturn.
-- The average occupancy remains at over 90% of all places filled.
-- Following sustained investment in advertising and marketing
for new students, the Group saw a modest increase in student
numbers between Summer Term 2011 to Autumn Term 2011.
-- German operations continue to expand steadily, with another
two more schools opening, giving a total of 26 schools in Germany
with 1,226 students attending as at the Autumn Term 2011 (Autumn
Term 2010: 24 schools and 1,088 students).
-- In North America, three new franchisees opened schools in
Canada during the Autumn Term 2011. The number of Stagecoach
schools and students attending has increased to 16 and 954
respectively (Autumn Term 2010: 13 schools and 656 students).
-- The Board remains committed to bringing each part of the business to profitability.
Graham Cole, Chairman, commented:
"Trading has generally remained level during this difficult
economic period, although we have felt the effects of the downturn
on schools and student numbers in the UK. However, we have
demonstrated our resilience during previous recessions and
throughout our 24 year history and are pleased that the demand for
performing arts tuition remains strong."
"We continue to increase our investment in advertising and
marketing for students, both at home and overseas. The outlook for
our operations in Germany and North America is encouraging. We
continue to offer the highest standards of education in performing
arts and sports tuition for children."
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
Peckwater PR Tel: 07879 458 364
Tarquin Edwards Tarquin.Edwards@peckwaterpr.co.uk
Chairman's Statement
Results and Overview
Trading has generally remained level during this difficult
economic period, although we have felt the effects of the downturn
on schools and student numbers in the UK. However, we have
demonstrated our resilience during previous recessions and
throughout our 24 year history and are pleased that the demand for
performing arts tuition remains strong.
We report on a loss before tax for the six months to 30 November
2011 of GBP66,000 (2010: profit before tax GBP72,000). The
reduction in profit results from a 3.6% fall in turnover due to a
small decrease in student numbers, combined with a necessary and
planned increase in advertising and marketing spend for future
recruitment of new students across the franchise network.
The total number of students attending our schools during the
Autumn Term 2011 were down slightly by 2.4% to 38,291 students,
compared to the prior period (2010: 39,221 students), although the
average occupancy still remains at over 90% of all places filled.
With the sustained investment in advertising and marketing for
students, we are pleased to report on a small increase of 216
students (0.6%) from the Summer Term 2011 to this Autumn Term
2011.
Network fees, which reflect total school fees earned over the
period by our franchisees, decreased slightly to GBP12.9 million
(2010: GBP13.2 million) reflecting the reduction in student numbers
over the year. Group revenue decreased slightly to GBP2.8 million
(2010: GBP2.9 million).
Loss per share for the six month period was 0.4 pence (2010:
Earnings per share 0.6 pence).
Operating Performance
UK Operations
The number of Stagecoach Theatre Arts schools in the UK and
students attending during the Autumn Term 2011 decreased to 593
schools, 718 Early Stages classes and 34,047 students (2010: 611
schools, 722 Early Stages classes and 34,956 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 economic downturn.
There has been a small decrease in both the average student
numbers per main school to 41.2 students (2010: 41.5) and Early
Stages students per class to 12.9 (2010: 13.0). However,
encouragingly, average students per main school have increased this
Autumn Term 2011 since the low point of 40.7 students as at Summer
Term 2011.
We have enjoyed another busy six months for large-scale
performances and events across the network. In June 2011, and again
in November 2011, over 600 students performed at Her Majesty's
Theatre in London's West End. In August, we staged our annual
showcase, the musical The Secret Garden, at the Leatherhead Theatre
featuring 78 students from schools in the UK, Canada, Ireland, USA,
Spain and Germany.
Our SportsCoach network has 14 SportsCoach schools, 11 Early
Sporties Classes and 581 students (2010: 18 schools, 9 Early
Sporties and 740 students). We also have 90 Mini Stages students
attending classes operated at our Head Office and 110 Montessori
nursery students (2010: 81 and 98 students respectively).
International Operations
It is pleasing to see our German operations continue to expand
steadily, with another two Stagecoach schools opening, giving a
total of 26 schools in Germany with 1,226 students attending as at
the Autumn Term 2011 (Autumn Term 2010: 24 schools and 1,088
students). In North America, three new franchisees opened schools
in Canada during the Autumn Term 2011. Average student attendance
across North America has improved, and the number of Stagecoach
schools and students attending has increased to 16 and 954
respectively (Autumn Term 2010: 13 schools and 656 students).
In our overseas markets, comprising Germany, USA, Canada, Malta,
Ireland, Spain, Gibraltar, Greece, South Africa and Australia,
there are now 68 Stagecoach schools, 69 Early Stages classes, 2
Further Stages classes, 9 Mini Stages sessions and a total of 3,463
students (2010: 63 Stagecoach schools, 59 Early Stages classes, 3
Further Stages classes, 12 Mini Stages sessions and a total of
3,346 students).
Strategy
Your Board remains committed to bringing each part of our
business to profitability. We continue to invest in the German and
North American markets, taking a long term view that these
Stagecoach networks have the most potential to emulate the success
of Stagecoach UK.
Our key objectives remain as follows:
-- further growth in the UK, once the economic climate improves
-- growth from international operations
-- tight management of overheads, and thus maintaining our cash reserves
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.
Current Trading and Future Prospects
We continue to increase our investment in advertising and
marketing for students, both at home and overseas. Trading has
remained broadly flat despite this difficult economic period,
although we have felt the effects of the economic downturn on
schools and student numbers in the UK. The outlook for our
operations in Germany and North America is encouraging. We continue
to offer the highest standards of education in performing arts and
sports tuition for children.
Graham Cole
Chairman
28 February 2012
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
28 February 2012
Unaudited Condensed Consolidated Statement of Comprehensive
Income
For the six months ended 30 November 2011
Six months ended Year ended
30 Nov 30 Nov 31 May
2011 2010 2011
Notes GBP'000 GBP'000 GBP'000
Network fees (see note) 12,909 13,201 29,304
========= ======== ===========
Revenue 2 2,819 2,923 5,987
Cost of sales (1,829) (1,761) (3,092)
--------- -------- -----------
Gross profit 990 1,162 2,895
Other income 10 10 20
Administrative expenses (1,071) (1,105) (2,274)
--------- -------- -----------
Results from operating
activities 2 (71) 67 641
Finance income 5 5 9
-----------
Net finance income 5 5 9
--------- -------- -----------
(Loss)/profit before income
tax (66) 72 650
Income tax income/(expense) 3 22 (14) (168)
--------- -------- -----------
(Loss)/profit for the period
to equity holders of the
parent (44) 58 482
Other comprehensive income/(expense)
Foreign currency translation
differences for foreign
operations 5 (7) (14)
--------- -------- -----------
Total comprehensive (expense)/income
for the period attributable
to equity holders of the
parent (39) 51 468
========= ======== ===========
(Loss)/earnings per share
(pence)
* Basic earnings per share 5 (0.4) 0.6 4.8
* Diluted earnings per share 5 (0.4) 0.6 4.8
The above results relate to continuing operations.
Unaudited Condensed Consolidated Statement of Changes in
Equity
For the six month period ended 30 November 2011
Share capital Share premium Translation Profit and Total equity
reserve loss account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 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
November 2010
and 1 December
2010 497 1,619 (75) 1,328 3,369
Total comprehensive
income for the
period
Profit for the
six months ended
31 May 2011 - - - 424 424
Other comprehensive
income
Foreign currency
translation differences
for foreign operations - - (7) - (7)
Contributions
by and distributions
to owners
Dividends paid (50) (50)
Share based payments - - - 9 9
Balance at 31
May 2011
and 1 June 2011 497 1,619 (82) 1,711 3,745
Total comprehensive
income for the
period
Loss for the six
months ended 30
November 2011 - - - (44) (44)
Other comprehensive
income
Foreign currency
translation differences
for foreign operations - - 5 - 5
Contributions
by and distributions
to owners
Dividends paid - - - (200) (200)
Share based payments - - - (3) (3)
Shares issued 3 17 - - 20
-------------- -------------- ------------ -------------- -------------
Balance at 30
Nov 2011 500 1,636 (77) 1,464 3,523
============== ============== ============ ============== =============
Unaudited Condensed Consolidated Statement of Financial
Position
As at 30 November 2011
30 Nov 30 Nov 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'000
Assets
Property, plant and equipment 88 67 73
Intangible assets - Goodwill 981 981 981
Intangible assets - Computer
software 163 142 67
Deferred tax assets 32 9 32
-------- -------- --------
Total non-current assets 1,264 1,199 1,153
-------- -------- --------
Inventories 171 245 206
Trade and other receivables 1,585 1,471 2,276
Cash and cash equivalents 1,827 1,586 1,288
-------- -------- --------
Total current assets 3,583 3,302 3,770
-------- -------- --------
Total assets 4,847 4,501 4,923
======== ======== ========
Equity
Share capital 500 497 497
Share premium 1,636 1,619 1,619
Translation reserve (77) (75) (82)
Retained earnings 1,464 1,328 1,711
-------- -------- --------
Total equity attributable
to equity holders of the
company 3,523 3,369 3,745
-------- -------- --------
Liabilities
Trade and other payables 1,324 1,132 1,178
-------- -------- --------
Total current liabilities 1,324 1,132 1,178
-------- -------- --------
Total equity and liabilities 4,847 4,501 4,923
======== ======== ========
Unaudited Condensed Consolidated Statement of Cash Flows
For the six month period ended 30 November 2011
Six months ended Year ended
30 Nov 30 Nov 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit for the period (44) 58 482
Adjustment for:
Depreciation and amortisation 36 82 168
Foreign exchange differences 3 1 (4)
Finance income (5) (5) (9)
Loss on disposal of property,
plant and equipment 4 - -
Impairment of territories held
for re-sale 18 - 26
Employee share option scheme 19 9 18
Income tax (income)/expense (22) 14 168
--------- -------- -----------
Operating profit before changes
in working capital and provisions 9 159 849
Decrease/(increase) in inventories 17 (1) 11
Decrease in trade and other receivables 694 924 122
Increase/(decrease) in trade
and other payables 192 (290) (334)
--------- -------- -----------
Cash generated from the operations 912 792 648
Interest received 5 5 9
Income tax paid (94) (108) (199)
--------
Net cash from operating activities 823 689 458
--------- -------- -----------
Cash flows from investing activities
Acquisition of property, plant
and equipment (31) (1) (18)
Acquisition of intangible assets (51) (20) (20)
--------
Net cash used in investing activities (82) (21) (38)
--------- -------- -----------
Cash flows from financing activities
Shares issued 20 - -
Cancellation of share options (22) - -
Dividends paid (200) (199) (249)
Net cash used in financing activities (202) (199) (249)
--------- -------- -----------
Net increase in cash and cash
equivalents 539 469 171
Cash and cash equivalents at
beginning of the period 1,288 1,119 1,119
Effect of exchange rate fluctuations
on cash held - (2) (2)
--------- -------- -----------
Cash and cash equivalents at
end of the period 1,827 1,586 1,288
========= ======== ===========
Notes to the Unaudited Condensed Consolidated Half-year
Financial Statements
For the six month period ended 30 November 2011
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 2011 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
2011, 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 2011
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 on those accounts 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 28 February 2012.
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 2011.
Going concern
The Group has sufficient financial resources together with
long-term contracts with a number of customers and suppliers across
different geographic areas and industries. 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 annual 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
2011:
IAS 24 (Revised 2009) 'Related Party Transactions (Amendment)',
clarifies the definitions of a related party. The new definitions
emphasise a symmetrical view of related party relationships as well
as clarifying in which circumstances persons and key personnel
affect related party relationships of an entity. Secondly, the
amendment introduces an exemption from the general related party
disclosure requirements for transactions with a government and
entities that are controlled, jointly controlled or significantly
influenced by the same government as the reporting entity. The
adoption of the amendment did not have any impact on the financial
position or performance of the Group.
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
In respect of IFRS 8 'Operating Segments', 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.
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 2011 30 Nov 2010 31 May 2011
United International Total United International Total United International Total
Kingdom Kingdom Kingdom
Student
numbers
(at period
end) 34,828 3,463 38,291 35,875 3,346 39,221 34,771 3,304 38,075
======== ============== ======== ======== ============== ======== ======== ============== ========
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Network fees 11,766 1,143 12,909 12,209 992 13,201 26,940 2,364 29,304
======== ============== ======== ======== ============== ======== ======== ============== ========
Revenue 2,655 164 2,819 2,752 171 2,923 5,595 392 5,987
======== ============== ======== ======== ============== ======== ======== ============== ========
Results from
operating
activities (66) (5) (71) 73 (6) 67 599 42 641
Finance income 5 - 5 5 - 5 9 - 9
(Loss)/profit
before income
tax (61) (5) (66) 78 (6) 72 608 42 650
======== ============== ======== ======== ============== ======== ======== ============== ========
Depreciation
and
Amortisation 34 2 36 75 7 82 156 12 168
======== ============== ======== ======== ============== ======== ======== ============== ========
Non-current
assets 992 240 1,232 949 241 1,190 881 240 1,121
Deferred tax
assets 32 - 32 9 - 9 32 - 32
-------- -------------- -------- -------- -------------- -------- -------- -------------- --------
Total
non-current
assets 1,024 240 1,264 958 241 1,199 913 240 1,153
======== ============== ======== ======== ============== ======== ======== ============== ========
3. Income tax income/(expense)
The UK income tax income/(expense) for the six month period is
charged at 28% (six months ended 30 November 2010: 28%; year ended
31 May 2011: 27.67%), representing the best estimate of the average
annual effective tax rate expected for the full financial year,
applied to the pre-tax (loss)/income of the six month period.
Six months ended Year ended
30 Nov 30 Nov 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'000
UK income tax income/(expense) 22 (14) (168)
========= ======== ===========
4. Dividends
Six months ended Year ended
30 Nov 30 Nov 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'000
Amounts recognised as distributions
to equity holders in the period
Final dividend for the year ended 31
May 2011 of 2p per ordinary share (2010:
2p per ordinary share). 200 199 199
Interim dividend for the year ended
31 May 2011 of 0.5p per ordinary share. - - 50
--------- -------- -----------
200 199 249
========= ======== ===========
Amounts proposed as distributions to
equity holders
Proposed interim dividend for the year
ended 31 May 2011 of 0.5p per ordinary
share. - 50 -
========= ======== ===========
Proposed final dividend for the year
ended 31 May 2011 of 2p per ordinary
share. - - 199
========= ======== ===========
The comparative interim dividend at 30 November 2010 was not
recognised as a liability in the prior year.
5. (Loss)/Earnings per share
Six months ended Year ended
30 Nov 30 Nov 31 May
2011 2010 2011
Earnings
(Loss)/profit for the period for basic
and diluted (loss)/earnings per share
(GBP'000) (44) 58 482
--------- -------- -----------
Number of shares
Weighted average number of shares used
for basic earnings per share ('000) 9,978 9,944 9,944
Dilutive effect of share options ('000) 143 129 139
--------- -------- -----------
Fully diluted weighted average number
of shares used for diluted earnings
per share ('000) 10,121 10,073 10,083
========= ======== ===========
Basic (loss)/earnings per share (pence) (0.4) 0.6 4.8
Diluted (loss)/earnings per share (pence) (0.4) 0.6 4.8
Basic (loss)/earnings per share is calculated by dividing the
(loss)/profit attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
period.
Diluted (loss)/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
61.37% (six months ended 30 November 2010: 61.87%; year ended 31
May 2011: 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 exercisable
Price options
--------------- --------- ---------- -----------------------
31 May 07 to
Richard Dawson 27 Jan 05 67.5p 100,000 27 Jan 15
--------------- --------- ---------- -----------------------
31 May 07 to
4 Oct 06 32.5p 35,000 4 Oct 16
31 May 10 to
29 Jan 09 46.5p 43,010 29 Jan 19
5 Aug 05 to
Manzoor Ishani 5 Aug 02 112.5p 44,444 5 Aug 12
--------------- --------- ---------- -----------------------
31 May 07 to
27 Jan 05 67.5p 100,000 27 Jan 15
-------------------------------- --------- ---------- -----------------------
31 May 07 to
4 Oct 06 32.5p 100,000 4 Oct 16
-------------------------------- --------- ---------- -----------------------
31 May 10 to
29 Jan 09 46.5p 43,010 29 Jan 19
-------------------------------- --------- ---------- -----------------------
Long-term Incentive Plan
Date of Grant Exercise Number of Dates when exercisable
Price options
--------------- --------- ---------- -----------------------
10 Aug 10 to
Richard Dawson 3 Feb 10 5.0p 27,103 2 Feb 2020
--------------- --------- ---------- -----------------------
11 Aug 11 to
11 Aug 10 5.0p 35,000 2 Feb 2020
-------------------------------- --------- ---------- -----------------------
10 Aug 12 to
10 Aug 11 5.0p 35,000 2 Feb 2020
-------------------------------- --------- ---------- -----------------------
10 Aug 10 to
Manzoor Ishani 3 Feb 10 5.0p 28,000 2 Feb 2020
11 Aug 11 to
11 Aug 10 5.0p 28,000 2 Feb 2020
-------------------------------- --------- ---------- -----------------------
10 Aug 12 to
10 Aug 11 5.0p 28,000 2 Feb 2020
-------------------------------- --------- ---------- -----------------------
On 10 August 2011, Richard Dawson exercised 47,786 shares under
option at the exercise price of 42.0 pence per shares and 7,897
shares under option at the exercise price of 5.0 pence per share,
realising a gain of GBP3,200. No options held by Directors lapsed
during the period. The mid-market price of the shares at 30
November 2011 was 41.5 pence and the range during the period was
41.5 pence to 46.0 pence.
During the period, the Directors' remuneration including
benefits in kind was GBP292,240 (30 Nov 2010: GBP333,183).
At 30 November 2011, 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 GBP38,219 to SCT (30 Nov 2010: GBP34,710).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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