Profits at Stagecoach have roared back as passengers return to buses – but the over-60s have stayed away despite their free travel perks.
Britain’s biggest bus and coach operator has benefited from Government-backed schemes to encourage post-pandemic public transport use, such as free travel for under-22s in Scotland.
A UK-wide £2 fare cap was also introduced in January 2023 to help those struggling with the cost-of-living crisis and extended until the end of this year.
In the driving seat: Britain’s biggest bus and coach operator has benefited from Government-backed schemes to encourage post-pandemic public transport use
Strong performance from its regional bus division helped to drive operating profits at the Perth-based group a third higher to £97.3m in the year to April 2024 on sales of £1.6billion, up 16 per cent.
Passenger volumes have ‘just about’ got back to pre-pandemic levels, said chief executive Claire Miles, but ‘elderly passengers who thought that it was highly likely you would contract Covid on a bus… are more reluctant to come back.’
The bounce in profits came despite Stagecoach’s London unit reversing into a £8.5m loss, which it blamed on driver shortages and wage pressures.
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