FirstGroup storms ahead with strong revenues

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FirstGroup storms ahead with strong revenues
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Consumer transport outfit FirstGroup (LON:FGP) saw its share price shoot upwards by 10.04%, to 87.65p (as of 14:10 GMT), after the group reported a 19.2% increase in revenues for the six months ended 30th September. Adjusted profits before tax were up by 37.7%, but the company booked a loss in statutory terms, largely due to restructuring costs.

Chairman Wolfhart Hauser said: “We are implementing clear divisional strategies across our portfolio to mobilise the considerable value inherent in the Group, and I am encouraged by the progress made in the period. I am confident that with Matthew Gregory as Chief Executive, we have the right person to drive forward our plans at pace, and with the appointment of Steve Gunning as an independent non-executive director, we are strengthening the Board further. In addition, we are developing a more agile business, with its emphasis firmly on a divisional framework. This allows us to make the most of our evolving markets and customer requirements, while maintaining strong stewardship and creating more strategic flexibility at the Group level. We are also driving a strong focus on service throughout the Group, ensuring that we continue to create solutions for our customers that reduce complexity, making travel smoother and life easier“.

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