Transurban's toll roads in the United States are finally starting to perform, and the group hopes to expand its asset base there.
Chairman Lindsay Maxsted acknowledged at Transurban's annual meeting on Monday that the company had held investments in toll roads in the US state of Northern Virginia for a long time, and until recently they had not produced tangible results.
But new data shows that Northern Virginia toll revenue more than tripled to $US28 million in the September quarter as the average number of daily trips more than doubled to 84,000.
Transurban owns the 495 Express Lanes and the 95 Express Lanes that are part of the road network around Washington DC - one of the most congested areas in the US.
The express lanes on the toll roads have a variable pricing structure that helps keep traffic moving and lets public transport and vehicles carrying more than two people use them for free.
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Mr Maxsted told shareholders that the slow start to generating returns from the US assets partly reflected the time and effort it took to develop relationships with the state government which controls the concession for the roads.
"(But)I think the rubber's about to hit the road here in terms of the US," he said.
Mr Maxsted said the 495 Express Lanes - Transurban's first operating road in the US - had a slower start than anticipated.
But the 95 Express Lanes, which opened in December 2014, had been very successful.
Mr Maxsted said Transurban's US assets were "young" but "beautiful" given the length of the concessions of 75 years or more.
Chief executive Scott Charlton said that on the 95 Express Lanes, motorists were clearly seeing the benefits, with travel time savings of up to two hours at the busiest times.
He said Transurban was investigating opportunities to expand the Express Lanes network in the US.
He also welcomed Prime Minister Malcolm Turnbull's desire to focus on infrastructure in his role as prime minister.
Mr Charlton said Transurban had recently briefed the new Minister for Major Projects, Paul Fletcher, on what Transurban was doing on its current projects, and also on road usage.
"The government's really interested in reform, but obviously, it's very early days and the prime minister is very busy in his new role," Mr Charlton said.
Transurban's meeting coincided with the release of its September quarter revenue, which rose 17 per cent thanks to a big increase in traffic on its Sydney and Brisbane toll roads.
Statutory toll revenue increased to $427 million from $365 million in the prior corresponding period, while proportional toll revenue, the company's preferred measure, rose 18.9 per cent to $446 million.
Transurban securities closed five cents lower at $9.81.
