FirstGroup (FGP)

Sector:

Commercial Transport

Index:

FTSE 250

170.70p
   
  • Change Today:
      0.70p
  • 52 Week High: 187.70
  • 52 Week Low: 115.50
  • Currency: UK Pounds
  • Shares Issued: 629.79m
  • Volume: 1,894,996
  • Market Cap: £1,075.05m
  • RiskGrade: 282

Rail workers' union accepts offer from train operators

By Josh White

Date: Friday 24 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Relief from months of railway strikes and industrial action looked to be on the horizon on Friday, as members of the TSSA union accepted offers from train operators.
The union said the agreement covered pay, job security, and conditions, and was supported by a significant majority of members in an online ballot.

It said the two-year pay deal would provide a 5% increase, or a minimum of £1,750, in the first year, and a further 4% increase in the second year.

The agreement also included a commitment to no compulsory redundancies for employees within the grades directly affected by workforce changes until the end of 2024, and a voluntary redundancy scheme offering the terms set out under the RIRG Enabling Framework Agreement in 2021.

TSSA said the grades directly affected by the workforce changes would include all station-based grades, all on-board grades including catering and train crew, all administration grades, all fleet and engineering grades, and all revenue protection and train service controller grades.

The online ballot saw 80% of management grade and 60% of general grade members vote to accept the offers, representing an overall return of 57% of affected members voting.

"This is a clear decision from our members which will end our long-running dispute - something which could have happened months ago had it not been for government intransigence," said a TSSA spokesperson.

"The incredible resolve we have seen from our members has resulted in a significantly improved pay deal over two years, commitments for no compulsory redundancies, improved opportunities for redeployment, as well as full consultation over proposed reforms to ticket offices and any changes to terms and conditions.

"We will continue to hold the train companies and the government to account as we go forward because Britain needs a fully functioning rail network at the heart of our green industrial future, and as a means of rebuilding our economy in the wake of the Covid pandemic."

Despite the acceptance of the offers, TSSA said it was continuing to oppose the proposed closures of ticket offices.

The train companies involved in the agreement included Avanti West Coast; C2C; Chiltern Railways; CrossCountry; East Midlands Railway; Govia Thameslink Railway, including Southern, Thameslink, Great Northern and Gatwick Express; Greater Anglia, GWR; LNER; Northern Trains; South Eastern; South Western Railway; TransPennine Express; and West Midlands Trains.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


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 170.70p
Change Today 0.70p
% Change 0.41 %
52 Week High 187.70
52 Week Low 115.50
Volume 1,894,996
Shares Issued 629.79m
Market Cap £1,075.05m
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
68.20% above the market average68.20% above the market average68.20% above the market average68.20% above the market average68.20% above the market average
38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average
Income Not Available
Growth
33.48% above the market average33.48% above the market average33.48% above the market average33.48% above the market average33.48% above the market average
7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above 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
  Interim Final
Ex-Div 30-Nov-23 13-Jul-23
Paid 03-Jan-24 18-Aug-23
Amount 1.50p 2.90p

Trades for 31-May-2024

Time Volume / Share Price
16:41 122,916 @ 170.70p
16:35 1,086,908 @ 170.70p
16:29 646 @ 169.90p
16:29 600 @ 169.90p
16:29 257 @ 169.90p

FirstGroup Key Personnel

CFO Ryan Mangold
CEO Graham Sutherland

Top of Page