Stagecoach profits down due to East Midlands Trains
- Published
Stagecoach is one of the UK's largest transport firms
Stagecoach has announced a fall in half-year profits of 18% due to a loss at its East Midlands Trains franchise.
The travel group made a pre-tax profit of 拢88.7m, down from a profit of 拢108.7m a year earlier.
Performance at its UK rail division deteriorated, recording an operating loss of 拢6.9m compared with a profit of 拢22.9m a year earlier.
Stagecoach chief executive Sir Brian Souter said he expected East Midlands Trains to return to profit next year.
Although profits were down at the group, sales were up 14% at 拢1.29bn.
"These are good results and we have achieved further revenue growth across our bus and train businesses in the UK and North America," Sir Brian said.
The company, one of the UK's largest travel firms, also has significant operations in the US and Canada. Stagecoach announced in October it would expand its Megabus budget travel business in the US.
- Published15 October 2010