FirstGroup (FGP)

Sector:

Commercial Transport

Index:

FTSE 250

133.30p
   
  • Change Today:
    -1.90p
  • 52 Week High: 187.70
  • 52 Week Low: 133.10
  • Currency: UK Pounds
  • Shares Issued: 615.47m
  • Volume: 1,581,365
  • Market Cap: £820.42m
  • RiskGrade: 282

FirstGroup trading in line YTD, announces tender offer

By Iain Gilbert

Date: Monday 13 Sep 2021

LONDON (ShareCast) - (Sharecast News) - Transport business FirstGroup said on Monday that its year-to-date trading performance was in line with expectations and that it would be launching a tender offer in order to return some value to shareholders.
FirstGroup said First Bus passenger volumes were now at an average of 65% of pre-pandemic levels in recent weeks, with the firm expecting this to increases further as the autumn terms for schools and universities get fully underway.

Passenger mileage in its non-core Greyhound operations was just over 50% of pre-Covid levels.

Additionally, FirstGroup said that after having considered various methodologies and consulting with a range of shareholders, it has concluded that a tender offer would be the "optimal way" to return "a significant amount" of value to investors in a short space of time while also giving shareholders who wish to retain their current investment in FirstGroup the option to do so.

Under the tender offer, qualifying shareholders will be invited to tender some or all of their shares at a price per share that will be announced at the time of launch. If the full amount is not returned to shareholders by way of the tender offer, the group intends to return any remaining surplus cash in a second phase, principally by way of a special dividend with an accompanying share consolidation, supplemented by on-market share buybacks.

Chairman David Martin said: "Trading is in line with our expectations year-to-date, and we continue to support our passengers and other stakeholders as travel patterns evolve.

"The vital role of public transport is clear and the policy backdrop has never been more supportive. With a well-capitalised balance sheet and an operating model that will support an attractive dividend for shareholders commencing in 2022, I am confident that FirstGroup is well-placed to deliver sustainable value creation as a focused UK public transport leader."

As of 0920 BST, FirstGroup shares were up 2.37% at 88.55p.

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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 133.30p
Change Today -1.90p
% Change -1.41 %
52 Week High 187.70
52 Week Low 133.10
Volume 1,581,365
Shares Issued 615.47m
Market Cap £820.42m
RiskGrade 282

FirstGroup Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.07% below the market average11.07% below the market average11.07% below the market average11.07% below the market average11.07% below the market average
81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average
Price Trend
25.34% below the market average25.34% below the market average25.34% below the market average25.34% below the market average25.34% below the market average
63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average
Income
62.25% above the market average62.25% above the market average62.25% above the market average62.25% above the market average62.25% above the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Growth
24.36% above the market average24.36% above the market average24.36% above the market average24.36% above the market average24.36% above the market average
9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 6
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FirstGroup Dividends

  Latest Previous
  Final Interim
Ex-Div 18-Jul-24 30-Nov-23
Paid 23-Aug-24 03-Jan-24
Amount 4.00p 1.50p

Trades for 31-Oct-2024

Time Volume / Share Price
16:55 44,372 @ 134.59p
16:55 291,031 @ 133.57p
16:35 970,885 @ 133.30p
16:35 8,102 @ 133.30p
16:35 770 @ 133.30p

FirstGroup Key Personnel

CFO Ryan Mangold
Chair Peter Lynas
CEO Graham Sutherland

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