Midland Bluebird Limited
Owners: FirstGroup plc
Period Analysed: 01 Apr 18 to 30 Mar 19 (52 weeks - last year 53 weeks)
Headlines:
| Turnover: -3.6% | Operating Profit: +100.4% | Pre-Tax Profit : +87.0% |
The company improved its results during the year, as the full year impact of network reductions in 2018 took effect. Costy savings exceeded the revenue loss, returning the company to a very small operating profit.
Key Performance Indicators
| Period to | 30 Mar 19 | 31 Mar 18 |
|---|---|---|
| EBITDA Margin | 8.3% | 4.9% |
| Operating Profit Margin | 0.0% | (4.6%) |
| Pre-Tax Profit Margin | (0.7%) | (5.5%) |
| Assets Employed | £18.208m | £23.054m |
| Return on Assets | (1.0%) | (6.6%) |
| Net Debt | £19.086m | £25.464m |
| Capital Employed | £7.492m | £16.566m |
| Return on Capital | (2.2%) | (7.5%) |
| Dividend Paid | £0.000m | m |
| Turnover per employee | £44,234 | £42,526 |
| Pre-Tax Profit per employee | (£327) | (£2,328) |
Results
| Period to | 30 Mar 19 | 31 Mar 18 | Change | 25 Mar 17 | 26 Mar 16 | 28 Mar 15 |
|---|---|---|---|---|---|---|
| £000 | £000 | % | £000 | £000 | £000 | |
| Turnover | 21,896 | 22,709 | -3.6% | 27,425 | 29,199 | 29,901 |
| Operating Costs | 20,089 | 21,602 | -7.0% | 27,194 | 26,965 | 27,578 |
| EBITDA | 1,807 | 1,107 | +63.2% | 231 | 2,234 | 2,323 |
| Depreciation & Amortisation | 1,803 | 2,151 | -16.2% | 2,295 | 2,468 | 2,124 |
| Operating Profit/(Loss) (EBIT) | 4 | (1,044) | +100.4% | (2,064) | (234) | 199 |
| Interest Costs/(Income) | 166 | 199 | -16.6% | 113 | 121 | 227 |
| Pre-Tax Profit/(Loss) | (162) | (1,243) | +87.0% | (2,177) | (355) | (28) |
| Tax Payable/(Credit) | 12 | 287 | - | 335 | (39) | 10 |
| Net Profit/(Loss) | (174) | (1,530) | +88.6% | (2,512) | (316) | (38) |
| Exceptional Items | - | 0 | 0 | 0 | ||
| Profit/(Loss) for Year | (174) | (1,530) | +88.6% | (2,512) | (316) | (38) |
Statistics
| Period to | 30 Mar 19 | 31 Mar 18 | 25 Mar 17 | 26 Mar 16 | 28 Mar 15 |
|---|---|---|---|---|---|
| Workforce | 495 | 534 | 635 | 656 | 684 |
| Capital Employed | £7.492m | £16.566m | £15.802m | £20.693m | £15.096m |
| Dividend Paid (£000) | 0 | 0 | 0 |
Performance
| Period to | 30 Mar 19 | 31 Mar 18 | 25 Mar 17 | 26 Mar 16 | 28 Mar 15 |
|---|---|---|---|---|---|
| EBITDA Margin | 8.3% | 4.9% | 0.8% | 7.7% | 7.8% |
| Operating Profit Margin | 0.0% | (4.6%) | (7.5%) | (0.8%) | 0.7% |
| Pre-Tax Profit Margin | (0.7%) | (5.5%) | (7.9%) | (1.2%) | (0.1%) |
| Return on Capital Employed | (2.2%) | (7.5%) | (13.8%) | (1.7%) | (0.2%) |
| Revenue per employee | £44,234 | £42,526 | £43,189 | £44,511 | £43,715 |
| EBIT per employee | £8 | (£1,955) | (£3,250) | (£357) | £291 |
Costs
| Period to | 30 Mar 19 | 31 Mar 18 | Change |
|---|---|---|---|
| £000 | £000 | % | |
| Wages and Salaries | 10,832 | 12,295 | -11.9% |
| National Insurance Payments | 896 | 1,023 | -12.4% |
| Pension Costs | 1,322 | 797 | +65.9% |
| Materials and Consumables | 5,238 | 5,563 | -5.8% |
| Bus Service Operators Grant | (2,070) | (2,139) | -3.2% |
| Depreciation | 1,803 | 2,151 | -16.2% |
| Asset sale loss/(profit) | (2) | (17) | -88.2% |
| Auditor's Remuneration | 6 | 6 | +00.0% |
| Operating Lease Costs | 116 | 204 | -43.1% |
| Other Costs | 3,751 | 3,870 | -3.1% |
| Interest Payable | 0 | 8 | -100.0% |
| Pension scheme finance | 166 | 168 | -1.2% |
| Total Costs | 22,058 | 23,929 | -7.8% |
Income
| Period to | 30 Mar 19 | 31 Mar 18 | Change |
|---|---|---|---|
| £000 | £000 | % | |
| Turnover | 21,896 | 22,702 | -3.6% |
| Total Revenue | 21,896 | 22,702 | -3.6% |
Balance Sheet
| As at | 30 Mar 19 | 31 Mar 18 |
|---|---|---|
| £000 | £000 | |
| Fixed Assets | ||
| Land and Buildings | 3,238 | 3,376 |
| Rolling Stock | 8,898 | 11,093 |
| Fixtures and Equipment | 103 | 106 |
| Intangible Assets | 7 | 0 |
| TOTAL | 12,246 | 14,575 |
| Current Assets | ||
| Stock | 437 | 416 |
| Debtors | 3,611 | 8,057 |
| Cash | 1,914 | 6 |
| TOTAL | 5,962 | 8,479 |
| Creditors due within one year | 20,792 | 25,244 |
| Net Current Assets/(Liabilities) | (14,830) | (16,765) |
| Total assets less current liabilities | (2,584) | (2,190) |
| Creditors due after one year | 208 | 226 |
| Provisions | 253 | 1,334 |
| Pension Liability/(Asset) | 8,549 | 5,763 |
| NET ASSETS | (11,594) | (9,513) |
| Capital and Reserves | ||
| Called up share capital | 2,600 | 2,600 |
| Retained Earnings | (14,194) | (12,113) |
| Capital Employed | (11,594) | (9,513) |
Capital Expenditure
| Period to | 30 Mar 19 | 31 Mar 18 | 25 Mar 17 |
|---|---|---|---|
| £000 | £000 | £000 | |
| Land & Buildings | 23 | 83 | 125 |
| Rolling Stock | 0 | 0 | 0 |
| Fixtures & Equipment | 57 | 38 | 56 |
| Other Assets | 0 | 0 | 0 |
| Total | 80 | 121 | 181 |
| % Change | -33.9% | -33.1% | - |
| Per £000 turnover | £4 | £5 | £7 |
Workforce and Labour Costs
| Period to | 30 Mar 19 | 31 Mar 18 | % Change | 25 Mar 17 |
|---|---|---|---|---|
| Man. & Admin | 23 | 28 | -17.9% | 31 |
| Operations | 472 | 506 | -6.7% | 604 |
| Total | 495 | 534 | -7.3% | 635 |
| Wage Costs (£000) | 13,050 | 14,115 | -7.5% | 17,099 |
| Cost per employee | £26,364 | £26,433 | -0.3% | £26,928 |
Board of Directors
Overall control is exercised by a board of 6 directors (Last Year: 6).
| Name | Appointed | Resigned |
|---|---|---|
| D B Alexander | 21 Apr 14 | |
| D Murray | 06 Feb 17 | |
| A S Jarvis | 13 Oct 17 | |
| D C Phillips | 13 Oct 17 | |
| G West | 13 Oct 17 | |
| G K MacFarlan | 22 Feb 18 |
Directors' Remuneration
| Period to | 30 Mar 19 | 31 Mar 18 | Change | 25 Mar 17 |
|---|---|---|---|---|
| £000 | £000 | % | £000 | |
| Highest Paid | 0 | 0 | 161 | |
| Total | 0 | 0 | 261 |