Strong Financial Performance in Bus and Rail
First Bus achieved an 8% adjusted operating profit margin in the first half, aiming for 10% in the second half. Revenue growth was supported by a 4% increase in passenger volumes. Open Access Rail showed double-digit revenue growth, with Hull Trains and Lumo exceeding expectations in financial performance.
Sustainability and Electrification Progress
FirstGroup has been upgraded to an AAA ESG ranking by MSCI, reflecting significant investments in electrifying its bus fleet and depot infrastructure.
Increased Shareholder Returns
An interim dividend increased by 13% to 1.7p per share was announced along with a new GBP 50 million share buyback program.
Acquisitions and Expansion
First Bus acquired Anderson Travel and Lakeside Coaches, expanding its footprint in the adjacent services market. It also acquired track access rights from Grand Union for a new open access rail service.
EPS Growth and Financial Metrics
Earnings per share increased by 4.9 percentage points year-on-year to 8.5p. The group generated GBP 72.1 million in capital from operations in a seasonally lower first half.