Stagecoach profits up despite revenue fall

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Stagecoach profits up despite revenue fall
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The price of shares in FTSE 250 consumer travel firm Stagecoach (LON:SGC) has risen by 1.91% to 128p (as of 11:50 GMT) as statutory pre-tax profits for the half year ended 26th October climbed by 34.7%. Revenues were 20% below the same period of the prior year due to the end of the Virgin Trains East Coast franchise.

Group CEO Martin Griffith commented: “We are pleased to have delivered a solid set of financial results and further improvements for our customers over the first half of the financial year.

“Our updated strategy is based on three key objectives: maximise our core business potential, manage change through our people and technology, and grow by diversifying. We have designed the strategy to deliver a sustainable business, diversify our exposure to risk and create value for all of our investors, customers, employees, communities and the environment. Our strategy will continue to be underpinned by a clear focus on safety and customer service.

“Investment is underway to up-skill our teams, improve our back-office systems and make our business more agile. We are also at the forefront of industry-leading innovation in greener vehicles, autonomous technology, contactless travel, and app-based ticketing and information.

“We welcome recent Government pro-bus policy and funding commitments. Combined with our own initiatives and our support for the wider UK bus industry strategy, we are well placed to benefit from the global drive for better mobility, cleaner air and action to protect the future of our planet.

“Our expectation of full-year adjusted earnings per share remains unchanged“.

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