Go-Ahead Group PLC - Regional Bus Funding
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("GO-AHEAD" OR "THE GROUP")
Go-Ahead welcomes Government support for critical bus services
Go-Ahead today welcomes the announcement from the
The package, which includes
Reflecting the Government's guidance to avoid non-essential travel, bus passenger numbers have fallen by around 90%, therefore this financial support is crucial to ensuring we are able to cover the costs of providing essential services.
In our regional bus business around 30% of revenue is derived from contracts and concessionary income. In the vast majority of cases, local authorities across the country have agreed to continue paying for these services at pre-crisis levels. The Bus Services Operators Grant, relating to fuel duty, will also continue to be paid at the same levels as before the COVID-19 outbreak in the
In line with other measures undertaken to ensure the sustainability of the business, the Board and the Executive Directors have decided to take a 20% reduction in fees and base salaries during this challenging period.
"The health and wellbeing of our colleagues and customers continues to be our priority. Go-Ahead's companies have extensive cleaning regimes and guidance is being provided to customers to maintain social distancing when travelling on our services.
"Our companies continue to provide an essential service during this crisis, and I would like to thank colleagues across the business who are working tirelessly to ensure these vital services keep running. People in key roles such as
"We are really pleased the Government has moved quickly to recognise the necessity of providing these vital lifelines and is working with the bus industry to ensure services continue in a sustainable manner."
For further information, please contact:
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07766 305 594
07896 968 971
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Go-Ahead is one of the leading
Go-Ahead is one of the
The rail division operates two franchises in the
This information is provided by RNS, the news service of the
Quick facts: Go Ahead Group
Market Cap: £347.36 m
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