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Bus operator Go-Ahead Group warned on profit as the impact from the Covid-19 pandemic weighed on travel demand.
Operating profit for the year ending 27 June 2020 was now expected to be in the range of £63m to £75m, marking a sharp decline from the prior year's £121m.
In recent weeks, the company said its regional bus services had been operating between 40% and 50% of normal scheduled mileage, carrying around 10% of usual passenger numbers, creating a misalignment between revenue and our cost base.
In London, where we are currently operating around 75% of normal service levels, revenue remained at pre-Covid-19 levels.
In its rail businesses, both GTR and Southeastern franchises were currently operating around 75% of typical service levels, as specified by the Department of Transport.
'The quantum and duration of government support measures, particularly in our regional bus business, also remains uncertain. Accordingly, we are not in a position to provide guidance in relation to the 2020/21 financial year or beyond at this stage,' Go-Ahead said.
At 8:15am: (LON:GOG) GoAhead Group PLC share price was -183p at 1046p