FTSE 250 travel firm Go-Ahead Group (LON:GOG) saw its share price plunge by 10.20% to 1,103.70p (as of 13:25 BST) as it posted an update on current trading. Regional bus use remains at roughly 10% of normal levels, but government support has helped mitigate this by controlling costs. The company has continued to struggle in Germany and now expects to book a material full-year loss related to its rail operations in the country.
CEO David Brown commented: “The last nine weeks have been unlike any other, and I am extremely proud of how my colleagues across the business have responded, keeping vital services running for other key workers and increasing service levels to provide safe travel as people return to work. I thank them all for the part they are playing.
“[…]We are pleased that governments have recognised the importance of essential public transport networks. By providing financial support they are enabling the delivery of vital transport links for key workers and supporting the recovery of our communities.
“While none of us know what the coming months will bring, I have no doubt that public transport will continue to play a critical role in society, supporting our economies and tackling climate change long in to the future. Go-Ahead has a strong track record of delivery, and with a high proportion of secured revenues we are well positioned to protect our business for the long term“.