Stagecoach bosses see bonuses fall after profits come under pressure

Bosses at transport group Stagecoach saw their annual bonuses dip after profits at the Perth-headquartered firm fell last year.

Martin Griffiths received a £334,000 bonus

Chief executive Martin Griffiths received a £334,000 bonus, down from £399,000 the previous year, as part of a total pay package of £1.32 million, down from £1.45m.

Finance director Ross Paterson received a £223,000 bonus as part of an £856,000 package, down from £945,000.

The pay packages of both directors in the previous year had also been swelled by long term incentives vesting.
Chairman and co-founder Sir Brian Souter received fees of £209,000 compared to £205,000 the previous year.

Total boardroom pay and fees at the company totalled £2.86m, down from £3.06m.
Last month Stagecoach reported a 36.8 per cent slide in annual profits and said it was selling the loss-making European arm of its Megabus budget coach business. Pre-tax profits of £104.4m were down from £165.2m a year earlier, despite revenues growing to £3.87 billion from £3.2bn last time. The company has seen its financial performance come under pressure from factors incuding lower fuel prices and a slowdown in the UK economy.

Despite the slide in profits, shareholders will receive a final dividend of 7.9p a share, up from 7.3p a year ago.