The Stagecoach Group has reported a 52% rise in pre-tax profits in the financial year that ended 30th April 2011.
Profits rose to £191.2m from £125.9m the previous year, showing the increasing amount of people using public transport.
Rail revenues including the franchises South West Trains and East Midlands Trains rose 4.2% to £1bn while operating profits increased by 16% to £48.4 million.
Stagecoach also has a 49% stake in Virgin Trains which saw a 10.5% revenue rise.
Total revenues from the year rose by 10% from £2.16billion last year to £2.38 billion.
Stagecoach has been shortlisted for Greater Anglia franchise and the West Coast rail franchises whilst Virgin Rail Group in discussions about a franchise extension at West Coast.
Commenting on the results, Chief Executive, Sir Brian Souter, said:
“We are seeing growing demand for our bus and rail services in the UK and North America, with further evidence of modal shift as consumers look for better value and more convenient transport alternatives to the rising cost of motoring and increasing road congestion.
“The strong results we have achieved across the Group are the result of our successful organic growth strategy.
“We are focused on providing value-for-money products, continuing to invest heavily in our networks, and harnessing the power of the Internet, new technology and social media to attract new customers and make it easier for people to access our services.
“We look forward with confidence to the year ahead. Public transport is central to supporting economic growth and meeting the global challenge of climate change.
“In the UK, high quality public transport will be at the heart of the successful delivery of the London 2012 Olympic and Paralympic Games.
“We believe the outlook for our bus and rail services is positive.”
its because they systematically increase fairs in towns / cities where they hold monopolies while undercutting in towns and cities where they do not.
Once they push out all the competition they up prices every year blaming oil prices.
They certainly don’t reflect it in the quality of service/punctuality.