Drop in passengers hits Stagecoach profits
By Rob Freeman | 9th December 2020
Stagecoach saw pre-tax profits fall from £65.9million to £5.4million over the first six months of the financial year as the coronavirus pandemic saw passenger numbers tumble.
The UK's biggest bus and coach operator saw revenue fall from just over £800million last year to £454.6million for the six months to October 31.
Commercial sales had recovered to almost 60 per cent before the latest tightening of restrictions and is currently running around £54 per cent.
Group chief executive Martin Griffiths said: "The safety and wellbeing of customers and our people remains our absolute priority as we continue to navigate the Covid-19 pandemic.
"While the situation remains fluid, we have made progress in the restoration of our networks to close to pre-COVID levels and in growing passenger volumes safely."
He continued: "We have a strong business, with good liquidity, devolved operating companies closely focused on our customers and local communities, and a supportive relationship with government and our local authority partners.
"As well as continuing to provide vital connections to jobs and public services during the current pandemic, our sustainable public transport services are central to long-term plans for a greener, smarter, safer, healthier and fairer country."
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.