London alarm as Go-Ahead reports commuter slowdown

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Go-Ahead, which runs London commuter routes in a joint venture with SNCF of France, revealed that growth in the number of passengers on its Southern Railway network out of Victoria slowed to 6.1% in the six months to the end of December, compared with growth of 9.1% in the previous year.

Growth on its Southeastern network into London Bridge, Cannon Street and Charing Cross was 5.9% in the same period against 7% the previous year.

The latest figures could indicate the first effects of the credit crunch on City workers, or it could mean that passengers are baulking at paying above-inflation fare-price rises.

Southeastern commuters are being hit with rises averaging 3% over the Retail Price Index of inflation - increases of more than 7% a year - in Government-enforced increases to claw back money from building the Channel Tunnel high-speed link on which new Javelin commuter trains from Kent will run from next year. Fares on Southern have risen on average by more than 5%.

Go-Ahead chief executive Keith Ludeman warned about drawing early conclusions. "Since the end of the half-year and a soft Christmas, we have had strong year on year growth in January," he said.

Go-Ahead today said that half-year pre-tax profits dropped almost 4% to £45 million. The shares, down 20% in recent months, fell a further 7.5%, off 170p to 2065p, as the company warned that falling Government subsidies will mean rail profits will dive this year.