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Go-Ahead Group PLC said on Thursday that pre-tax profit fell for the first half of fiscal 2021, but that its financial expectations for the full year had risen.
The UK transport company said the rise in expectations reflected the short-term timeliness benefit for revenue recognition of quality incentive contracts in its London and international bus division.
The company said that for the six months ended Jan. 2, profit before tax was £ 24.6million ($ 34.3million) compared to £ 49.0million for the first half of the year 2020.
Adjusted operating profit – the company’s preferred measure which excludes one-off and other one-off items – fell to £ 56.1 million from £ 60.0 million the previous year.
Revenue for the period increased to GBP 2.07 billion from GBP 2.01 billion the previous year. The company said this was mainly due to the start of operations in its international rail franchises, partially offset by the impact of the Covid-19 crisis on the company.
The board said it continues to work to pay a dividend at an appropriate level in calendar year 2021.
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