FirstGroup PLC
F:FGR
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FirstGroup PLC
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FirstGroup PLC
FirstGroup PLC is a UK transport company that runs buses and trains. Its bus business carries local passengers on scheduled routes, while its rail business operates passenger rail services under government contracts or franchise-style agreements. The company does not make vehicles; it earns money by moving people through services that are set up, staffed, and managed by its own teams. Its main customers are everyday travelers such as commuters, students, and leisure passengers, plus public-sector bodies that award or fund rail services. FirstGroup makes most of its money from passenger fares, and in rail it also receives payments linked to operating contracted services. The business depends on keeping routes reliable, filling seats, and winning or renewing transport contracts. What makes FirstGroup different is that it sits in the middle of the public transport system rather than at the manufacturing end. It buys or leases buses and rail-related assets, hires drivers and operational staff, and turns that into a service sold to the public and to government. That makes it a steady, service-heavy business tied to daily travel patterns and public transport policy.
FirstGroup PLC is a UK transport company that runs buses and trains. Its bus business carries local passengers on scheduled routes, while its rail business operates passenger rail services under government contracts or franchise-style agreements. The company does not make vehicles; it earns money by moving people through services that are set up, staffed, and managed by its own teams.
Its main customers are everyday travelers such as commuters, students, and leisure passengers, plus public-sector bodies that award or fund rail services. FirstGroup makes most of its money from passenger fares, and in rail it also receives payments linked to operating contracted services. The business depends on keeping routes reliable, filling seats, and winning or renewing transport contracts.
What makes FirstGroup different is that it sits in the middle of the public transport system rather than at the manufacturing end. It buys or leases buses and rail-related assets, hires drivers and operational staff, and turns that into a service sold to the public and to government. That makes it a steady, service-heavy business tied to daily travel patterns and public transport policy.
Revenue Growth: Adjusted revenue rose 30% to £834 million, driven mainly by the acquisition of First Bus London and growth in bus and rail services.
EPS & Dividends: Adjusted earnings per share increased 16% to 9.9p, with an interim dividend up 29% to 2.2p per share, reflecting strong performance and share buybacks.
Cost Headwinds Managed: The company offset higher wage inflation, increased national insurance contributions, and lower bus funding in England through operational efficiencies and restructuring.
Bus Business: Operating profit grew 4% despite softer commercial volumes and funding cuts, helped by yield improvements, cost savings, and recent acquisitions.
Electrification Progress: 23% of the bus fleet is now zero-emission, unlocking efficiencies like a 20% fuel cost reduction per mile over three years.
Guidance & Outlook: Management expects modest adjusted EPS growth in FY2026 and to at least maintain this higher level in FY2027, supported by a strong balance sheet and UK-focused growth strategy.
Capital Allocation: No extension to the buyback program for now; focus remains on UK growth opportunities and returning surplus cash to shareholders.
