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Bus operator’s profits drive ahead

An Xplore Dundee bus navigates the city's Perth Road
An Xplore Dundee bus navigates the city's Perth Road

The parent group of local bus operator Xplore Dundee saw its shares drive ahead in early exchanges as it reported a rise in profits and revenues.

National Group Group said improved trading in its North America, Spanish and Moroccan units had “more than offset softer trading” in its home market in the UK.

Results for the six months to June 30 show the group produced a statutory pre-tax profit of £64.6 million, more than £10m ahead of last year’s first half return.

Group revenues from continuing operations came in at £1.17 billion for the period, up from £1.01bn a year ago.

The group said its UK bus unit – which includes the Dundee network – had maintained “broadly flat”revenues and profits in the half-year period.

It said cost efficiencies had helped maintain the unit’s performance in the face of “challenging market conditions” and innovations included the extension of a low fare zone trial which had produced positive results.

It said it was also making progress with its digital projects including the roll-out of contactless ticket payment technology across its network.

Group chief executive Dean Finch praised the lower fare zone project and said that overall the group had delivered a “strong set of results.”

At the end of the half year period, the assets and liabilites of the Tayside Transport Fund –a defined pension benefit scheme for certain past and present employees of Tayside Public Transport Company, which falls within the group’s UK Bus division – were transferred into the Tayside Pension Fund, which is administered by Dundee City Council.

The results also note that in February the group exited the UK rail market with the disposal of its c2c franchise.

business@thecourier.co.uk