Go-Ahead profits slide

25th Feb 2010 18:08

A lower rail subsidy hit Go-Ahead's interim figures, though sales also dipped.Revenue in the half year to December fell to £1.1bn from £1.15bn with operating profits at £54.2m (H1'09: £65.6m), about £3m ahead of expectations.Changes in the way network rail charges affected the figures and without this revenue increased by £65.8m, or 5.7%, primarily due to continued growth in passenger revenue of 7.7% in bus and of 7.6% in rail. Underlying profit before tax was £50m (H1'09: £59.9m).One-off costs totalled £38m before tax, and net profit after tax for the period was £3.1m. The dividend is 51p with the final paid early for shareholder tax reasons.