THE company that owns Hampshire's major train operator has reported soaring profits just weeks after announcing fare hikes for passengers.

Stagecoach bosses admit people using South West Trains would see ticket price increases of about 6.3 per cent while the company’s UK rail arm had seen half-yearly profits double from £14.9m to £29.9m.

The figures were revealed in its six months interim reports.

The company reported it had seen a 44 per cent surge across its businesses bringing overall profits to £108.7m.

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Campaign for Better Transport boss Richard Hebditch said: “Passengers are very concerned about these unjust fares. You cannot expect commercial companies to always act for the public good, they have to make money, the Government has to step in and take action.”

Stagecoach chief executive Brian Souter has seen his shares soar by 41 per cent in just three years. The son of a bus driver, Mr Souter has amassed a £400m fortune.

The companies in his portfolio have a combined turnover of £1.3bn and employ nearly 7,000 staff.

A Stagecoach spokesman said the fare increases were necessary to offset Government funding cuts and an expected increase in fuel prices. He said: “This is a shift in the way the cost of running a train service is paid for. Passengers will now be paying more while taxpayers will be paying less.

“About 97p in every pound we get in fares goes towards running the service.

It must also be remembered that this six monthly report compares the period up to October last year when we were at the bottom of a recession and this year when things are looking more positive and there has been a significant uplift.”

The fare increases will come into force on January 2.