Stagecoach steering to target

TRAINS and buses operator Stagecoach expects pre-tax profit for the year to end-April to be in line with market forecasts. The group is expected to report pre-tax earnings before goodwill amortisation and exceptional items of around £107m according to a survey of industry analysts by Multex Global Estimates.

Stagecoach said overall revenues at its South West Trains franchise, which operates some of London's busiest commuter lines, edged up 0.4% from a year earlier, despite a 2.4%fall in passenger volumes for the 48 weeks to 31 March.

Virgin rail revenues were up 11.7% but overall trading was hit by industrial action in early 2002.

Referring to its troubled US bus division, it said: 'Looking forward we are confident that Coach USA is positioned for recovery.'