TRANSPORT operator Stagecoach said yesterday it saw opportunities to expand its rail and bus portfolio after posting a two per cent rise in first-half pretax profit, driven by growth in its US bus business.
The bus and rail operator reported a pretax profit of £98.5m for the six months to the end of October, broadly in line with analysts’ forecasts.
Revenue was five per cent higher at £1.5bn and net debt was down by £43.4m to £494.6m, the Scotland-based company said.
Operating profit at its North American division, which includes yellow school bus services and its Megabus business, rose by 40 per cent to $30.6m. But profit slipped by three per cent at its UK rail division, including an 80 per cent drop in operating profit at its Virgin Rail Group joint venture.
City A.M. Reporter