Bus group Stagecoach sees revenue plunge

It hit £800m in the first six months, down from just over £1bn in the same period last year.

Meanwhile profit before tax rose 35 per cent to £65.9m. But on an adjusted basis, pre-tax profit fell 8.9 per cent to £66.6m.

“Our updated strategy is based on three key objectives: maximise our core business potential, manage change through our people and technology, and grow by diversifying,” said chief executive Martin Griffiths.

Separately the company announced that founder and billionaire businessman Sir Brian Souter will leave his position as chairman from the beginning of next year. He will stay on the firm’s board, but his position as chairman will be taken by Ray O’Toole.

Sir Brian said: “My family and I continue to have a significant shareholding in Stagecoach and I have every confidence in the management team.”