Stagecoach releases preliminary full-year results

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Stagecoach has released its preliminary full-year financial results for the year ended 27 April 2019.

Profits before tax increased by £23.6m on last year, though revenue was down

Stagecoach

A Stagecoach Western Van Hool Astromega in service X76 from Kilmarnock to Glasgow. ROBERT DAVIDSON

 

Stagecoach has released its preliminary full-year financial results for the year ended 27 April 2019.

Headline figures include the reduction in net debt from £395.8m to £253.3m, combined with an £80m-plus investment in new vehicles. Revenue per vehicle mile increased by 3.8%, with revenue per journey up 3.4%.

Its statutory results reveal revenue of £1.878bn – down from £2.818bn the year before – and an operating profit of £135.7m, up from £110.7m in 2018.

Profits before tax were also up, rising from £77.6m to £101.2m.

Stagecoach Chief Executive Martin Griffiths said: “I am pleased to report good financial results as we reposition the business.

“We continue to focus on driving growth at our core high quality bus and coach operations in the UK, but we have no intention to bid for new UK rail franchises on the current risk profile offered by the Department for Transport (DfT).

“We have maintained our expectation of earnings per share for 2019/20.

“We have a critical role to play in tackling climate change and delivering cleaner air for our communities by enabling the switch of more journeys from car to public transport.

“As well as our significant investments in newer vehicle technologies, including hybrid and electric vehicles, new policy initiatives such as ‘mobility credits’ can help governments meet their ambitious targets.

“Our priority is to provide safe, high quality, value travel where every customer matters. We are leading the way in making travel easier for our customers through innovation and continued investment in our people, fleet and technology.

“Partnership working and new commercial initiatives are delivering positive results and high customer satisfaction.

“Mass transit has positive long-term growth prospects as governments are focused on growing the economy, connecting local communities, revitalising our town centres, combating road congestion and ensuring a healthier environment.”

 

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