Go-Ahead boosted as commuters ditch cars

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The group today said revenues from running the Southern and Southeastern train networks have leapt 13.2% over the last 12 months.

Both rail services have been enjoying greater patronage but also, controversially, have forced aboveinflation fare rises on passengers to help pay for rolling stock introduced on lines out of Victoria, and the bullet trains to be introduced to and from Kent from next year.

Go-Ahead also reported an 11.9% rise in revenues in its bus operations in the capital - London General, London Central and Metrobus - while revenues from its buses around the country, including in Brighton and in Oxford, are up 8.7%.

Analysts say that should see underlying profits at Go-Ahead leap by more than 5% to over £125 million for the year to the end of June.

But the bottom line will be hurt by an £8 million hit on its exit from the West Midlands bus market and a £7 million restructuring charge in its struggling airport ground handling and cargo business Aviance.

The group insisted that rising fuel costs should not harm it too much. Diesel represents only 10% of its bus costs, and its bill for the next year has been hedged at 43p a litre, taking advantage of taxpayer-funded fuel subsidies given to bus companies.