Go-Ahead delays filing results
Go-Ahead has delayed publishing its financial results for a third time as investigations continue into its rail franchise error. Trading in Go-Ahead shares was suspended at the turn of the year while accountants wrestled with the finances, and have now announced a third delay.
The Newcastle-based group admitted in September 2021 that it had not declared £25m of funding relating to the London & South Eastern Railway (LSER) contract. The Govia joint venture was later stripped of the contract and faces a fine from the Government.
“Further to the announcement on 9 December 2021, the group has been advised by Deloitte that it requires additional time to complete the audit of the Group’s results for the year ended 3 July 2021 (FY21 results),” said an official statement from Go-Ahead. “The group continues to work closely with Deloitte to ensure that the FY21 results are published as soon as possible. Publication is now expected to be before the end of February 2022.
“Accordingly, trading in Go-Ahead’s shares and corporate bond will remain suspended. The group intends to request restoration of trading in both its shares and bonds with effect from publication of its FY21 results.”
The delay was announced five days after a director at the crisis-hit company had to step down when his slim re-election margin was announced to be a mistake.