Stagecoach doubles European investment on rising profits

 
Dotun Abiodun
BUS and rail operator Stagecoach Group is looking to expand operations in Europe and is ready to pitch for more transport franchises in big metropolitan cities around Britain.

The expansion plans accompanied the group’s 2.4 per cent rise in pre-tax profits for the year ending 30 April 2015. It earned £185m on a 9.4 per cent increase in turnover to £3.2 bn. Shares rose 10.4p to 417p after lifting the total dividend to 10.5p with a 7.3p final.

Martin Griffiths, chief executive, said yesterday that the dividend shows “the group is in good financial shape...”

Stagecoach is doubling its investment in Europe, where it hopes to build market share and also expects to benefit from the UK government’s continued policy of promoting competition for railways and bus routes by devolving powers locally.