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LONDON - Connect M77/GSO PLC, which operates and maintains sections of the M77 motorway and Glasgow Southern Orbital in Scotland, reported a profit before tax of £2.59 million for the year ended March 31, 2025, up from £1.98 million in the previous year.
The company, which operates under a 32-year concession agreement with East Renfrewshire Council on behalf of the Scottish Government, saw its turnover increase to £3.64 million from £3.51 million a year earlier.
Net liabilities decreased to £24.31 million from £26.25 million at the end of March 2024, primarily due to rolled up subordinated debt interest charges. The company’s shareholders have waived their rights to receive interest for the years ended March 2024 and 2025 to manage the compounding impact of subordinated debt interest.
The company’s directors highlighted a material uncertainty regarding its long-term financial position. While Connect M77/GSO has met all senior secured bond obligations to date and forecasts to continue doing so, it faces challenges with repayment of subordinated secured loan stock by the conclusion of the project in 2035.
The company opened the road sections to the public in April 2005, with the final completion certificate issued in September 2005. The concession agreement requires Connect M77/GSO to operate the roads and carry out routine and major lifecycle maintenance throughout the concession period.
According to the financial statements, which were prepared on a going concern basis, the company had cash at bank of £26.74 million at year-end, up from £23.67 million the previous year.
This article is based on a press release statement from Connect M77/GSO PLC.
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