Announcing the expected date for publication of the Group’s financial results for the year ended 3 July 2021, the Go-Ahead Group has given an update on trading for the first four months of the current financial year.
Christian Schreyer took over the role of Group Chief Executive on 5 November. The Group plans to announce its results for the year ended 3 July on 16 December, with the annual report and accounts expected to be published before the end of the same month. The Group’s Annual General Meeting is scheduled to take place in London on Tuesday 21 December at 1100hrs. As previously indicated, the Group said financial results for the year to 3 July remain in line with the Board’s expectations.
Looking at current trading conditions for the current financial year, the Group reports that in the first four months of the year across its regional bus operations, passenger volumes have steadily increased with between 70% and 80% of typical pre-pandemic journeys now being made on the its regional bus services.
The Coronavirus Bus Service Support Grant (CBSSG) was replaced on 1 September with the Bus Recovery Grant (BRG), which provides £226m of funding for regional bus services in England until March while operators transition to a more commercial model. Go-Ahead reports that its local management teams are working in close collaboration with their respective local authorities to produce Bus Service Improvement Plans which will form the basis of Enhanced Partnerships in the majority of its bus markets.
Whilst passenger volumes increased over the first four months, the Group reports a slight slowing in the recovery in recent weeks, in line with the rest of the industry, resulting in ongoing uncertainty as to the speed and extent of recovery in the current year which, it warns, assuming the BRG ceases in March 2022 as anticipated, could impact the full year performance of the division. In the longer term, the Group said it remains confident that the division will deliver attractive margins and returns given its strong local market positions and networks.
During the same period, the Group reports that its London and International division continued to perform well, with over 95% of expected full year revenue already secured, and the division’s full year performance is expected to be in line with management’s expectations. The Group said its priority over the coming months is helping passengers return, and that a flexible, reliable and customer-focused public transport network is vital to the UK’s economic recovery and in achieving the Government’s ambitious climate change targets.
The Group noted that the AGM is being held to cover routine business only, and that although at the time of announcement it is possible to conduct the AGM as an in-person meeting, but in light of the ongoing Covid-19 restrictions and given the importance of the health and safety of all colleagues and shareholders, asked that shareholders consider if their attendance at the AGM in person is strictly necessary.
