Record passenger levels for Plymouth CityBus owner Go Ahead
The company which runs Plymouth CityBus has made record profits in its unregulated bus division, its full-year results revealed today.
Go Ahead made an operating profit of £110.2million in the year to June 2012.
It also saw its highest ever passenger levels on both rail and bus.
David Brown, Group Chief Executive, said: “Over the last year, Go-Ahead has made significant progress in building a stronger Group and delivering on our strategic goals. Most recently, I am really proud of the key role our staff played in helping to deliver a highly successful transport network for the London 2012 Olympic Games.
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“Against a challenging economic backdrop, we have continued to drive growth across our bus and rail companies and carried a record number of passengers on our services. The year also saw the Group’s largest ever investment in our bus fleet and the roll-out of “the key” smartcard across our bus operations outside London.
“Our deregulated bus business performed exceptionally well in the year, delivering record operating profit and sector leading passenger growth and our London bus operations remain best in class. In line with the Group’s strategy to grow our core bus division, we acquired four value-enhancing deregulated businesses, strengthening our portfolio of resilient operations in the South. In our regulated business, we moved into North London with the acquisition of the Northumberland Park depot.
“Overall, the Group’s rail division performed well during the period, with strong operational performance across all three franchises and good passenger revenue growth, particularly in London Midland. Southern has started to be impacted by the economic environment, as the bid model assumed stronger economic growth rates than are currently being experienced.
“Our three rail franchises carry almost a third of all rail passengers in England. We have significant experience of successfully managing complex commuter franchises and delivering industry leading projects and will be using this expertise to deliver a strong bid for the new Thameslink franchise.
“Despite the challenges facing the economy, the new financial year has started well and trading is in line with the Board’s expectations. We operate in a market that has many fundamental strengths and we are well placed to benefit from the growing need for a sustainable and efficient public transport system.”