Lothian 2016 Accounts Announced

Great results allow increased dividends to shareholders

Lothian's improved performance during 2016 has allowed us to increase the dividend paid to our public sector owners to £6.6m, up from £5.5m last year.

The figures are contained in our 2016 Annual Report, published today, 22nd June, which also highlights that our 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

We also invested £14.1m in 55 new Euro 6 vehicles and our property portfolio.

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 shareholders. During this period we also carried over 1.1 billion passengers.

Download the Consolidated Financial Statement here

Posted on: Thu, June 22, 2017 at 2:34
← Latest news