Go Ahead Group sees 50% increase in pretax profit after record year
North East-based public transport operator Go Ahead has reported pretax profits of £91.2 million for the financial year, up from £63.1 million in 2013.
Go Ahead has witnessed record passenger numbers and won several major contracts in 2014, pushing revenue to £350 million, up £13.2 million from 2013.
Operating profit from the group’s bus operations has increased to £83.5 million, from £75.2 million in 2013.
The group has also seen a successful year for its rail arm, with operating profit up from million £11.5 million last year to £19.7 million in 2014.
The group also opened a new depot in Gateshead worth £8.5 million, which will be home to over 500 drivers and engineers.
Go Ahead won a bid to operate a seven-year joint venture with Thameslink, Southern and Great Northern (TSGN) entitled Govia
David Brown, group chief executive, commented: “Delivering for our customers is a prerequisite to the increasing financial strength of our business. The Group performed very well in the financial year with our bus and rail divisions both delivering strong results, which were significantly ahead of our initial expectations for the year.
“This was a particularly busy and exciting year for Go-Ahead in which we made excellent progress towards our strategic objectives. We remained focused on delivering high quality value for money services for our passengers and strengthened the finances of the business. We continued to make a positive contribution to society through the services we run, careful environmental stewardship and the taxes we pay.
“I am proud of our position as a responsible business. Reflecting our commitment to being an environmentally responsible operator, we became the only transport Group to be awarded the Carbon Trust triple standard for achievements in carbon, water and waste reduction during the year. I am also pleased that we have been recognised as the first FTSE 350 company to be awarded a Fair Tax Mark for our open and transparent approach to our tax affairs.
“Together these successes contributed towards us ending the year as a stronger Group with enhanced prospects for the future.”
Image used in wikimedia creative commons licence. Credit: Ed Webster
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