Go-Ahead hit hard by rail cuts as profits fall 16%

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The company, which operates London buses and commuter rail franchises Southern and Southeastern - including the high-speed link from Kent to St Pancras - reported a pre-tax profit of £50 million for the six months to 2 January on sales 4.5 per cent lower at £1.1 billion.

Go-Ahead was expected to report an average pre-tax profit of £45.3 million.

The company said tougher times for its rail services overshadowed a good bus performance: "At this stage of the year, we have not changed our expectations for the full year results. We remain cautious on the outlook for the UK economy and will continue to take management action accordingly."