Stagecoach sees bus revenues at 60 per cent of pre-pandemic levels
Bus operator Stagecoach said that revenue on its regional bus services had recovered to up to 60 per cent of pre-pandemic levels.
However, due to the continued uncertainty over new coronavirus restrictions in the UK, it said that its full year outlook was unchanged from June.
The announcement sent shares down four per cent in the morning’s trading.
It added that new guidance instructing employees to work from home “may discourage public transport use in the short-term”.
Public transport usage plummeted during the lockdown and although numbers have been slowly rising since the ban on all but essential journeys was lifted in July.
However, a Department for Transport survey yesterday showed that 86 per cent of people were concerned about their health when using such means of travel.
In order to protect bus firms affected by the pandemic, the government has agreed to provide emergency funding on a rolling basis.
Stagecoach said that while the arrangements were in place it expected “to continue to generate positive EBITDA and avoid significant operating losses”.
In London, the FTSE firm said that it expected profits to be in line with the prior year.
It added that full service had been restored across the capital, where bus passenger numbers are running at about 60 per cent of pre-pandemic levels.