British transport operator Go-Ahead said on Tuesday it will reinstate its pre-COVID-19 dividend policy from fiscal year 2022, and unveiled plans to expand its operations following the conclusion of a months-long business review.
Register now for FREE unlimited access to Reuters.comsaid on Tuesday it will reinstate its pre-COVID-19 dividend policy from fiscal year 2022, and unveiled plans to expand its operations following the conclusion of a months-long business review.
The group said its new strategy includes turning around underperforming operating companies, growing in existing markets, exploring acquisitions, and looking at new urban mass transit modes such as metro and light rail. The company will also start paying between 50% and 75% of underlying earnings per share as dividend to shareholders this year."Transport is at a tipping point as we recover from the pandemic," said Chief Executive Christian Schreyer, who commenced the review after his appointment in November last year.
The new strategy comes after Go-Ahead was penalised 23.5 million pounds last month by the Department for Transport after it admitted to financial errors by its London and Southeastern railway franchise, LSER, led to it overcharging the country's transport department in contracts over several years.
The group also said it is targeting an operating profit of at least 150 million pounds and an increase in annual revenue to around four billion pounds, up by around 30%, in the medium-term.Reporting by Muhammed Husain in Bengaluru; editing by Uttaresh.VSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
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