I have an admitted bias against investing in quoted British transport businesses. First, their markets, in terms of people travelling, grow slowly, if at all, which does not create much opportunities for sharp improvements in performance.
Second, they seem oddly accident-prone, in terms of expanding into other markets, especially America. Third, the rail franchise system that operates in Britain can mean an abrupt and hard-to-predict change in their fortunes, as such franchises are won or lost.
Stagecoach Group is among the more reliable of operators, in financial terms at least. Results for the year to the end of April came in a little better than expected, though this was mainly down to one-off factors, such as the renewal on favourable terms of insurance arrangements.
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