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Go-Ahead finds its revenue on the buses
Transport firm Go-Ahead yesterday said its bus division continued to drive the business in the face of an anticipated 50 per cent drop in rail profits.
Go-Ahead, which operates the Southern, Southeastern and London Midland rail franchises, said the bus unit's half year profits were now
expected to be slightly ahead of last year's 31.4m.
The company, which has a fleet of 3,500 vehicles and a 21 per cent share of the London bus market, forecast further progress in the second half of the financial year.
It said revenues in deregulated bus operations, such as those serving the North East, Oxford and southern England, were up seven per cent with passenger numbers ahead five per cent.
The rail operation performed in line with expectations in the six months to January 2, although Go-Ahead said profits would be broadly half last year's 34.9m due to a reduction in government franchise subsidies.
The rail franchises are 65 per cent owned by Go-Ahead through the holding company Govia.
Yesterday's update follows Monday's launch of the company's high-speed Javelin rail service between London St Pancras and Kent.
Earlier this month, Go-Ahead jettisoned the bulk of its loss-making aviation services business following deals with Servisair and Dubai-based Dnata.
Panmure Gordon analyst James Cooke said: "The company is in good shape and operations have held up well despite difficult economic conditions."
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Friday 10 February 2012
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