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 email@example.com
(END) Dow Jones Newswires