Transport operator Go-Ahead Group says it will focus on good governance and transparency in a new strategy to grow revenues to £4bn.
The North East group is aiming to turn the page on a troubled period in which it was found to have concealed funding relating to the London & South Eastern Railway (LSER) contract run as part of its Govia joint venture. It was fined £23.5m and ordered to pay back £64m owed to the taxpayer.
Chief executive Christian Schreyer said his motto was "no surprises please" and that clearer governance - including better oversight of its subsidiary companies - was needed to prevent a similar situation happening in the future.
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As part of the changes, Go-Ahead has ushered in a new executive committee and a "refreshed" board.
Investors were shown the conclusions of a business review which Mr Schreyer said would aim to increase group revenue by 30% to £4bn and increase operating profits to at least £150m in what it referred to as the medium term.
Shareholders can expect dividends of between 50%-75% of underlying earnings per share from the 2022 financial year as the group said it would return to its pre-Covid dividend policy.
In a briefing to journalists, Mr Schreyer admitted the group had made "big mistakes" in its international rail contracts - particularly those in Germany.
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He said: "Here, the full management focus is on stop the bleeding and reduce our international rail footprint. We will, in the future, not do international heavy rail projects."
It also outlined plans to grow its market share of the 海角视频 regional bus market, maintain its share of the London market and replicate the London and international bus business model in selected international markets - including through possible acquisitions.
Go-Ahead said it would explore new urban mass transit modes such as metro, light rail and bus rapid transit, and would grow its offer in airport transport and rail replacement services.
Where bus networks have been brought into public ownership - such as in Manchester - Mr Schreyer said there could be new opportunities as local authorities franchise services - though this would depend on the amount of capital expenditure required. Lower margins as a result would not necessarily be a threat to Go-Ahead as he pointed to less risk associated with these contracts.
Mr Schreyer said: "This is an exciting moment for Go-Ahead. My review of the business has found fundamental strengths, and has identified areas where we can deliver improvements and sustainable growth. We plan to strengthen, digitalise and decarbonise our operations, delivering greater profitability and stronger returns to investors alongside improvements for our customers and communities.
"Transport is at a tipping point as we recover from the Covid-19 pandemic. The importance of mass transport is growing, reflecting trends in climate change, digitalisation, urbanisation and demographics around the world; and there are increasing opportunities for private operators to bring their expertise to public transport markets.
"Go-Ahead's core strength is in commuter transport and we see opportunities to grow by encouraging people to leave their cars at home, by winning new contracts and through carefully selected acquisitions.
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"Today, we've set ambitious, but deliverable, targets. It has been a challenging two years for public transport but there is an exciting future ahead for Go-Ahead."
Go-Ahead also reaffirmed its commitment to reduce carbon emissions by 75% by 2035 and said it would bring down its zero-emission breakeven point to accelerate fleet decarbonisation. The group announced it was opening a zero carbon "competency centre" from its London base, which would support its operations around the country.
Mr Schreyer said that Go-Ahead was fully hedged against fuel price rises and suggested that in the short term, the trend might encourage more people to take the bus or train instead of using their cars.