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Go-Ahead Sees Weak FY20 Operating Profit; Stock Down - Quick Facts

Shares of Go-Ahead Group Plc. (GOG.L) were losing around 17 percent in the early morning trading in London after the Public transport operator Friday said it now expects sharply lower operating profit for fiscal 2020. Looking ahead, the company noted that it is not in a position to provide guidance in relation to the 2020/21 financial year or beyond at this stage due to Covid-19 impact.

In its trading update for the year ending June 27, the company said it now expects Group operating profit to be in the range of 63 million pounds to 75 million pounds or 54 million pounds to 66 million pounds on a pre-IFRS 16 basis. The outlook reflects the impact of COVID-19 and support measures.

In the previous year, operating profit was 104.3 million pounds and adjusted operating profit was 121.1 million pounds.

The company said it expects full-year operating profit for the regional bus division to be in the range of 17 million pounds to 21 million pounds, on both a pre and post-IFRS 16 basis.

Operating profit for the London & International bus division is expected to be in the range of 46 million pounds to 50 million pounds or 45 million pounds to 49 million pounds on a pre-IFRS 16 basis.

Rail division is expected to report operating profit in the range of nil to 4 million pounds or a loss of 4 million pounds to 8 million pounds on a pre-IFRS 16 basis, with the loss in German rail offsetting profit from the UK rail business.

In London, Go-Ahead shares were trading at 1,021 pence, down 16.92 percent.

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