Angel Trains Limited continues to make healthy
profits although it does not plan to make a final dividend payment
this year.

Its post-tax profits for the year to May 31
2009 totalled £75.8 million on revenue of £324.4 million, according
to Companies House filings it made recently.

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The rosco, which was sold by Royal Bank of
Scotland to a consortium advised by Babcock & Brown, appears
not to have been adversely affected by the recession, with
operating profits for the latest one year period totalling £138.5
million compared with £55.5 million for the five months to May 31
2008.

Operating lease rentals also picked up sharply
during the latest period to total £223.9 million, against £94.5
million during the earlier five month phase, although management
fees declined by £200,000 during this period.

A dividend payment of £206.6 million was paid
during its financial year by Angel, whose parent, Willow Topco
Limited, is based in Jersey, although in its statement it said that
its “directors do not propose the payment of a final dividend”.

In other developments, in recent months Angel
sold rolling stock vehicles worth £1.7 billion to fellow group
entity, The Great Rolling Stock Company Limited, and also received
a £1.5 billion government grant from the Strathclyde Passenger
Transport Executive. Expenses shot up to £197.8 million against
£85.4 million in the five months to May 2008.

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Losses on currency translations totalled
£800,000 against profits of £4.6 million during the earlier
period.

Brendan Malkin