skip to content

Annual Results

FirstGroup operating profits rise

01 June 2017 08:12

FirstGroup saw a significant improvement in operating results in the year to the end of March with substantial cash generation delivered as planned.

Group revenue rose by 8.3% to £5,653.3m and adjusted operating profit was up 12.7% at £339.0m, driven by First Student and First Transit and favourable currency translation.

In constant currency, group revenue was down 0.5% and adjusted operating profits were up 2.3%.

Statutory operating profit increased by 15.1% and statutory EPS increased by 24.0%, with gains on disposal of a Greyhound property largely offset by reorganisation and restructuring costs.

Chief Executive Tim O'Toole said: "We report our results today against the backdrop of the derailment of a tram operated by one of our subsidiaries on behalf of Transport for London in Croydon on 9 November 2016, a tragedy that has shocked and saddened us all.

"We are profoundly sorry that such an incident could take place aboard a service we operate.

"We are focused on understanding the exact cause of this incident and will continue to provide our full support to the ongoing investigations.

"Our thoughts remain with the families and friends grieving for the seven people who lost their lives, and those who were injured and affected by this terrible event.

"We are encouraged by this year's improved financial results, with our largest division First Student delivering a significant margin improvement despite continued driver recruitment challenges, while our First Bus and First Rail operations have faced more challenging market conditions this year.

"Through rigorous focus on sustainable operational and capital efficiencies, we were also able to generate substantially improved net cash inflow of £147m.

"In the year we have maintained our consistent and disciplined approach to bidding for future business throughout the Group, with the recent award of the South Western rail franchise being a good example of our focus on the service quality improvements our customers and communities tell us they want.

"Meanwhile, we continue to increase our use of technology across the Group to make it easier for passengers to use our services, and to deepen our understanding of our customers’ evolving needs. "Looking ahead, our financial objectives are to make further progress while maintaining our focus on cash generation, despite the mixed trading environment in our markets.

"Overall this year's results demonstrate the progress we have made in repositioning FirstGroup to deliver for our customers while creating value for our shareholders, commensurate with our leading market positions and scale."

At 8:12am: (LON:FGP) FirstGroup PLC share price was -9.45p at 140.35p

Story provided by

Related Company: FGP

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?


Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.