Stagecoach on track says Chairman Sir Brian Souter

STAGECOACH recently told investors that it had made a “satisfactory” start to its new financial year, and investors will learn more this week.

Chairman Sir Brian Souter said the group was in a strong financial position. Picture: TSPL

The Perth-based transport group, which was last week shortlisted to run the TransPennine Express rail franchise, has also been boosted by an extension to the West Coast main line franchise run by its Virgin Rail joint venture.

Results in June showed that pre-tax profits grew 2 per cent to £180.7 million in the year to 30 April, with revenues rising 4.5 per cent to £2.9 billion.

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Chairman Sir Brian Souter said the group was in a “strong financial position, with investment grade credit ratings, and I believe the prospects for our customers, employees and our shareholders are positive”.

A first-quarter trading update is due to be released on Tuesday, while investors gather for their annual meeting in Perth on Friday.

Analysts at Panmure Gordon forecast full-year profits will lift 4.1 per cent to £188.2m.