Profits crash at transport giant Stagecoach

The bus group saw revenues nearly halve to £454.6m in the six months to October 31, against £800.2m a year earlier.

Coronavirus lockdowns and ongoing restrictions have left regional bus commercial sales at around 54 per cent of levels seen last year, which the group said was a step back having recovered to almost 60 per cent at one stage.

But the group said it had seen a "significant recovery" in passenger demand since May, even with the impact of the second lockdown across England.

Martin Griffiths, Stagecoach Group chief executive, said: "While the situation remains fluid, we have made progress in the restoration of our networks to close to pre-Covid levels and in growing passenger volumes safely.

"We are working closely with our government and sector partners on a new framework to ensure the country's public transport networks adapt to new working and travel patterns, are fit for the post-Covid world and meet the continuing needs of our customers and communities."

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