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Full year results to 31 March 2017

Financial performance

  • Significant improvement in operating results and substantial cash generation delivered as planned
  • Contract portfolio enhanced with South Western rail award and other wins across the Group
  • +8.3% Group revenue growth and +12.7% adjusted operating profit growth, driven by First Student and First Transit and favourable currency translation
  • In constant currency, Group revenue was (0.5)% and adjusted operating profit +2.3%. Excluding First Rail where revenue and margin rebased under new contracts, the ‘Road’ divisions increased revenue and adjusted operating profit by +0.3% and +10.3% in constant currency respectively
  • Group adjusted operating margin improved to 6.0% with 250bps increase in First Student margin partially offset by rebased First Rail margin and higher fuel costs due to stronger dollar in UK businesses
  • Adjusted EPS increased by 20.4%
  • Statutory operating profit increased by 15.1% and statutory EPS increased by 24.0%, with gains on disposal of a Greyhound property largely offset by reorganisation and restructuring costs
  • Substantial increase in net cash inflow to £147.2m
  • Net debt: EBITDA ratio reduced to 1.9x (2016: 2.3x)