Virgin Rail revenues rise 3.1% despite West Coast franchise upheaval

TRANSPORT group Stagecoach, which owns the minority stake in Virgin Rail Group, has said the West Coast Mainline operator continued to see a rise in revenue during its last financial year despite the upheavals surrounding the aborted franchise.

In a pre-close trading update, Stagecoach sad Virgin’s revenues rose 3.1% in the 48 weeks ending March 31, 2013.

The performance was less than Stagecoach’s main UK Rail operation, which saw a 5.4% increase during the same period.

Stagecoach said in the update: “The overall profitability of the group has remained good and there is no change to our expected adjusted earnings per share for the year ending April 30, 2013.”

Like-for-like revenue growth for the financial year to date saw bus operations rise 3.6% and the group North American bus business by 9.7%.

In outlook it said: “Overall current trading remains good and the prospects for the group remain positive.”

The group will publish its preliminary results for the year to April 30, 2013 on June 26.


Source : Thebusinessdesk

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