Go-Ahead Group PLC - Newcastle, England-based public transport operator - Reports a slightly lower pretax interim profit. Pretax profit for the half-year ended January 1 falls to £50.1 million from £50.3 million a year ago. Revenue shrinks by 13% to £1.80 billion from £2.01 billion.
Confirms statement from three weeks ago aiming to deliver a dividend of not less than 50 pence per share for 2022. To reinstate dividend policy after its financial year ends on July 2.
Profit and revenue are down due to the challenges posed on public transport operators during the Covid pandemic. ‘Our bus and rail companies are adapting to meet changing travel patterns as we emerge from the worst of the Covid-19 pandemic,’ Chief Executive Christian Schreyer says.
‘Passenger numbers gradually increased over the first half, reaching around 80% of pre-pandemic levels in November 2021 before the emergence of the Omicron variant of Covid-19 prompted the government to issue ’work from home’ guidance in December,’ Go-Ahead adds.
Trading in the second half of its financial year is robust, it says. ‘The board now anticipates a full year result ahead of its previous expectations,’ the company adds.
Current stock price: 945.00 pence, up 2.2% on Wednesday
12-month change: down 30%
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