Public transport services operator FirstGroup said on Wednesday that its overall year-to-date trading performance had been in line with internal expectations, with the group now expecting to make “significant further progress” in the current financial year.
FirstGroup stated that while “some uncertainty remains” around the pace of recovery from the Covid-19 pandemic and the broader macroeconomic backdrop, its “leading positions in bus and rail” had provided it with “a resilient and robust platform” from which to develop and maximise growth opportunities.
“The group has a clear purpose and role to play at the heart of our communities. It is cash-generative, well-capitalised, and able to invest in a low carbon future while supporting progressive dividends to shareholders,” said chairman Matthew Gregory.
“In the last financial year, we have delivered on our commitment to transform FirstGroup through consistent execution. We have simplified and refocused the group through the sale of the North American businesses, unlocked substantial value for shareholders, strengthened the balance sheet, and accelerated our sustainability progress, all while continuing to play our part in connecting people and communities,” he added.
As of 0810 BST, FirstGroup shares were up 1.90% at 132.47p.
Reporting by Iain Gilbert at Sharecast.com
