London bus passenger numbers improve for operator Stagecoach

The boss of London bus operator Stagecoach today struck a bullish tone amid signs of passenger numbers improving, despite profits halving due to lockdown.

The transport firm suffered a fall in profits to £40.6 million in the 12 months to the end of May, down from £101.2 million the year before. Revenues fell £400 million to £1.4 billion and earnings per share were down 39%. The shares rose 9% to 55p.

But chief executive Martin Griffiths said: “It’s going to take a bit of time. People need to feel safe and confident… we will get through this.”

Britons were told to avoid public transport where possible to help stop the spread of coronavirus. Finance chief Ross Paterson said that London passenger numbers had bounced back quicker than the rest of the country as driving and parking in the capital is more problematic. “The rest of the country is catching up day by day as the rhetoric has softened,” he said. Passengers numbers are now down around 60% on last year’s levels, up from their nadir of a 90% plunge.

The company, which provided transport for key workers to the temporary Nightingale hospital, has benefitted from an effective bailout of the bus industry to keep services running.