29th Nov 2018 10:09
LONDON (Alliance News) - Go-Ahead Group PLC on Thursday backed its annual expectations for the current financial year after reporting like-for-like revenue growth in its bus and rail operations.
For the period between July 1 and October 27, the transport company reported like-for-like revenue growth in the Regional Bus division at around 3%. Passenger journeys rose 1.5% helped by the "better summer weather".
In London Bus reported revenue rose 0.5%. However, profit within the division is expected to be lower that the previous year due to contract losses.
Singapore operations, which are reported within the London Bus division, continued to perform well, the company added.
In Rail - within which the group operates via its subsidiary Govia the franchises Southeastern and GTR - passenger revenue was up 7.0% while journeys increased 5.0%.
"Since GTR's interim timetable was put into place in mid-July, operational performance has improved substantially whilst also operating an additional 200 services per day. Performance on Southern is the best since the start of the franchise," Go-Ahead commented.
The transport firm added that Elodie Brian, who spent 10 years at train operator Southeastern, has been appointed interim chief financial officer, starting December 3. The recruitment process for a permanent hire is ongoing, the company added.
Go-Ahead shares were trading up 3.5% at 1,605.00 pence each Thursday morning.
The company is due to post its half-year results on February 21.
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