Our business model

Our purpose is to be the local partner taking care of journeys that enhance the lives and wellbeing of our communities across the world.

Delivered through our strategy 

Protect and grow the core

Win new bus and rail contracts

Develop for the future of transport

Our strategy

Supported by a strong financial profile

Revenue generation

We generate revenue in two main ways:

  • Through the fares we receive from our bus and rail passengers
  • Through contract payments we receive from our transport authority customers for which we operate services

Cost control

At local and Group levels we closely manage our costs without compromising on safety or quality. We have a particular focus on good cost control around employee utilisation, fuel efficiency, and contractual negotiations and management.

Capital allocation

Our capital principles ensure our focus on maintaining an Investment Grade rating, paying a dividend in line with our policy and remaining in the lower half of our target gearing range. Read more about our capital allocation principles and priorities on our website.

Reasons we’re successful


  • Clear strategy 
  • Customer focused decision making
  • Innovative and agile approach
  • Long-term focus on sustainable outcomes

Resources and relationships

  • Empowered people
  • Expertise, experience and influence
  • Strong relationships with strategic partners and stakeholders
  • Investment in fleets and depots


  • Devolved structure 
  • Financial discipline
  • Risk and appetite management

Creates financial and non-financial value for all our stakeholders

Financial value

We provide value for money services, offering convenient alternatives to car travel against a backdrop of rising costs of private motoring.

Non Financial value

Our services facilitate our customers’ lives, connecting people with friends and family and enabling access to services, facilities, work and education. Our buses and trains provide safe and convenient places for people to use their travel time as they wish.

Financial value

We look after our people, paying competitive salaries and offering attractive benefit packages.

Non Financial value

We create safe and enjoyable inclusive working environments in which people are empowered and enabled to develop personally and professionally. We offer occupational health and other wellness services for both physical and mental health

Financial value

Our aim is to provide attractive total shareholder returns. We increased or maintained the dividend to shareholders every year between 1994 and 2019. While a dividend has not been declared for the current year, the Board is committed to resuming returns as soon as possible.

Non Financial value

Shareholders’ interests are safeguarded through the Board’s strong commitment to good governance. Investor confidence in the long term sustainability of the Group is built through our approach to operating responsibly, such as measuring and reducing our impact on climate change.

Financial value

We support suppliers in the UK and internationally through the procurement of goods and services. Our payment practices are aligned with the Prompt Payment Code. 

Non Financial value

Through our Sustainable Supply Chain Charter we demonstrate high standards of integrity, responsibility and professional conduct. We endeavour to support our suppliers to improve the sustainability of their business.

Financial value

Our contribution to the Government includes corporation tax and National Insurance contributions.

Non Financial value

Through our experience and expertise we help shape policies at national and local levels through our contribution to reviews and consultations. Through our activities we support government targets and objectives in areas such as climate change, diversity and social inclusion.

Financial value

Our services enable and promote economic activity in our communities, providing access to retail and leisure facilities, and work and education.

Non Financial value

We strive for our services to be accessible and inclusive. We promote social inclusion in our communities, often providing vital transport links to vulnerable people. We operate responsibly and are committed to maximising the role we play in slowing global climate change and improving air quality for our communities.