Transurban Group (ASX: TCL) announced today that its December toll revenue is up 12.6% compared to December 2012. For the past six months, sales are up a seasonally adjusted 13.3% to $281.3 million.
According to Transurban, the uptick is due primarily to increased traffic around the Sydney area, amplified by the M2 Upgrade completed in August 2013. Not only does the renovation mean more revenue for Transurban, it also means faster travel for Aussies. Travel time is down and travel speed is up, with significant peak travel time savings for commuters along the Hills M2.
"Increased patronage on our Sydney roads, and in particular the north-west corridor, reflects the improved service delivered by the Hills M2 upgrade," said CEO Scott Charlton in a statement. "We remain focused on delivering similar benefits to the residents of south-western Sydney through the upgrade to the M5 South-West Motorway, and exploring additional enhancement opportunities for road users on our networks in Sydney and Melbourne."
Looking ahead, Transurban's M5 West widening project is on schedule and on budget, with expected completion later this year.
