Stagecoach saw profits fall in the 12 months preceding May as more passengers shopped online or used their own car to get about.

Total operating profit for the bus operator fell by 21.4 per cent to £171.1 million for the year ending April 30th, compared to the same period previously, while pre-tax profits dropped 36.7 per cent to £104.4 million.

This in spite of a healthy 20.8 per cent rise in global revenue, with Stagecoach turning over £3.87 billion between June 2015 and the end of April 2016.

As a result, the company will adopt “a prudent approach to controlling costs” and review bus services to reflect shoppers’ less frequent trips to the high street in the face of increased online spending.

Lower fuel prices meant that people could afford to drive their car more often, said chief executive Martin Griffiths.

With around 8,500 Stagecoach buses and coaches operating in the UK, Mr Griffiths said the company, which also operates in the US, Canada and mainland Europe, would closely follow developments in light of Britain’s decision to leave the EU.

“Although we have little business in Europe outside the UK, we acknowledge the referendum result may lead to continuing economic, consumer and political uncertainty,” he commented.

Reduced public spending and wider economic issues like slower GDP growth had taken their toll, the Stagecoach boss added.

“Nevertheless, we have experienced management teams who are working hard to stimulate growth and we have not significantly revised our expectation of 2016/17 adjusted earnings per share,” he concluded.