Plymouth Citybus, the former Council-owned bus company sold to Go-Ahead Group in December 2009, recorded a small increase in operating profit, but a reduction in pretax profit during the year to 31 March 2009, according to its annual accounts.

The last full trading period under public ownership before the council’s decision to divest saw revenue growth slightly below the prevailing rate of inflation. Meanwhile, the company also managed to contain operating costs were at below inflation growth. As a consequence, margins improved from 6.4% to 6.7%.

However, a sharp reduction in pension income wiped out the gain and resulted in a fall in pre-tax and net profit levels.

For more information, see the TAS Business Monitor