Stagecoach on track to meet full-year targets

Transport giant Stagecoach has reported a mixed performance at its UK operations but said it remains on track to meet forecasts.

In a brief trading update yesterday, the Perth-based group said like-for-like revenue at its UK regional bus division grew by 3.2 per cent in the 16 weeks to 18 August, thanks in part to the favourable summer weather.

However, the London bus unit saw a decline of 2.2 per cent in like-for-like revenue, reflecting the impact of contracts lost in the prior year.

The UK rail division, excluding the Virgin Trains East Coast joint venture, delivered 2.1 per cent like-for-like revenue growth. Stagecoach said its East Midlands Trains franchise had been impacted by both reduced services to accommodate changes to the Thameslink network and a resignalling programme at Derby railway station.

Virgin Rail Group like-forlike revenue rose 5.3 per cent during the 16-week period.