Transport giant Stagecoach has revealed half-year profits plunged by 92 per cent to £5.4 million as demand for travel slumped.
The bus group's revenue almost halved to £454.6 million in the six months to October 31, against £800.2 million a year earlier.
Coronavirus lockdowns and ongoing travel restrictions have left regional bus commercial sales at around 54 per cent of levels seen last year, which the group said was a step back having recovered to almost 60 per cent at one stage.
But Stagecoach said it had seen a “significant recovery” in passenger demand since May, even with the impact of the second lockdown across England.
Martin Griffiths, Stagecoach Group chief executive, said: “While the situation remains fluid, we have made progress in the restoration of our networks to close to pre-Covid levels and in growing passenger volumes safely.
“We are working closely with our government and sector partners on a new framework to ensure the country’s public transport networks adapt to new working and travel patterns, are fit for the post-Covid world and meet the continuing needs of our customers and communities.”
Stagecoach's UK network stretches from south-west England to the Highlands and Islands of Scotland. The company's business includes major city bus operations in London, Liverpool, Newcastle, Hull, Manchester, Oxford, Sheffield and Cambridge
