London and Singapore drive Go-Ahead bus profit increase

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Go-Ahead Group has released financial results for the year ended 30 June, 2018.

Group revenue decreased by 0.6% to £3.46bn, though group operating profit increased by 6.9% from £150.6m to £161.0m.

When taking exceptional items into account – the disposal of rail assets following the expiry of the London Midland franchise – operating profit decreased from £150.6m to £135.9m. Using this figure, earnings per share fell by 12.6% to 181.6p, though the figure was almost unchanged with the exceptional items included.

Regional bus operating profit contracted by 2.8% to £45.8m, though London and Singapore operating profit improved by 4.6% to £45.6m. Overall, Go-Ahead Group saw a 0.8% increase in bus operating profit. Overall bus revenue stood at £934.2m, a 3.6% increase.

Go-Ahead CEO, David Brown, said: “I’m pleased to report full year results that are ahead of our expectations. Our bus operations performed resiliently with profits slightly up on last year despite a challenging market environment.

“Our regional bus business received customer satisfaction levels of 91%, the highest ever recorded in the sector. Our London bus business also improved its operational performance with punctuality levels 12.5% better than last year.”