ANALYST VIEWS

DOUGLAS MCNEILL CHARLES STANLEY
It’s a very satisfactory statement which provides scope for a modest increase in our FY13 earnings forecast. But the good performance is fully reflected in the share price, which seems to assume more growth in the US than we consider likely. We stick with our reduce recommendation.

KEITH BOWMAN HARGREAVES LANSDOWN
While some slowing in revenue growth was seen, the update broadly reassured investors. Performance for its rail business remains solid, while exposure to the more buoyant US economy continues to serve it well. As such analyst opinion currently denotes a buy.

PAUL HICKMAN PEEL HUNT
The message is reassuring – the statement that the company expects all divisions to at least maintain profitability has particular meaning for UK Bus services. With little dependency on concessions or contracts, it has consistently overperformed UK average growth rates.