Record numbers of packed commuters on the Southern, Southeastern and London Midland train lines helped operator Go-Ahead enjoy a 44% surge in annual pre-tax profit to £91.2 million and hand investors a bigger dividend.
Go-Ahead lifted its shareholder payout, by 4.3% to 84.5p, for the first time since 2008. Passenger revenues on its buses and trains grew 5.1% to £2.7 billion.
The surge in profit comes despite rail passenger satisfaction scores dipping in two of Go-Ahead’s three franchises but the firm blamed this on “factors outside our control, such as flooding and landslips, and infrastructure maintenance”.
Go-Ahead’s profits were boosted by £15.1 million after it closed its staff defined-benefit pension scheme, but it also faced a £3 million charge to cover a management shake-up at London Midland.
The transport giant has also secured Thameslink Southern, Britain’s largest rail franchise, and been short-listed to run the Northern and TransPennine routes. It today added it was “looking forward to submitting strong bids” for both.
