Derby train operator East Midlands Trains back in profit
DERBY train operator East Midlands Trains is making a profit again - thanks to financial support from the Government.
Half-year results released by the firm's parent company Stagecoach Group this morning, showed that the Derby to London operator improved its financial performance once it had received "revenue support" from the Department for Transport.
In the summer, it was revealed that East Midlands Trains received a £46 million bail-out from the Government, after making losses which, under the terms of its franchise agreement with the DfT, made it eligible for revenue support.
The cash injection is reflected in the performance of Stagecoach's UK rail division - made up of East Midlands Trains, South West Trains and Virgin Rail, which is jointly owned by Stagecoach and Virgin Group - in the six months to October 31.
Profits bounced back from a £6.9 million loss in the same period last year, to a £22.7 million gain.