Stagecoach buses keep profits rolling
Bad weather dampened rail profits at Stagecoach but the transport company’s buses shifted up a gear.
Floods that damaged tracks and felled trees cost its South West Trains arm up to £3million.
The chaos, plus higher payments to the Government for SWT and East Midlands Trains, cut rail profits by 16.7 per cent to £34.3million in the year to April.
UK bus is a good market to be in
But the economic upturn, road congestion and green concerns helped it lift UK bus passengers 1.3 per cent. Group profit rose 1.9 per cent to £180.7million.
Stagecoach ordered £110million of new buses for UK regional services this year, while its US and mainland Europe Megabus networks also expanded.
Finance chief Ross Paterson said: “UK bus is a good market to be in.” Shares were flat at 377½p.