Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Bus and train operator Stagecoach swung to a full-year loss and scrapped its final dividend, as planned, after the Covid-19 pandemic squashed demand for travel.
The company said it was continuing to mull funding options, amid a cloudy outlook for the public transport sector.
Net losses for the year through 4 May amounted to £38.8m, compared to a profit of £23.6m on-year. Revenue slumped 25% to £1.42bn.
Chief executive Martin Griffiths said the company had achieved 'a creditable set of financial results' in one of the most challenging periods in living memory.
'Prior to the Covid-19 pandemic, the business was on track to meet its expectations for the full year,' Griffiths said.
'In responding to the more recent global challenges, we have taken decisive action so that the business remains in as strong a position as possible and well placed to secure the significant long-term opportunities we see for public transport.'
Stagecoach said its undrawn amounts on committed bank facilities, together with available surplus cash and deposit balances, amounted to over £800m.
Still, it added: 'We continue to review our funding options in light of the emerging outlook for the business'.
At 8:08am: (LON:SGC) Stagecoach Group PLC share price was +8.3p at 58.75p