Stagecoach turnover up but profits dive

STAGECOACH yesterday reported an eight per cent rise in full year revenues to £2.8bn, driven by UK regional bus service growth.

But pre-tax profits at the transport group, weighed down with exceptional item and intangible asset expenses, fell to £195.8m from £239.8m the previous year. Stagecoach’s US revenues also jumped 28.8 per cent to £641.2m, but profits dropped 33 per cent driven mostly by losses in its intercity coach unit Megabus.

The results are the first from new chief executive Martin Griffiths.