Transurban CEO Scott Charlton to step down

while overseeing the toll road group, which has done a series of deals under Mr Charlton’s helm to expand Transurban’s toll road ownership in Australia and North America, including buying Sydney’s WestConnex and building several new toll roads.to build Melbourne’s West Gate Tunnel to end a dispute with contractors and the Victorian government over cost blow-outs.

Transurban’s proportional earnings before interest, tax, depreciation and amortisation , which reflect income directly from Transurban’s toll roads, jumped 54 per cent to $1.238 billion as traffic rebounded after the pandemic and some toll fares rose at high rates, in line with inflation. The company’s first half group traffic flows in the six months to December 2023 were up 5.6 per cent compared with the six months to December 2019, before the pandemic broke out, boosted by traffic congestion on free roads in Sydney and Brisbane.

Several new roads have also opened in Sydney over the past few years, including WestConnex. The final stage of the 33-kilometre WestConnex tunnels, the M4-M8, But half-year traffic flows in Melbourne were down 7 per cent compared with the same period in the 2020 financial year, and down more than 5 per cent in North America, indicating those markets are still recovering.Transurban delivered a statutory net group profit of $55 million, which includes all group profits and expenses, compared with a loss of $106 million in the year-earlier period.

Source: News Formal (newsformal.com)

He will be replaced by a monkey from Taronga zoo who has been trained to collect the tolls and pass them on to shareholders.

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