TRANSPORT group Stagecoach reported full-year pre-tax profit at the upper end of expectations and said it was well-placed to increase earnings in its current fiscal year.
The bus and rail operator reported a decline in full-year pretax profit to £161.3m in the year to end April compared with a profit of £196.4m the year before.
Market expectations had ranged between 142 and 163 million pounds with the average forecast at £152m, according to analysts.
"These are a good set of results and we have met the challenges of a difficult trading year," said chief executive Brian Souter.
Souter said Stagecoach had made a good start to the new financial year, with current trading in line with management expectations, and was well-placed to deliver increased earnings in the year to 30 April 2011.
City A.M. Reporter