FirstGroup (FGP)

Sector:

Commercial Transport

Index:

FTSE 250

169.90p
   
  • Change Today:
      1.80p
  • 52 Week High: 187.70
  • 52 Week Low: 113.10
  • Currency: UK Pounds
  • Shares Issued: 634.60m
  • Volume: 892,257
  • Market Cap: £1,078.19m
  • RiskGrade: 282

Train drivers to strike again after 'risible' pay offer

By Josh White

Date: Thursday 27 Apr 2023

LONDON (ShareCast) - (Sharecast News) - Train drivers' union Aslef rejected a pay offer from 16 train operators on Thursday, announcing several more days of strike action in May and June.
The union said drivers had not received an increase in salary from the 16 train operating companies since 2019.

It explained that its negotiating team, consisting of general secretary Mick Whelan, assistant general secretary Simon Weller, and executive committee president Dave Calfe, had met with employer representatives eight times under the framework of the Rail Industry Recovery Group in an attempt to find a resolution.

The talks had continued for a year since Aslef first balloted its members for industrial action in June, in a bid to secure a pay rise for drivers who had not had an increase in at least three years.

Six of the pay deals fell due in April 2019, with others falling due at different times.

Aslef said the Covid-19 pandemic and lockdowns caused a delay in negotiations, but claimed it took eight one-day strikes by members to bring the train operating companies to the table for "meaningful" talks.

Strikes were already held on 30 July, 13 August, 1 October, 5 October, 26 November, 5 January, 1 February and 3 February.

"Our executive committee met this morning, and rejected a risible proposal we received from the RDG - a pressure group which represents some of the train companies, and lobbies on their behalf - late on Wednesday afternoon," said Aslef general secretary Mick Whelan.

"The proposal of just 4% was clearly not designed to be accepted, as inflation is still running north of 10% and our members at these companies have not had an increase for four years.

"The RDG, in turn, rejected our proposals to modernise Britain's railways and help them run more efficiently, for passengers and for businesses, in the 21st century."

As a result, Whelan said Aslef was announcing three more days of strike action on 12 May, 31 May, and 3 June, at the companies with which it was in dispute, and which he said were "letting down" passengers and taxpayers.

"We are also withdrawing non-contractual overtime from 15 to 20 May inclusive, as well as on 13 May and 1 June."

The companies Aslef remains in dispute with include Avanti West Coast and parts of South Western Railway, which are both 70% owned by FirstGroup; the German state-controlled firms Chiltern Railways and CrossCountry; privately-owned Transport UK Group firm East Midlands Railway and joint ventures Greater Anglia and West Midland Trains; FirstGroup subsidiaries GWR and TransPennine Express; Go-Ahead Group brands Thameslink, Great Northern, Southern and Gatwick Express; and the nationalised LNER, Northern Trains and Southeastern.

At 1147 BST, shares in FirstGroup were down 0.09% at 112.2p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FirstGroup Market Data

Currency UK Pounds
Share Price 169.90p
Change Today 1.80p
% Change 1.07 %
52 Week High 187.70
52 Week Low 113.10
Volume 892,257
Shares Issued 634.60m
Market Cap £1,078.19m
RiskGrade 282

FirstGroup Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
65.68% above the market average65.68% above the market average65.68% above the market average65.68% above the market average65.68% above the market average
71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average
Income Not Available
Growth
32.00% above the market average32.00% above the market average32.00% above the market average32.00% above the market average32.00% above the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 6
buy
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FirstGroup Dividends

  Latest Previous
  Interim Final
Ex-Div 30-Nov-23 13-Jul-23
Paid 03-Jan-24 18-Aug-23
Amount 1.50p 2.90p

Trades for 10-May-2024

Time Volume / Share Price
16:35 341,983 @ 169.90p
16:35 29 @ 169.90p
16:35 253 @ 169.90p
16:35 208 @ 169.90p
16:35 50 @ 169.90p

FirstGroup Key Personnel

CFO Ryan Mangold
CEO Graham Sutherland

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