Sunday, 27 October 2013

Robust Performance from Go-Ahead

Transport operator Go-Ahead has delivered a “robust” performance over the past four months.
The interim management statement released within the last few days, showed the Newcastle-headquartered group experienced underlying revenue growth of 3.5% in its deregulated bus services, 7% in its regulated bus services and around 7.3% across its rail divisions. The figures, which exclude the benefit of delivering transport for the Olympics last year, mean Go-Ahead is on track to reach its target of £100m operating profit in its bus division by 2015/16.
Go-Ahead chief executive David Brown said: “Our bus and rail businesses have delivered a robust performance, in line with expectations. Overall, I am pleased with the group’s performance and remain confident that the full year result will be in line with our expectations.”

BUS




Deregulated:
Trading in the deregulated bus operations has been robust. Underlying revenue growth, which excludes the benefit of delivering transport for the Olympic sailing events at Weymouth last year, was in line with expectations for the quarter, at around 3.5%. Concessionary passenger volumes continue to grow at a slower rate than journeys made by fare paying customers.


First quarter growth rates*:
Revenue
Passenger journeys
Total
(including Olympics)
Underlying
(excluding Olympics)
Total
(including Olympics)
Underlying
(excluding Olympics)
c.2%c.3.5%c.1%#c.1%
#The Olympic contract was on a gross cost basis. Passenger journeys were not recorded.
Regulated:
Performance in the London operations has been strong in the quarter, benefiting from one-off rail replacement services and slightly higher QICs bonuses. Underlying full year mileage is still expected to be broadly flat as we expect to retain a consistent level of contracts.
First quarter growth rates*:
Revenue
Mileage
Total
(including Olympics)
Underlying
(excluding Olympics)
Total
(including Olympics)
Underlying
(excluding Olympics)
c.3%c.7%c.2%c.4.5%

Rail


The rail division operates the Southern (including Gatwick Express), Southeastern and London Midland franchises through our 65% owned subsidiary Govia.
Underlying revenue performance in our three franchises has been in line with our expectations. As in the fourth quarter of last year, reported passenger journeys across all companies increased significantly due to a change in Department for Transport methodology in Travelcard allocations.


First quarter growth rates*:
Passenger revenue**
Passenger journeys**
Total
(including Olympics)
Underlying
(excluding Olympics)
Total
(including Olympics)
Underlying
(excluding Olympics)
Southernc.6%c.7%c.5%c.6%
Southeasternc.0%c.6%c.(2.5)%c.5%
London Midlandc.6%c.9%c.2%c.4.5%
**Passenger revenue and journeys associated with the Olympic and Paralympic Games are based on estimates.
Whilst trading in our rail division will remain challenging in the short term, we are committed to delivering long term value through operating in the UK rail market. We are working hard to submit strong bids for the Thameslink and Crossrail franchises, for which we are shortlisted.

http://www.go-ahead.com/media/news/2013news/2013-10-24.aspx

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