easyBus drives to first profit
EasyBus, the low-cost travel business founded by Sir Stelios Haji-Ioannou, has posted its first annual profit since it was founded eight years ago. The bus operator, established in 2003 and part of Sir Stelios’s easyGroup venture, reported post-tax profits of £1.4m in the year to 30 September 2010, compared with a loss of £1.5m the previous year. EasyBus is eyeing a potential stock market listing to fund European expansion but this is not likely to happen until 2012, after the company has secured a second vehicle manufacturer to supply its bus fleet.