Lothian Buses returns £3.2m dividend to shareholders

Friday March 29th 2024

Lothian Buses

Written by Midlothian View Reporter, Luke Jackson

Thanks to a strong performance in 2023, the capital’s main public transport operator Lothian Buses will return dividends of £3.2m to its public sector owners for the first time since 2019.

Lothian’s strong year was headlined by an increase of over 17% in its passenger numbers, with the award-winning operator delivering for over 110 million customers in 2023.

Sarah Boyd, Managing Director for Lothian, said: “Lothian continue to contribute significantly to the local and wider economy, creating new job opportunities and consistently investing in the newest technology and vehicles to deliver for our people and our customers.

“A considerable team effort delivered strong operational and commercial performance across 2023 enabling the business to return dividends of 3.2 million pounds to our local authority shareholders.

“Our annual accounts for last year demonstrate continued recovery and growth since the pandemic, despite significant operating challenge and wider economic pressures.”

Councillor Scott Arthur, Transport and Environment Convener, said: “This demonstrates Lothian Buses’ ongoing, successful recovery from the pandemic, and the commitment all at the company have shown to get Edinburgh moving and our economy back on track. Receiving this dividend is a real turning point – I could not be prouder of them and all they do for Edinburgh.

“It’s amazing to have Scotland’s best bus service here in Edinburgh, and getting a dividend on top of that is incredible.

“Lothian’s resilience has seen passenger numbers grow significantly, providing reliable, sustainable public transport to millions each year, supporting our net zero 2030 goals. It’s thanks to this growth that they’ll be able to return dividends to the City of Edinburgh Council and the other minority shareholding councils, which will help us to improve transport in Edinburgh.

“In the coming year I will be doing all I can to ensure Edinburgh’s bus network remains attractive and reliable, and hope that helps underpin Lothian Buses’ continued success.”

The City of Edinburgh Council (through Transport for Edinburgh) owns 91% of Lothian Buses, Midlothian Council 5%, East Lothian Council 3% and West Lothian Council 1%.

2023 performance against the group’s key indicators includes:

– Patronage: 110m

– Revenue: £176.6m

– Dividend: £3.2m

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