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Profits at Stagecoach have picked up as passengers return to buses, but over-60s have stayed away despite their free travel benefits.
Britain’s biggest bus and coach operator has benefited from government-backed schemes to encourage public transport use after the pandemic, 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 has been extended until the end of this year.
Behind the wheel: Britain’s biggest bus and coach operator has benefited from government-backed plans to encourage public transport use after the pandemic
The strong performance of its regional bus division helped push the Perth-based group’s operating profit a third higher to £97.3m in the year to April 2024 on sales of £1.6bn, up 16 per cent.
Passenger volumes are “almost” back to pre-pandemic levels, said chief executive Claire Miles, but “older passengers who thought they were very likely to catch Covid on a bus… are more reluctant to return”.
The profit surge came despite Stagecoach’s London unit posting a loss of £8.5m, which it blamed on a shortage of drivers and wage pressures.
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