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 warns of uncertain recovery amid fresh Covid restrictions

By Abigail Townsend

Date: Thursday 09 Dec 2021

LONDON (ShareCast) - (Sharecast News) - Bus and rail operator FirstGroup warned of uncertainty around the pace of recovery on Thursday, amid fresh developments in the pandemic.
Posting first-half numbers, the transport group - the UK's second-largest regional bus operator - said passenger volumes at its First Bus division were now at 71% of 2019 levels, which represented a slowdown in the rate of improvement.

It left its expectations for adjusted full-year operating profits unchanged, reflecting the "current pandemic-related restrictions and government-funding schemes in place, some further passenger volume improvement, and with our pricing strategy expected to broadly offset the effects of industry-wide driver shortages".

But it also conceded: "Some uncertainly remains around the pace of recovery in light of the evolving circumstances of the pandemic."

As at 0920 GMT, shares in FirstGroup were down 4% at 97.75p.

The spread of the omicron variant and rising cases saw the government announce so-called Plan B measures on Wednesday, including a call to work from home where possible.

FirstGroup, which also operates the Avanti, GWR, SWR and PTE rail services, reported total revenues of £3.1bn for the 26 weeks to 25 September, largely unchanged on last year's figure. Adjusted operating profits from continuing operations were £51.8m, against £55.7m a year previously.

Group pre-tax profits, which were boosted by a number of one-off items, were £516.5m compared to a £100.1m interim pre-tax loss in 2020.

FirstGroup is undergoing a major overhaul, including exiting North America and cutting debt. The three North American divisions have been sold for a combined enterprise value of around $4.6bn, while about £2.2bn of debt has been repaid. Net debt stood at £234.2m at the end of September, against £2.95bn a year previously.

David Martin, executive chairman, said: "By divesting our North American operations, we have strengthened our financial position, refocused on our market-leading public transport operations in the UK, and returned £500m in value to shareholders.

"With a well-capitalised balance sheet and an operating model that supports our intention to begin regular dividends to shareholders within the next 12 months, FirstGroup is now a more resilient and flexible business.

"I am confident we are well-placed to create long-term, sustainable value from the opportunities ahead."

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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
50% below the sector average50% below the sector average50% below the sector average50% below the sector average50% 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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