Stagecoach meets expectations with full-year profit rise

Stagecoach bus.
Stagecoach bus.
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Transport operator Stagecoach reported a rise in full-year profit on Wednesday with the firm saying it hoped to build on its performance, having already had a “satisfactory” start to 2015-16.

The company, which operates bus and rail services in Britain, posted full-year pretax profit of £185m in the 12 months to the end of April, 2.4 per cent higher than last year.

The firm, which also runs services in North America and Europe, was expected to post profit of £182.1m according to a poll of 13 analysts.

Martin Griffiths, chief executive at Stagecoach, said: “These are a solid set of results notwithstanding continued tight central and local government spending, and increased competition for public transport from the private car driven by lower fuel prices.

“We have a strong set of bus and rail businesses in the UK, mainland Europe and North America. Our successful strategy is focused on providing a good value, high quality travel experience for our customers, and investing for growth over the medium to long-term.”

Mr Griffiths added: “We are seeking to attract more passengers by investing over a further £80m in new greener buses, many equipped with free wi-fi, for our regional bus operations in 2015/16. Along with other major UK bus operators, we are well advanced in delivering on our pledge to introduce smart multi-operator ticketing in key English city regions by the end of 2015.”