Bus giant Stagecoach has revealed annual profits plunged by more than 80% as lockdowns sent passenger numbers tumbling.
The Perth firm reported underlying pre-tax profits of £17 million for the year to May 1, down from £90.9 million the previous year after seeing bus passenger numbers fall nearly 90% at one stage in the pandemic.
On a statutory basis, pre-tax profits fell to £24.7 million from £40.6 million and the group confirmed it would not pay any dividends for the year.
Chief executive Martin Griffiths said he was “optimistic” that demand will recover, with fare-paying passenger sales already bouncing back to stand at 68% of pre-Covid levels as at June 26.
Stagecoach also furloughed some of its staff, but said most had now returned to work, while it confirmed it will keep a tight rein on costs to offset ongoing pressure during the pandemic.
Oil services heavyweight targets hydrogen
WOOD has appointed a head of hydrogen in a move that underlines its belief in the important role the fuel could play in the drive to reduce emissions around the world.
Isle of Skye harbour project set to begin
WORK is set get to under way to remove two berthing dolphins from Kyleakin harbour on the Isle of Skye, which have been unused since the mid-1990s.
READ MORE: Orkney-based Leask Marine has been awarded the £140,000 contract by Caledonian Maritime Assets Limited (CMAL), the public agency which owns many of Scotland’s ferries and harbours. The berthing dolphins were part of the infrastructure used to support the ferry service from Kyle of Lochalsh to Kyleakin.
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