Stagecoach on track despite weather

BUS and train operator Stagecoach, joint owner of West Coast main line operator Virgin Rail, said today overall profitability remained good despite adverse weather.

Like-for-like revenue growth for the financial year to date in UK Bus was 1.9%, while UK Rail revenue grew 6.9%.

Revenue growth in North America was 8.2% in the nine months to end-January.

Virgin Rail Group revenue rose 12.6% in the 40 weeks ended 6th February.

Stagecoach said its financial position remains strong. In February 2011, the Group entered into new, unsecured bi-lateral bank facilities that are committed for five years to February 2016. These new facilities replaced the bank facilities that were due to expire in March 2012. This re-financing extends the Group’s debt maturities and provides it with continued access to significant, committed, undrawn bank facilities.

For the outlook, Stagecoach said overall current trading remains good and it believes the prospects for the Group remain positive.