Go-Ahead announces further delay in results

Newcastle-headquartered bus and rail giant Go-Ahead Group has announced a further delay to the publishing of its results for the year ended July 3, 2021.

Go-Ahead Group, recently stripped of the Southeastern rail franchise, temporarily suspended trading in its shares on January 4 and its 2.50% guaranteed bond due 2024 “pending finalisation of results for the year ended 3 July 2021.”

On Monday, Go-Ahead said in a stock exchange statement: “Further to the announcement on 9 December 2021, the group has been advised by Deloitte that it requires additional time to complete the audit of the group’s results for the year ended 3 July 2021 (FY21 results).

“The group continues to work closely with Deloitte to ensure that the FY21 results are published as soon as possible.

“Publication is now expected to be before the end of February 2022.

“Accordingly, trading in Go-Ahead’s shares and corporate bond will remain suspended.

“The group intends to request restoration of trading in both its shares and bonds with effect from publication of its FY21 results.”

The UK’s Department for Transport (DfT) announced on September 28 last year that the Operator of Last Resort would take over the running of Go-Ahead’s London & South Eastern Railway (LSER) services from October 17.

The DfT said the decision followed “an investigation which identifies over £25 million of taxpayer money was not declared by LSER, amounting to a significant breach of the franchise agreement, undermining trust.”