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Go-Ahead Group HY Profit Down

Go-Ahead Group Plc. (GOG.L), a provider of passenger transport services, reported that its profit attributable to members for the six months ended 29 December 2018 declined to 26.1 million pounds from 49.6 million pounds last year.

Basic earnings per share dropped to 60.7 pence from last year's 115.5 pence, due to the decrease in operating profit and an exceptional item relating to the Guaranteed Minimum Pensions or "GMP" equalisation charge on the bus pension schemes. Excluding exceptional items, profit attributable to members was 40.0 million pounds in the period compared to 49.6 million pounds in the prior year.

Group revenue grow to 1.92 billion pounds from 1.83 billion pounds last year.

For the Group overall, full year expectations have increased, principally due to rail. It expects free cash flow generation to be strong, resulting in a reduction in net debt, excluding restricted rail cash, at year end and supporting the payment of dividends that are in line with our policy.

"Go-Ahead is an increasingly geographically diversified business, built on the safe and efficient provision of essential services. We remain committed to delivering long term value for all our stakeholders and our vision of a world where every journey is taken care of," the company said.

Reflecting the continued confidence in the Group's prospects, the Board has maintained the interim dividend at 30.17 pence per share. This is payable on 12 April 2019 to shareholders registered at the close of business on 29 March 2019.

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