Stagecoach returns to growth as bus journeys bounce back to 81 per cent of pre-Covid levels
Britain’s biggest bus company Stagecoach today said it now in a “good financial position” after “recovering customer demand” saw passenger journeys bounce back to 81 per cent of pre-pandemic levels.
The public transport operator said it had “firmly returned to growth” after its profits more than doubled year on year, from £17m in the financial year 2021 to £44.1m in 2022.
The firm’s higher profitability came on the back a 26.8 per cent uptick in revenues which saw Stagecoach generate £1.18bn in revenues in the financial year 2022, compared to £928m in 2021.
The higher revenues came on the back of recovering demand for public transport in the UK, following the lifting of Covid restrictions, that saw passenger journey return to 81 per cent of pre-pandemic levels.
Going forwards, the firm said that while it is not “immune from the global macroeconomic headwinds” it believes “good value public transport services” will play a vital role in helping customers manage the UK’s cost of living crisis.
Stagecoach chief executive Martin Griffiths said its bus services will also help consumers manage higher fuel prices and support the UK’s wider shift away from cars.
“Looking ahead, public transport remains critical to economic recovery, healthy and connected communities, levelling up the country, and delivering a net zero future, and I am confident Stagecoach has positive long-term prospects,” Griffiths said.