Stagecoach FY revenue, profits rise amid recovery in passenger volumes
By Iain Gilbert
Date: Wednesday 07 Dec 2022
(Sharecast News) - Transport firm Stagecoach said on Wednesday that revenues and underlying profits rose in the six months ended 29 October amid a recovery in passenger volumes.
Stagecoach said interim revenues grew from £579.4m to £669.6m, while total operating profits improved from £32.9m to £46.8m, and net finance costs dipped from £14.5m to £10.4m.
Pre-tax profits almost doubled to £36.4m, reflecting a recovery in passenger numbers, with recent passenger journeys at roughly 80% of pre-pandemic levels, and payments from national governments to protect public transport services for customers.
"We have made further progress as we rebuild from the pandemic, manage the immediate-term macro-economic headwinds, and position our business to maximise the opportunities for growth as we transition to a net zero future. At the same time, the current economic environment is helping to demonstrate the good value of our public transport services and encourage modal shift away from the car," said chief executive Martin Griffiths.
"We remain positive on the long-term outlook for the group, while mindful of the macro-economic challenges facing businesses across the country. Underpinned by a strong financial position and with strong relationships with our national and local government partners, we are well-positioned for future growth for the benefit of our customers, employees, investors, and wider stakeholders."
Reporting by Iain Gilbert at Sharecast.com
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