Thameslink operator slumps into the red ahead of Elizabeth Line takeover
The operator of London’s Thameslink and Gatwick Express slumped into the red before taking over the Elizabeth Line, it has been revealed.
Go-Ahead has reported a pre-tax loss of $36.9m for 2024, having posted a pre-tax profit of $9.7m for the prior 15 months.
However, the group pointed to it making a profit after tax of $3.1m, compared to a loss of $13.1m in 2023, and that its pre-tax loss does not take into account profit from its disposals.
The Newcastle-headquartered group had been listed on the London Stock Exchange before being acquired by Australian and Spanish firms Kinetic Group and Globalvia in 2022 in a deal worth around £650m.
The group also runs rail service Southern and a range of local bus routes across the UK.
The group took over the running of the Elizabeth Line in May this year after being handed the seven-year contract by Transport for London in November 2024.
The group is operating the service through a joint venture with Tokyo Metro and Sumitomo Corporation.
Losses revealed at new Elizabeth Line operator
New accounts filed with Companies House also show that its revenue totalled £3.5bn in 2024, down from the £3.7bn it achieved in the prior 15 months.
The group’s passenger revenue totalled £2bn in 2024 while its contract revenue was £1.2bn. It also received a franchise subsidy of £8.6m.
In the prior 15 months, its passenger revenue was £2.1bn, its contract revenue tallied £1bn and its franchise subsidy was £311.5m.
From its bus operations, the group’s revenue totalled £1.5bn in 2024 and £2bn from its rail operations.
In the prior period, its bus operations revenue was £1.6bn and its rail operations revenue totalled £2.1bn.
The Go-Ahead Group was originally founded in 1987 as part of the wider privatisation of the National Bus Company. It floated on the London Stock Exchange in 1994.
As well as the UK, the group has operations in Ireland, Australia, Sweden, Singapore and Norway.