Stelios in “no hurry” to float easyBus

Stelios Haji-Ioannou plans to delay the floatation of easyBus till at least 2012, despite the company making a profit for the fist time last year.

The Greek-Cypriot billionaire said he was in “no hurry to float” the airport transfer business despite its improving figures, and would instead prefer to grow profits and cashflow before looking a float.

In an interview with the Sunday Telegraph he said: “The other thing I want to achieve is to have the company with a dual supply of vehicles,” he said, noting that the current buses are all Mercedes-Benz.

Accounts soon to be filed at Companies House for the year to September 2010 show a profit before tax of £881,961 on sales of £7.8m. In the year before, easyBus lost £1.46m loss on sales of £6.6m.

The turnaround came after easyBus took over the running of the vehicles from third-party operators.

ADVERTISEMENT

In addition, the accounts show that Richard Prosser, the former TUI director, resigned as deputy chairman just a month after signing up to the post.

Prosser’s appointment had been seen as a key step on the road to the creation of an independent board, ahead of listing. But his departure is understood to be related to personal reasons.

easyBus is a low cost airport transfers bus and coach service that operates to and from central London and Gatwick Airport, Luton Airport and Stansted Airport.