Go-Ahead’s ‘robust’ performance
In its Interim Management Statement, Go-Ahead reported a ‘robust’ performance in all of its divisions in the period from 30 June 2013 to 23 October 2013. In its deregulated bus business during the period, underlying revenue growth (excluding the benefit of delivering transport for the Olympic sailing events in Weymouth) was in line with expectations at around 3.5%. Concessionary passenger volumes continue to grow at a slower rate than journeys made by fare paying customers.
In Go-Ahead’s regulated bus business, performance was described as ‘strong’ in the quarter. It benefited from one-off rail replacement services and slightly higher QICs bonuses. Full year mileage is expected to be broadly flat as it anticipates retaining a consistent level of contracts.
Group Chief Executive of Go-Ahead, David Brown, said, ‘Our bus and rail businesses have delivered a robust performance, in line with our expectations. Our bus division is performing well and we are on course to deliver our ￡100m target by 2015/16. Our high quality, locally focused operations and sector leading marketing continue to drive our passenger numbers and we are making good progress with our cost efficiency programme. Overall, I am pleased with the Group’s performance and remain confident that the full year result will be in line with our expectations.’