HELLO and welcome to the AM Business Briefing, as Scottish transport giant Stagecoach has hailed a major hike in profits as bus travel has started to return.
The Perth-based company and National Express are still trying to thrash out a deal to merge the two firms as the sector starts to see the shoots of recovery from Covid.
Stagecoach said that it is in talks with National Express over a potential deal that would see National Express shareholders take a three-quarter stake in the new business.
"Constructive discussions are continuing with National Express Group plc on a potential combination of both groups that would deliver strong value creation for both sets of shareholders," the firm said on Wednesday.
If the businesses do combine, the new company will control around 30% of the UK's bus market.
Stagecoach said that it had a "positive outlook" regardless of whether it continues as usual, or is absorbed into National Express.
The business said that pre-tax profit increased nearly sixfold to £31 million as passengers started to travel again across the country in the six months to the end of October.
Passengers were still travelling less than before the pandemic, though.
Passenger journeys were last month at 70% of where they were in November 2019, and have dropped a little further because of Storm Arwen and new Covid guidance.
"We are pleased at the positive progress of the business as confidence in public transport returns and more customers use our bus, coach and tram services," said chief executive Martin Griffiths.
Alison McRae: COP26 should be springboard for lasting change
Glasgow Chamber of Commerce has been representing the interests of business and the city since 1783 and, as cited by US Special Climate Envoy John Kerry at the CBI Scotland dinner during COP26 itself, it was instrumental in the industrial revolution.
In its current form, we took on the role as the Climate Chamber in the build-up to and duration of COP26 and continued to support our members and champion Glasgow towards the city’s ambitious climate targets, during what was a once in a lifetime opportunity for our city.
Scottish bank hires big hitter
Hampden & Co has added another senior figure from the UK banking scene to its growing leadership team.
The Edinburgh-based private bank has recruited Ryan Beattie from Adam & Co to the role of banking director.
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