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FTSE 250 transport operator Stagecoach (LON:SGC) saw its share price rise by 5.43% to 69.95p (as of 14:00 GMT) as it outlined its liquidity position in the face of commercial regional bus activity fell to 15% of normal levels. Management said that the company had £506 million in cash and undrawn bank facilities and was making use of government support schemes.
CEO Martin Griffiths commented: “I am proud of the tremendous efforts and sacrifices of our people and the country’s healthcare workers during such a challenging and uncertain time. We are continuing to work hard to ensure Stagecoach comes through this difficult period well placed for the significant long-term opportunities that we still see for public transport.
“We would like to thank the respective governments and our local authority partners for their support through this very challenging period. It is welcome recognition of the importance of maintaining bus services at this time, and it will enable key workers to continue to travel to and from work, as well as ensuring communities can still access food, medical care and other essential services“.