The Stagecoach Group’s profits plummeted from £65.9 million last year to £5.4 million in the six months from October 31st.
Bus operators have reduced revenues from £800 million to £454.6 million as the group was hit by the pandemic and the group was forced to close local buses and trams.
Since the first lockdown, the group has improved significantly. Regional buses currently operate around 91% of vehicle mileage from the previous year, and commercial sales have recovered to almost 60% year-on-year.
Stagers will not pay tentative dividends due to “continuous uncertainty.”
Stage Coach CEO Martin Griffith said: The situation remains fluid, but we have made progress in bringing the network’s recovery closer to previous levels and increasing passenger volume safely.
“We have strong businesses with excellent liquidity, supportive relationships with clients and local communities focused on our operators, government and local government partners.
“The importance of bus and tram services in the UK, Scotland and Welsh governments, as evidenced by the sector-specific actions they took to help continue important services during the Covid-19 pandemic. We welcome recognition. We are committed to the government and sector’s new framework to ensure that the national public transport network adapts to new work and travel patterns and is suitable for the post-Covid world. We work closely with our partners to meet the ongoing needs of our customers and our community.”
Stagecoach shares are trading +8.18% at 80,00 (1013GMT).
