Stagecoach revenues rise after summer boost

Stagecoach has said more people boarded its buses this summer, after posting a 4% rise in revenues from regional services.

The Perth-based group reported a 0.9% rise in passenger volumes outside London in the 12 weeks to 20 July.

It says revenues earned directly from fare-paying passengers contributed most to the UK bus division’s growth rate.

Concessionary, contract, tendered and school revenues also continued to grow.

The company said about 2.8 million passenger journeys are now made on Stagecoach buses across the UK each day.

Revenues from Stagecoach’s UK rail operations, including South West Trains and East Midlands Trains, rose by 4.9% over the 12-week period.

The company is in discussions with the Department for Transport over extensions to its South West and East Midlands franchises, although a decision is not expected until after next year’s general election.

Stagecoach also has a 49% shareholding in Virgin Rail, which runs the West Coast franchise.

The company said in a statement: “Although there are a number of challenges to growing profit in the year ending 30 April 2015, overall current trading is satisfactory and we remain on course to meet our expectations for the year.”