Go-Ahead says results beat forecasts

3rd Sep 2009 07:04

Rail and bus group Go-Ahead said it was pleased to report results slightly ahead of its expectations in June despite profits more than halving. Pre-tax profit fell to £42m against £103.1m last year due to higher costs and exceptional charges. Revenue increased 6.7% to £2,346.1m primarily due to a full year of London Midland and Gatwick Express rail revenueThe group said it has started the new financial year well and trading has been in line with the expectations."We have not changed our overall view on the outlook since our trading update in June 2009. We believe we are well placed for the year ahead, although we continue to assume economic conditions in the UK will remain difficult over the next twelve months," said the group.The group said its bus operations have proven to be robust and it expects demand for these services to remain strong, although it expects performance next year to be a little below the record level achieved this year. Rail operations should also deliver profitability in the year ahead, albeit below the level achieved to June 2009. In aviation services, it expects ongoing restructuring programme to protect against near term deterioration.The group has maintained its total dividend for the year at 81p.