Shares in Perth-based public transport group Stagecoach edged forward after it revealed growth across all of its UK-based divisions.
In an update to the market, the company said it remained on track to meet full-year financial expectations despite operating in a “more challenging” environment.
The firm’s regional bus operation, which serves all areas outwith the UK capital, achieved growth of 0.7% on a like-for-like basis in the 40 weeks to February 6.
The London bus network enjoyed a stronger period with revenues rising 1.3% on the same stage a year earlier.
The company’s UK rail operations enjoyed greater growth with its various franchises producing a 4.6% increase in like-for-like revenues.
Virgin Rail Group, a joint venture between Stagecoach and Virgin, delivered a 6.6% increase in revenues in the 40-week period.
The one negative among Stagecoach’s portfolio was its North America operation, including its expanded Megabus network.
The division, which has been under pressure for some time as fuel costs dropped and more people chose to use cars than public transport, posted a 4.4% fall in revenues for the nine months to January 31.
However, the firm said new contract wins were assisting the US-business.
Despite the issues facing the business across the Atlantic, Stagecoach told investors it remained on course to deliver on targets for the full year.
“Our expectation of the group’s adjusted earnings per share for the year ending April 30 2016 has not significantly changed from when we announced our half-year results in December 2015,” Stagecoach said.
“Consistent with the trends we reported in December, revenue growth in our UK Bus (regional operations) and UK Rail businesses in the second half of the financial year has been lower than was experienced in the first half.
“As we anticipated, second-half revenue in North America is benefiting from new contract wins.”
Shares closed up 3.30p at 277.30 on Wednesday.