2nd Mar 2016 07:56
LONDON (Alliance News) - Stagecoach Group PLC said Wednesday it is on track to meet its expectations for the financial year ending April, with revenue growth in its UK rail and regional bus businesses coming in lower for its second half, as predicted in its interim statement.
The FTSE 250 public transport company reported weaker revenue growth from its UK regional bus and rail businesses during the second half, which meant like-for-like revenue growth in its financial year to February 6 was 0.7% for its regional bus division and 4.6% for its UK rail division.
This is in line with trends reported in November by Stagecoach, when it downgraded its adjusted earnings per share guidance for the full year. Stagecoach said that since then its expectation "has not significantly changed".
Stagecoach said its UK London bus division saw 1.3% like-for-like revenue growth in its financial year to February 6, and Virgin Rail Group saw 6.6% revenue growth. Second half revenue in North America was benefiting from new contract wins, Stagecoach said, but its like-for-like revenue in the division fell by 4.4% over the period to February 6.
Stagecoach's financial year ends on April 30.
By Hannah Boland; [email protected]; @Hannaheboland
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