Half year results for the six months ended 28 December 2013
Good performance in bus and rail;
Overall results in line with management expectations
Business overview
- Overall results in line with management expectations, full year expectations are unchanged
- Bus operating profit up 14.7% to £40.6m
- On course to achieve bus operating profit target of £100m by 2015/16
- Record passenger numbers in bus and rail
- Profit before tax rose 30.8% to £40.3m
- Bids submitted for the Thameslink and Crossrail franchise competitions during the period
- Strong cash management allowing increased investment and reduced net debt
- Maintained half year dividend at 25.5p
Financial summary: |
H1’14 £m |
Restated* H1’13 £m |
Increase/ (Decrease) £m |
Increase/ (Decrease) % |
|
| Revenue | 1,370.0 | 1,296.6 | 73.4 | 5.7 | |
| Operating profit | 51.1 | 42.1 | 9.0 | 21.4 | |
| Operating profit margin (%) | 3.7% | 3.2% | 0.5% | ||
| Net finance costs | (7.6) | (8.0) | 0.4 | 5.0 | |
| Profit before tax and amortisation | 43.5 | 34.1 | 9.4 | 27.6 | |
| Profit before tax | 40.3 | 30.8 | 9.5 | 30.8 | |
| Adjusted earnings per share (p) (see note 7) | 83.3p | 58.3p | 25.0p | 42.9 | |
| Proposed dividend per share (p) | 25.5p | 25.5p | - | - | |
David Brown, Group Chief Executive, commented: "In October 2012 we set out a three year plan of growth and business improvement with the aim of raising the performance of our UK bus business to £100 million in operating profit. "We are making good progress, and 16 months into that timetable, our planning assumptions remain valid and we are on course for our target. "Meanwhile we maintain our long-term commitment to rail and were pleased to have submitted our bids for the Thameslink and Crossrail franchise competitions during the period. "The sustained efforts of our 23,500 people, backed by substantial targeted investments in technology, fleet and new facilities, are strengthening our business by improving services for all our customers. "Our use of smart and mobile ticketing data helps deepen our understanding of our customers’ needs and allows us to continue to develop and improve our capabilities, to make our bus and rail services more attractive and more convenient. "With record passenger numbers, effective cash management and a strong balance sheet, Go-Ahead is in good shape with excellent growth prospects." SEE ALSO THE LATEST ON THE FOCUS FLICKR SITE Martin Arrand recently made another visit to Sheffield ostensibly to catch up with the new Optare Versas on the 'Line 30' route operated by Wellglade subsidiary TM Travel.  His efforts can now be viewed here |
