Stagecoach reports operating profit of £ 32.9million

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Stagecoach announced an increase in operating profit from £ 16.1million to £ 32.9million year-on-year.

The Transport Groups’ latest business update covered the first half of the fiscal year, ending October 30, with revenue rising from £ 454.6million to £ 579.4million in the period , excluding government grants for support during the pandemic.

The statement noted that the revenue growth reflected the recovery in passenger demand on all of its bus and light rail services.

Adjusted earnings per share was 2.7p, reflecting higher adjusted operating profit partially offset by changes in UK corporation tax.

The company has confirmed that due to pandemic pressures, interim dividends will not yet be reinstated.

The Business Update also noted that it is still in discussions with National Express about a possible combination of all the actions of the two groups.

“In line with previous directions and based on the progress of the National Express transaction, our ambition is to resume timely dividend payments when they are supported by an appropriate generation of earnings and cash flow, relative to our debt. net income and our retirement commitments, ”the report reads. .

During the period, Stagecoach won new contracts related to events such as the Birmingham 2022 Commonwealth Games, while keeping existing rail replacement contracts.

Martin Griffiths, Managing Director of Stagecoach Group, said: “We are delighted with the positive progress of the company as confidence in public transport returns and more customers use our bus, coach and bus services. and trams.

“This has been achieved through the fantastic commitment of our frontline employees and leadership teams, combined with our strong partnerships with national and local governments, and supporting public policies and investments.

“While the pace of the recovery may vary, we are well positioned to seize the many opportunities beyond the pandemic and as part of the COP26 climate change conference to draw people out of the car to public transport. more durable.

“We also continue to effectively manage short-term operational challenges in the transportation and logistics industry, to protect the future of our transportation networks.

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