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Friday, August 19, 2022

Go-Ahead issues trading update and sets date for AGM

Announcing the expected date for the publication of the Group’s financial results for the year ended July 3, 2021, the Go-Ahead Group has given an update regarding trading in the first four months of the current fiscal year.

Christian Schreier took over as CEO of the group on November 5. The group plans to publish its results for the year ending July 3, December 16, with the annual report and accounts expected to be published before the end of that month. The group’s annual general meeting is scheduled for Tuesday, December 21 at 11 a.m. As previously noted, the Group has stated that the financial results for the year to July 3 were in line with the Board’s expectations.

Looking at current trading conditions for the current fiscal 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-epidemic travel now taking place on its regional bus services.

The Coronavirus Bus Support Grant (CBSSG) was replaced on September 1 by the Bus Recovery Grant (BRG), which provides £ 226 million in funding for UK regional bus services until March as operators move to a more commercial model. Go-Ahead reports local management teams Its working closely with local authorities respectively to produce bus service improvement programs that will form the basis for improved partnerships in most of its bus markets.

While passenger volumes have increased over the first four months, the group reports a slight slowdown in recovery in recent weeks, in line with the rest of the industry, resulting in continued uncertainty about the speed and extent of recovery in the current year, which, it warns, assuming BRG stops in March 2022 On the entire year’s performance of the division. In the long run, the group said it remained confident that the division would provide attractive margins and returns given its local market positions and strong networks.

During that period, the group reports that its London and International division continued to perform well, with over 95% of revenue expected for the full year already guaranteed, and the division’s full year performance expected to be in line with management expectations. The group said its priority in the coming months is to help passengers return, and that a flexible, reliable and customer-focused public transport network is essential to Britain’s economic recovery and achieving the government’s ambitious climate change goals.

The group noted that the meeting is held to cover current affairs only, and that although at the time of the announcement the meeting could be held as a personal meeting, but given the ongoing Cubid-19 restrictions and given the health and safety importance of all members and shareholders, he asked shareholders to consider their attendance. .

Go-Ahead bus activity includes Go North West in Manchester. Richard Sharman

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