Martin Griffiths

For the year ended May 1 2021, the bus giant reported underlying pre-tax profits of £17 million, down £90.9m on the previous year.

On a statutory basis, pre-tax profits dropped to £24.7m from £40.6m. The group also confirmed that it would not be issuing dividends this year.

Despite the hit to profits, chief executive Martin Griffiths said he was confident that there is a “strong and positive future for public transport as we carefully follow the roadmap out of the COVID-19 pandemic”.

He added that while it is difficult to reliably forecast the pace of recovery from the COVID-19 pandemic, the firm “continue to see good long-term prospects for the business”.

Commenting on the results, Mr Griffiths said: “We continue to make good progress in delivering our immediate priorities. Our focus is on protecting the health and wellbeing of our colleagues and customers; working in partnership with government to deliver the critical public transport the country and our communities need; and protecting the long-term sustainability of our business.”

Mr Griffiths urged that Stagecoach Group has “good liquidity, strong fundamentals and excellent ESG credentials”.

On the outlook for the company, he said: “We see a positive outlook as our bus, coach and tram services play a critical role in tackling climate change, delivering economic recovery, and ensuring healthier and more connected communities.”