Lothian 2016 Accounts Announced Posted on 22nd of June 2017

Lothian 2016 Accounts Announced

Our parent company Lothian's improved performance during 2016 has allowed an increased dividend payment to our public sector owners of £6.6m, up from £5.5m last year.

The figures are contained in the 2016 Annual Report, published today, 22nd June, which also highlights profits have risen from £6.4m to £11.9m.

The results include the performance of EastCoastBuses, which carried over 1.1m passengers in 2016 and continues to exceed initial projected expectations.

Jim McFarlane, Chair of Lothian, said:

Once again, our accounts show that we continue to buck the national trend, increasing revenues, profit and our public sector dividend. This is due to the outstanding performance, dedication and commitment of our staff and our unique business model which allows us to serve the city of Edinburgh and its surrounding communities.

We have also in the last year created more than 100 new jobs in the local economy, further modernised one of the greenest fleets in the country and stepped in to maintain vital local services to the community of East Lothian. That is a record of achievement that any public transport operator would be proud of.

Richard Hall, Managing Director of Lothian, added:

Our focus for the year ahead will be to continue to develop our business, improving the essential connections that we provide for residents, workers and visitors in the Edinburgh city region. This will build on the new services introduced last year and our investment in cleaner, quieter vehicles aligning with Scottish Government aspirations. As a major contributor to both the local and wider Scottish economy we will continue to work closely with all our partners, particularly The City of Edinburgh Council, to ensure that our buses are able to move efficiently around the city and surrounding areas which allows us to deliver an excellent service for all our customers. Over 120 million customer journeys were undertaken on our services during 2016 representing a year on year uplift of 0.3%, contrasting sharply with significant declines seen elsewhere throughout the UK and Scotland.

​Councillor Lesley MacInnes, Transport and Environment Convener, said:

These figures are testament to the quality of Lothian's service, which continues to provide reliable journeys to millions of passengers every year. The Council is committed to increasing the use of cleaner, more efficient public transport by residents and visitors, and, as majority shareholder, we are particularly encouraged by Lothian’s ongoing success, which will allow further investment in and development of sustainable transport in the capital.

Key 2016 performance against the company’s key indicators includes:

Revenue £146m                          2015 - £142m          Increase £4.0m
Net profit £11.9m                         2015 - £6.4m           Increase £5.5m
Operating profit margin 9.0%      2015 -   6.8%           Increase   2.2%
Interim dividend £6.6                   2015 - £5.5m           Increase £1.1m

£14.1m was also invested in 55 new Euro 6 vehicles and property which includes our new tour buses.

Over the last 10 years, the company has generated revenues of over £1.2 billion, and returned a dividend of £38.5 million to our local authority shareholder.

During this period over 1.1 billion passengers were carried.

Download the Consolidated FInancial Statement here.

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