FIRSTGROUP has raised its profit expectation for its current year after reporting higher passenger numbers and some easing of pressure from bus driver shortages.
The Aberdeen-based company said its First Rail open access operations, the only segment of the division that takes full passenger revenue risk, had benefited from stronger than anticipated demand over the winter. First Bus noted passenger volumes have now increased to 83% of 2020 equivalent levels, with demand benefitting from the £2 bus fare cap in England and for free bus travel for under-22s in Scotland.
The company anticipates that adjusted operating profit and adjusted attributable profit will be ahead of previous expectations for the year, with forecasts for 2024 unchanged.
Chief executive Graham Sutherland said: “I am pleased by the group’s progress in the second half of our 2023 financial year, which has been driven by increased passenger volumes and improved operational performance in bus and stronger than anticipated demand for our open access operations in rail.
“We remain committed to working closely with our partners to deliver successful bus and rail networks that serve the needs of our customers and communities and to playing a central role in achieving many of society’s economic, social and environmental aims.”
FirstGroup noted that it completed the acquisition of Essex-based Ensignbus on March 9. It said Ensignbus, which includes commercial bus operations, a vehicle refurbishment and re-sale business, and a "high value" depot, would provide synergies and growth opportunities and enhance its local commercial bus operations in the area.
The group also noted that EQT Infrastructure’s sale of First Transit to Transdev North America , first announced in October, is completed FirstGroup, which sold First Transit to EQT in 2021, said it is entitled to an earn-out consideration worth around £74 million that it expects to realise later this year.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel