September 5, 2019 @ 12:50 by Richard Dawson
Newcastle-headquartered public transport company, Go Ahead Group, reflects on good progress following the publication of its full year results today (September 5).
The FTSE 250-listed firm, which was incorporated in the North East and now serves passengers across the UK and abroad; said that strong operational performance yielded results that were slightly ahead of their expectations.
Whilst overall revenues increased by 10 per cent to just over £3.8 billion, there was a 33 per cent decrease in pre-tax profits – £97 million down from £146 million in 2018.
Unsurprisingly, the company’s performance was strongest in its London and international divisions, offsetting lower results in UK regional bus operations.
There was also marked improvements in passenger satisfaction and record levels of punctuality for rail services. The company maintained a full-year dividend of 102.08p.
David Brown, group chief executive, said: “I’m pleased to report full year results slightly ahead of our expectations in both bus and rail divisions. Strong performance in our London and international bus division more than offset a lower result in our regional bus business.
“Rail operating profit was slightly ahead of expectations, driven by strong performance at Southeastern, but was lower than the prior year which included a part year of operating the London Midland franchise.
“Our commitment to provide better services for our customers has delivered improvements in reliability and satisfaction in our bus and rail businesses, many of which reached record levels during the year.
“During the year, we began contracts in three new countries and won four more international contracts. Our continual focus on innovation resulted in the introduction of the UK’s first air-filtering bus and passenger benefits being developed through our Billion Journey Project incubator.
“Our balance sheet remains strong and we have maintained our dividend.”