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Stagecoach on board for profits growth

Stagecoach on board for profits growth

Stagecoach’s earnings have been boosted by its joint operation of the East Coast rail line, which it expects to make “significant” profits in the next financial year.

The Perth-based company controls 90% of the joint venture with Virgin Trains on the London-Aberdeen route.

Revenue growth for the 48 weeks to March 29 was up by 9%.

Stagecoach said like-for-like revenue growth in UK Rail remains strong. The new Virgin Trains East Coast began on March 1 and it is pleased with progress.

“The new franchise is expected to make a significant operating profit contribution in the year ending April 30, 2016,” the company stated.

The performance reflected its programme of investment “to grow the business by transforming the customer experience”.

The Virgin Rail Group franchise on the West Coast was continuing to perform strongly with growth of 7.6%, and the company said it would benefit taxpayers through profit share payments to the UK Department for Transport.

The London bus division produced growth of 8.1%, and continued to perform well.

Growth was “consistent with our expectations and reflects the profile of the contracts that the division has with Transport for London,” the company said.

Growth in UK Bus regional operations was 2.4% and in line with expectations with modest year-to-year growth in passenger journeys.

The forecast reduction in fuel costs allowed fare increases for the year ahead to be kept to a minimum.

Stagecoach recently started megabus.com coach services in Germany in addition to existing international services connecting the UK and mainland Europe, where future prospects were bright.

Short-term operating losses were expected to double to around £10 million next year, but this was expected with start-ups.

Like-for-like 1% revenue growth for North America included 8.1% for megabus.com where the drop in fuel prices resulted in a marked slowing of revenue growth.

A legal settlement in principle has been reached for the Twin America joint venture litigation.

The defendants will have to pay $7.5m and relinquish some bus-stop rights, and Stagecoach doesn’t expect additional costs to exceed £3m.

Overall Stagecoach said its recent trading “has been consistent with our expectations”.