An extra two million passengers travelled on Lothian Buses services in 2015, taking the total for the year to over 121 million. The increase follows a rise of 3 million the previous year and contrasts with a long-term decline in the number of bus journeys undertaken across Scotland.
The company’s annual report, published today (Monday 27 June), also shows that it invested £7.6m in 20 new low emission diesel-electric hybrid buses and 12 new Euro 6 low emission vehicles, the latter specifically for their Airlink Edinburgh Airport service, while providing a dividend to its public sector shareholders of more than £5m.
Jim McFarlane, Chair of Lothian Buses, said:
The accounts show that we continue to buck the national trend, once again increasing our passenger numbers and revenue on the strength of the safe, reliable, efficient and highly regarded service that we provide. Our strong performance and effective management of cost pressures also mean that we can again return a £5.5m dividend to the shareholders while also investing more in the next generation of environmentally friendly buses as we aim to reduce our carbon footprint further and improve local air quality. I must commend the whole team, including our drivers, engineers and management, who continue to deliver one of the best bus services in the UK year after year
Richard Hall, Managing Director of Lothian Buses, added:
This is a business that has a long track record of delivering high quality services on a foundation of continuing investment and innovation. We need to go forward with this model to maintain our position as one of the country’s leading bus operators. This is important not only for the thousands of customers who use Lothian Buses network of services every day but also for the city as a whole. Our services are essential for the health of both Scotland and Edinburgh’s wider economy.
Performance against the company’s key indicators includes:
- Revenue of £142m (2014 – £135m)
- Net profit of £6.4m (2014 – £8.2m)
- Operating profit margin of 6.8% (2015 – 7.1%)
- Interim dividend of £5.4m (2015 – £5.4m)
The company has also strengthened its board, with five new board members joining in 2015.
During 2016, Lothian Buses is recruiting over 55 new drivers and apprentice engineers to help provide extra services to meet increased customer demand throughout Edinburgh and the Lothians.