Investor Alert

Sept. 24, 2020, 2:53 a.m. EDT

Go-Ahead swings to loss, but results beat views

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By Joe Hoppe

Go-Ahead Group PLC Thursday said it swung to a loss in fiscal 2020, though results were slightly better than its revised guidance given the coronavirus pandemic.

The transport company said that for the year ended June 27, its pretax loss was 200,000 pounds ($254,520) compared with a profit of GBP97.0 million for fiscal 2019.

The company attributed the fall to GBP57.1 million of exceptional items, as it faced coronavirus-related disruption on its regional busses and losses in the German rail business.

Revenue was GBP3.90 billion, compared with GBP3.67 billion in 2019. The company added that more than 90% of its revenue is secured through contracts, with no revenue risk from changes in passenger demand.

The board didn't declare a final dividend to conserve cash, but said it was committed to resumption of payments when appropriate. The underlying business remains cash generative, and unrestricted cash and unused facilities of GBP230 million as of June 27 have since increased to GBP240 million, said the company.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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