Following the recent delisting of its shares from the London Stock Exchange, Stagecoach has posted its financial results for the year to 30 April, which show positive profit growth compared to 2021, reflecting what the firm called an ‘encouraging’ recovery in passenger volumes and payments from governments to ensure continuation of public transport services. The results show a net operating profit of £72.7m on a revenue of £1,176.5m, up from £48.1m on a revenue of £928.2m in 2021.
As part of a continuing recovery in demand across its regional bus operations, the firm reported that passenger journeys and commercial sales now stand at around 81% and around 91% respectively of equivalent 2019 levels. It reports a good operational and financial performance at its London bus division, and progress made towards delivering on its new Group-wide sustainability strategy targets.
Stagecoach Group Chief Executive Martin Griffiths said: “I am pleased to report that we have firmly returned to growth in the full year. We are in a good financial position, supported by recovering customer demand and continued investment grade credit ratings, as we look to the next phase of our journey under new ownership.
“We are not immune from the global macro-economic headwinds. However, we believe our good value public transport services offer consumers help in managing the cost-of-living challenges and high fuel and energy prices, supporting our ambitions around modal shift from car to bus. In addition, we are making good progress with the delivery of our sustainability strategy and our transition plans, including introducing fleets of new zero-emission buses.
“Looking ahead, public transport remains critical to economic recovery, healthy and connected communities, levelling up the country, and delivering a net zero future, and I am confident Stagecoach has positive long-term prospects.”
