The owner of the Southern rail franchise says it is on track to meet its financial targets for the full year despite sliding revenues at Govia Thameslink Railway.
- Go-Ahead Group said GTR passenger revenue fell 3% in the first quarter, as it came under pressure from months of strike action linked to planned changes to the role of conductors
- Go-Ahead, which owns 65% of GTR, booked annual profits of almost £100 million last month, but chief executive David Brown said GTR does not make any money
- The group is expecting to make a 1.5% margin on GTR over the seven-year period for which it holds the franchise
In its first-quarter update, the firm said: