The brakes were pulled on Stagecoach’s bus and train growth in the UK between February and April, throwing up more evidence that Britons are struggling to afford public transport.
Stagecoach saw ticket sales growth on its UK buses slow from 3% in the 10 months to February to 2.7% when figures for the last two months’ revenues were included. Growth on rail — Stagecoach runs South West Trains into Waterloo and East Midlands Trains into St Pancras — slipped from 9.5% in the 40 weeks to February to 8.8% in the 48 weeks to April. Virgin Rail, which Stagecoach runs as a joint venture, saw its revenues slow from 8.9% growth in the 40 weeks to February down to 7.9% when the two months to April are included too.
Overseas, Stagecoach’s prospects were brighter, with the North America business pocketing 14% more in ticket sales during the year to April. The transport operator recently took the Megabus brand into Europe.
Gert Zonneveld, analyst at Panmure Gordon, said: “The company is confident that each of its divisions remains well-placed to at least maintain operating profit levels in 2012-13. We retain our buy recommendation.”
The shares fell 2.4p to 250.7p.
