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Go-Ahead results delayed again as auditors ask for more time

By Frank Prenesti

Date: Monday 24 Jan 2022

Go-Ahead results delayed again as auditors ask for more time

(Sharecast News) - Crisis-hit transport group Go-Ahead on Monday delayed publication of its financial results for a third time as investigations continue into its rail franchise scandal.
The Newcastle-based rail and bus group was last year stripped of the Southeastern rail franchise after failing to declare £25m owed to the government relating to the London & South Eastern Railway (LSER) contract.

This meant it missed the deadline for filing its annual results, as auditor Deloitte probed its rail business, leading to the suspension of its shares on the London Stock Exchange at the start of the year.

Go-Ahead's Govia joint-venture, in which it has a two-thirds share, was later stripped of the franchise contract and now faces a fine.

Results were delayed first to January 3 and then to the end of the month, but a third delay has now been announced.

"The group has been advised by Deloitte that it requires additional time to complete the audit of the Group's results for the year ended 3 July 2021," the company said in a statement on Monday.

"The group continues to work closely with Deloitte to ensure that the FY21 results are published as soon as possible. Publication is now expected to be before the end of February 2022."

"Accordingly, trading in Go-Ahead's shares and corporate bond will remain suspended. The group intends to request restoration of trading in both its shares and bonds with effect from publication of its FY21 results."

The announcement comes after another major humiliation last week when it emerged that a miscount at its annual meeting in December resulted in a senior board member being re-elected despite actually losing the vote.

Adrian Ewer, head of the audit committee, stood down with immediate effect after a mistake in counting more than 3 million proxy votes at the December 21 meeting was discovered, overturning his re-election.

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