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FirstGroup PLC - Aberdeen, Scotland-based transport company - Says current trading in line with management expectations for its year ending March 26. First Bus volumes are over 70% of pre-pandemic levels overall since easing of Omicron-related travel restrictions. First Rail management fee-based operations performance in line with expectations, with open-access operations slightly ahead.
The company is on track to deliver its target of around USD155 million in net value from legacy Greyhound assets and liabilities in financial 2023 and thereafter. It says it has made around USD32 million in three sales of Greyhound property since its half-year results were released in December, and de-risked its remaining Greyhound insurance serves.
This follows its USD155 million sale of Greyhound Lines to a subsidiary of FlixMobility GmbH in October.
"We now have a focused and simplified group and continue to enhance our financial strength and resilience by proactively managing the legacy assets and liabilities associated with last year's portfolio rationalisation," says Executive Chair David Martin.
Current stock price: 101.00 pence, up 2.0% on Friday
12-month change: up 15%
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