Stagecoach sticks to full year profit guidance

Bus and rail group Stagecoach reported a decline in like-for-like revenue at its UK bus operations as all of its other divisions grew in the twelve weeks ended 22 July 2012.

The Scotland-based company said the overall profitability of the group has remained good, and there has been no significant change to its expected pre-tax for the year ending 30 April 2013.

It added that overall current trading remains good and it believes the prospects for the group remain positive.

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Like-for-like revenue at its UK Bus (regional operations) for the 12 week period rose 4.1%. UK Bus revenue declined 5.7% while UK Rail climbed 6.8%.

North America revenue for the three months ended 31 July 2012 increased 10.4%. The figure includes Megabus.com and excludes the disposed Wisconsin school bus business.

Virgin Rail Group revenue for the 12 weeks ended 22 July 2012 gained 0.6%.

In a separate statement the transport firm confirmed a string of board changes including the retirement of Chairman George Mathewson. Chief executive Brian Souter will be appointed Chairman with effect from 1 May 2013.

Garry Watts is to be appointed Deputy Chairman and Martin Griffiths, currently Finance Director, has been named Chief Executive.

Ross Paterson, Director of Finance & Company Secretary, is to be appointed as Finance Director.

CJ