Stagecoach revenue and shares rise

Shares in Stagecoach were up on the FTSE 250 in afternoon trading after the transport group reported a rise in revenue in the 40 weeks ended 6 February 2011.

The group's UK Bus division reported a rise in like for like revenue of 1.9 per cent, UK rail saw like for like revenue increase 6.9 per cent and the Virgin Rail Group reported a rise in like for like revenue of 12.6 per cent.

In the nine months ended 31 January 2011 Stagecoach's North American business saw like for like revenue growth of 8.2 per cent.

Stagecoach said that its overall profitability in the period was good, despite the poor weather at the turn of the year. The group added that it had a strong financial position.

In an outlook statement Stagecoach said that current trading is good and that it believed its prospects to be "positive".

By 14:05 shares in Stagecoach were up 0.42 per cent on the FTSE 250 to 212.50 pence per share.