20 Jul 2011

Souter's bulging wallet

Stagecoach co-founder and chief executive Sir Brian Souter has seen a double-digit increase in his pay package following a strong year for the Perth-based transport group.
Although his salary only edged up by £11,000 to £564,000, Souter saw the cash and shares bonus payment he received rise by £66,000 to £258,000, according to the company's latest annual report. Together with benefits his total pay package rose to £844,000, an increase of almost 11 per cent on the £762,000 he received the previous year.
But with Souter owning around 15 per cent of the company, his salary package is a relatively small part of his income. Following a 9 per cent hike in the full-year dividend payment, Souter will receive more than £7.7 million in dividend payments.
Stagecoach's performance last year was boosted by increased use of public transport with commuters leaving cars at home because of high fuel prices. Pre-tax profits rose by 27.5 per cent to £205.7m in the year to 30 April with group turnover rising by 10 per cent rise to £2.4 billion, boosted by growth at home and abroad.
The regional UK bus division - which operates services in Aberdeen, Fife and the Highlands as well as several cities south of the Border - saw sales growth of 2.1 per cent to £893.6m. Operating profits rose 21 per cent to £153.1m.

No comments: