London buses help Stagecoach drive up revenue by 14 per cent
London bus contracts have boosted revenue at Stagecoach by 14.5 per cent, the company said in a trading update yesterday.
Revenue grew across the board, with UK rail providing the second biggest contribution at 7.4 per cent in the six months to mid-October this year. Overall, the bus and rail company said in a statement, profitability “has remained satisfactory, and there has been no material change to our expected adjusted earnings per share for the year ending 30 April 2015”.
The group plans to extend its coach business in Europe to introduce new routes, after some success this year, although it admitted the Megabus brand might take some time to deliver rewards. “This is an exciting prospect for the medium-term, but will result in a few million pounds of new startup losses in the year ending 30 April 2015 and around £20m of additional capital expenditure, primarily in acquiring new vehicles,” it added.