Investment case

Go-Ahead is one of the UK's leading public transport providers

Go-Ahead is one of the UK's leading public transport providers enabling more than a billion journeys each year on our bus and rail services. At Go-Ahead we place great importance on partnership, adopting a collaborative approach with governments, local communities and strategic partners; developing and operating services that create long term value for all of us.

Stable cash-generative bus business

  • Well established regional bus operator with a focus on urban areas in the south of England.
  • Largest bus operator in London with strategically located depots providing competitive advantages.
  • Efficient operations resulting in delivery of near industry leading margins.


regional bus revenue


London bus revenue 

Our bus markets

UK rail experience

  • Operator of the UK’s busiest rail franchises.
  • Track record of UK rail franchises contributing to Group profits and cashflows.
  • Low levels of capital deployment.


rail revenue

Our rail markets

Growing international pipeline

  • Clear and disciplined strategy for low-risk international diversification.
  • Ten international contracts won to date in three countries.
  • Strong pipeline of opportunities in targeted markets.
  • Target to deliver 15-20% of Group operating profits from international activities.


new international contracts to date


annualised revenue secured on international contracts

Our international strategy

customer-focused management

  • Autonomous local management teams best placed to optimise performance.
  • Multiple awards won for customer service with the highest ever regional bus customer satisfaction score.
  • Playing a key role in the communities we serve by supporting local economies enabling access to work, education, leisure and retail.


Highest ever passenger satisfaction score


Investment in stations

Our business model and strategy

Future scaling and proofing

  • Addressing changing socio-economic dynamics impacting public passenger transportation.
  • Continued innovation and deployment of technology to make passenger transport easier and more efficient.
  • Committed to improving the environment and air quality.
  • Focus on remaining a sustainable, responsible business.


community investment annually

Smarter technology

Strong financial profile

  • Robust balance sheet with low levels of net debt.
  • Disciplined approach to capital allocation and risk management.
  • Strong free cashflow generation expected in coming years.
  • Committed to paying an attractive dividend.

Our current financial position