Go-Ahead Says U.K. Government to Appoint 'Operator of Last Resort' for Southeastern Franchise; CFO Resigns
28 September 2021 - 05:32PM
Dow Jones News
By Anthony O. Goriainoff
U.K. transportation company Go-Ahead Group PLC said Tuesday that
the U.K.'s Department for Transport has chosen to appoint the
"operator of last resort" to take over its Southeastern franchise
on Oct. 18, when its current agreement expires, and that Chief
Financial Officer Elodie Brian has resigned with immediate
effect.
An operator of last resort is a business which operates a
railway franchise when a U.K. train operating company isn't able to
do so. The company said that although it was disappointed by the
government's decision, it related only to Southeastern, and that
Govia Thameslink Railway, its other rail business, wasn't affected
by it.
Go-Ahead also said that it has started a process to appoint a
successor for the CFO role, and that Gordon Boyd will act as
interim CFO, effective immediately.
The company said that the publishing of its financial results
for the year ended July 3 has been postponed again because of the
continuing discussions with the DfT regarding the historical
calculation of the Southeastern profit share. In August, the
company said the results would be published on Sept. 30.
"A revised announcement date will be confirmed in due course,"
Go-Ahead said Tuesday.
Go-Ahead also said that performance results for the year remain
in line with previous expectations.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 28, 2021 03:17 ET (07:17 GMT)
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