Toll road owner Transurban’s quarterly revenue has grown by 14 per cent, thanks in part to the end of upgrade work on Sydney’s M2 Motorway.

Statutory revenue for the September quarter was $222.6 million, up 14.1 per cent on the previous corresponding quarter, while proportional toll revenue, Transurban’s preferred measure, rose 13.6 per cent to $275 million.

Transurban said it was the strongest quarterly growth, in percentage terms, recorded since the final three months of 2010.

The stronger revenue was due in part to the July 31 completion of upgrade work on the M2, in Sydney’s north west, which helped lift traffic levels on the M2, plus the M7 and Lane Cove Tunnel, which link with the M2.

Chief executive Scott Charlton said the upgrade had cut travel times for customers and reduced congestion.

Toll revenue on Melbourne’s CityLink grew by 9.3 per cent in the three months to September to $134.5 million, as traffic levels rose by 2.8 per cent.

Transurban shares gained 12 cents, or 1.76 per cent, to $6.95.