16 February 2007
Go-Ahead is one of the UK's leading providers of passenger transport management services operating in the bus, rail and aviation sectors. Employing over 24,000 staff across the country, over 800 million passenger journeys are undertaken on its services each year. In addition to the travelling public, customers include Transport for London, BAA, major airlines, local authorities and the Department for Transport.
- Revenue increased by 35% to £915.2 million (2005 - £675.9 million)
- Profit before amortisation, exceptional items and tax rose 17% to £50.9 million (2005 - £43.6 million)
- Operating profit before amortisation and exceptionals increased by 19% to £55.2 million (2005 -£46.3 million)
- Adjusted earnings per share were up 19% to 66.9p (2005 – 56.1p)
- Interim dividend of 23p per share (2005 – 18p) is proposed, an increase of 28%
- Demand growth and cost control in bus and rail were the key factors
- Acquisition of Docklands Minibuses Limited in north-east London and Marchwood Buses in Southampton
- Shortlisted for the TfL London Rail Concession and West Midlands rail franchises
- Exclusive discussions with Air Canada at Heathrow
- Share buy-back programme continuing
Commenting on Go-Ahead's strategy and prospects, Chairman, Sir Patrick Brown said:
"The outlook for the second half of the year remains positive with expected increases in bus profitability sustained by a combination of margin improvement, revenue growth and contributions from new acquisitions. The main focus in rail continues to be the business improvement programme at Southeastern and the development of competitive bids for the two franchises for which we are shortlisted. The performance of the aviation services division is expected to recover in the next financial year as the benefits from this year's commercial developments are secured. In the early weeks of 2007, the group's trading is in line with these expectations."
Interim Results in Full
For further information, please contact:
The Go-Ahead Group
Keith Ludeman, Group Chief Executive
16 February: 0207 067 0700
Ian Butcher, Group Finance Director
Thereafter : 0208 929 8650 / 0191 232 3123
Weber Shandwick Financial
020 7067 0700
Richard Hews/ Rachel Taylor/ Hannah Marwood
An analyst's presentation will be held at 9.30am at Weber Shandwick Financial's offices,
Fox Court, 14 Gray's Inn Road, London, WC1X 8WS.
Copies of the presentation will be available on the Company's website: www.go-ahead.com.
Notes to Editors
The group's bus division operates over 3,600 buses, providing over 505 million passenger journeys and covering around 236 million vehicle kilometres each year. Operations fall into four main geographical areas: deregulated services in north east; deregulated services in West Midlands; deregulated services in south east / southern England; and regulated services for Transport for London in the capital. The newest additions to this division are Dockland Minibuses and Marchwood buses acquired during the half year.
The group's rail division operates a fleet of 630 trains on which over 280 million passenger journeys are undertaken. Concentrated in the south east of England both our franchises, Southern and Southeastern, operate a mix of suburban commuter and mainline routes throughout south London, Kent, Surrey and Sussex. The Southeastern franchise will include the operation of new high speed trains on the domestic Channel Tunnel Rail Link into St Pancras from 2009.
The group's aviation services division undertakes a wide range of support services for national and international airlines. Services provided include cargo handling, passenger check-in, baggage handling, information desks, executive lounges, ground handling and customs clearance. In the last year 45 million passengers were handled as well as over half a million aircraft movements. The division includes Meteor Parking which is the second largest parking company in the UK, managing over 58,000 parking spaces predominantly at BAA airports, with a range of customers, including BAA, local authorities, retail outlets, NHS trusts, hotels and rail stations. Well known brands include 'Pink Elephant', 'Park 1' and 'eparking'.