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Go-Ahead Half Year Results 2014/15

Site Administrator
Go-Ahead Half Year Results 2014/15
The Go-Ahead half year results for the six months ending 27 December 2014 have been published:
http://go-ahead.com/~/media/Files/G/Go-A...022015.pdf

Business Overview:
  • Overall results in line with management expectations. Full year expectations are unchanged
  • Bus operating profit up 8.4% to £45.1m, in line with strategic target
  • Rail operating profit down 2.9% to £10.2m, with margins reducing to 0.9%. Contribution to the Government increased to £108.2m
  • Challenging start to GTR franchise. Investment already underway to improve performance for passengers
  • Working with Network Rail to minimise disruption to rail passengers during major infrastructure projects, in particular the £6.5 billion Thameslink Programme
  • Proposed interim dividend increased by 4.3% to 26.6p (H1’14: 25.5p), in line with 2013/14 full year dividend increase
  • Shortlisted for Northern and TransPennine Express franchises. Exploring overseas bus and rail opportunities
  • Strong cashflow and reduction in adjusted net debt
RE: Go-Ahead Half Year Results 2014/15
http://tools.euroland.com/tools/PressRel...ID=3168077&lang=en-GB&companycode=services

Link to full year results.

Overview:

FINANCIAL STRENGTH
•  Overall profits up 11.1%, slightly ahead of our expectations as a result of a stronger performance in rail
•  Record bus profits, up 6.6%
•  Improvement in rail profits albeit at historically low margins
•  Continued strong free cashflow and robust balance sheet
•  Proposed full year dividend up 6.5% to 90.0p in line with our progressive policy
STRATEGIC AND OPERATIONAL PROGRESS
•  Continued progress in bus division with sector-leading customer satisfaction in regional bus operations
•  Expect to deliver £100m of bus operating profit in 2016/17, a year later than originally anticipated
•  Record passenger numbers in rail division
•  Group's net increase in contributions to the DfT in the year was £191.9m, up to £255.9m
•  Challenging start in GTR - working closely with industry partners to improve performance and manage contract changes
•  Submitted bids for Northern and TransPennine Express rail franchises and shortlisted for the London Overground contract
•  Continue to explore selective opportunities in overseas markets
'Illegitimis non carborundum'