Transurban lifts qtr revenue

Toll road owner books strongest quarterly growth since last three months of 2010.

Toll road owner Transurban Group (TCL) has recorded a 14% rise in revenue for the three months to the end of September, thanks in part to the end of upgrade work on Sydney's M2 Motorway.

Statutory revenue for the September quarter was $222.6 million, up 14.1% on the previous quarter, while proportional toll revenue, Transurban's preferred measure, rose 13.6% to $275 million.

Transurban on Wednesday said it was the strongest quarterly growth, in percentage terms, recorded since the final three months of 2010.

The stronger revenue was due in part to the completion of the Hills M2 Upgrade, which helped lift traffic on the M2 Motorway, Westlink M7 and Lane Cove Tunnel.

Chief executive Scott Charlton said the upgrade had cut travel item for customers and reduced congestion around the northwest corridor of the company's Sydney network.

He said road upgrades were a key part of Transurban's growth plans.

"Enhancements to key road corridors are central to future growth in this business and there are further opportunities for us to deliver these projects on our networks in the future," he said.

Transurban is seen as the logical buyer of Sydney's Cross City Tunnel, which is in receivership a second time.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles