Latest Rail News

05.09.14

Rail franchise success drives leap in Go-Ahead profits

Bus and rail operator Go-Ahead has seen a jump in its yearly pre-tax profits, which rose by 44.5% to £91.2m.

David Brown, group chief executive, said: “Both our bus and rail divisions performed well, with record numbers of passengers travelled on our services.”

Go-Ahead noted that once ‘exceptional items’ had been taken into account – which included the closing of its defined benefit pension scheme – the company’s pre-tax profit was £79.1m, up 25.4% on the previous year.

Brown added that a key achievement this year was winning the Thameslink, Southern and Great Northern (TSGN) franchise on the basis of “both quality for the passenger and value for money to the taxpayer”.

In its Govia joint venture with SNCF subsidiary Keolis, Go-Ahead is set to start operating the TSGN franchise (which will be the biggest in the country) from 14 September, with the annual revenues from this expected to top £1bn.

The company is also on the shortlists for the Department for Transport’s Northern and TransPennine rail franchise competitions. Brown added: “We look forward to submitting strong bids, working collaboratively with industry partners.”

Govia also operates the Southern franchise and Gatwick Express (which will be merged into TSGN); Southeastern; and London Midland.

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