Grey-Green's profits growing
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• Grey-Green's bus and coach operations produced pretax profits of 275,000 in the first six months of 1988, according to figures released last week by its parent, the Cowie Group.
The profit is a big improvement on the same period of 1987, which produced pre-tax profits of 29,000. Given the traditionally stronger second half performance, the whole year results look likely to exceed 1987's pre-tax profits figure of 2250,000.
Turnover rose from 21.85 million in the first six months of 1987 to 22.62 million in the six months to 30 June, 1988. "We anticipate being able to report profits usefully ahead of 1987 for the full year," says group chairman Tom Cowie.
He reports that 40% of Grey-Green's turnover this year has come from its bus operations on behalf of London Regional Transport.
This will increase when the company takes over route 24, which runs across central London from Hampstead Heath to Pimlico. Grey-Green already operates routes in east London under the EastenderBus name.
G-G's London routes include Stratford-Beacontree Heath, Barking-Chingford, Yardley Lane-Chingford, Potters BarChingford, Winchmore HillNorth Finchley, and Turnpike Lane-South Minims. The company also runs coach routes for London commuters in Essex and north Kent, international services to Paris and Amsterdam, and group travel and coach hire.
Its fleet includes 67 coaches and 44 buses, but it will be acquiring an extra 30 buses to operate its new cross-London route. "The increasing operation of bus routes will enhance profitability," says chairman Cowie.