(Alliance News) - Go-Ahead Group PLC on Monday said the results of its recently completed were in line with expectations, with momentum maintained into the current financial year, as public transport emerges from the pandemic.
The Newcastle, England-based train, bus and coach operator's financial year ended on July 3. It report the full annual results on December 16.
Regional Bus passenger volumes have steadily increased, Go-Ahead said, with between 70% and 80% of typical pre-pandemic journeys in the first four months of its current financial year, which runs to July 2, 2022. However, the company warned on a slight slowing in the recovery in recent weeks in line with the rest of the industry.
Go-Ahead said there remains some uncertainty as to the speed and extent of recovery in the current financial year, which could impact the full-year performance of the Regional Bus division.
Turning to the London & International Bus division, Go-Ahead said the division has continued to perform well in the new financial year. Over 95% of expected annual revenue has already been secured.
In Rail, the company said GTR - Govia Thameslink Railway - continues to perform well, with good levels of customer satisfaction.
Talks with the UK Department for Transport about transferring London & Southeastern Railway Ltd the operator of last resort continue. Go-Ahead said its financial outlook includes expected provisions for LSER but not any potential financial penalty.
Meanwhile, Go-Ahead's German rail improvement plans in Baden-Wurttemberg continue to progress as expected, it said, and contract mobilisation in Bavaria is well-advanced.
In Norway, passenger numbers remain suppressed at around 60% of expected levels. Government support in Norway continues but has been reduced in the past three months to 70% of expected losses. Funding arrangements for the rest of the financial year have not yet been agreed, Go-Ahead said.
Go-Ahead shares were trading 3.6% lower in London on Monday morning at 786.47 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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