For the year ended 30 April 2022, revenue grew to £1,176 million from £928m the previous year and adjusted total operating profit grew to £72m from £48m in 2021.

Highlights of the report are:

• Profit growth reflecting encouraging recovery in passenger volumes and payments from governments to ensure
  continuation of public transport services
• Further positive underlying cash generation and reduction in net debt from £312m to £224m
• Net debt plus net train operating company liabilities down £136m from £401m to £264m
• Substantial reduction in net pre-deferred tax pension liabilities from £263m to £29m

The company reported passenger journeys and commercial sales at around 81% and around 91% respectively of equivalent 2019 levels (week ending 18 June 2022). This recovery from the pandemic continues to be aided by government funding and support from the UK and Scottish Government.

Even though the business outlook has changed to show a stable position and positive long-term prospects, the board has said that it is still not appropriate to resume dividend payments.

Martin Griffiths, Stagecoach Group chief executive, said: “I am pleased to report that we have firmly returned to growth in the full year. We are in a good financial position, supported by recovering customer demand and continued investment grade credit ratings, as we look to the next phase of our journey under new ownership.

“We are not immune from the global macro-economic headwinds. However, we believe our good value public transport services offer consumers help in managing the cost-of-living challenges and high fuel and energy prices, supporting our ambitions around modal shift from car to bus.

“In addition, we are making good progress with the delivery of our sustainability strategy and our transition plans, including introducing fleets of new zero emission buses.

“Looking ahead, public transport remains critical to economic recovery, healthy and connected communities, levelling up the country, and delivering a net zero future, and I am confident Stagecoach has positive long-term prospects.”