RMT slams Stagecoach as dividends rise while a thousand staff face the axe.

Publication Date: June 24 2009

SPECIALIST TRANSPORT union RMT today slammed the latest financial results of bus and rail company Stagecoach as they revealed that shareholders dividends are being increased while up to a thousand jobs on their South West Trains and East Midlands Trains franchises face the axe.

The Stagecoach figures show that overall operating profits rose by 11% to £227 million Interim dividends for shareholders have gone up from £9.5 million last year to £12.9 this year with final dividends going up from £28.9 million to £30 million.

Bob Crow, RMT General Secretary, said today:

“It’s a scandal that Stagecoach, with the connivance of the government, are jacking up their dividend payouts while up to a thousand of their rail staff are being threatened with being thrown on the scrapheap.

“Jobs are being axed, ticket office opening hours are being cut and all in the name of generating the maximum profit and dividends for the company’s shareholders.

“RMT repeats its call that there should be a moratorium on dividend payments across the transport sector while the threat of redundancy hangs over thousands of our members heads.”

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