Results overview
•Underlying1 Group revenue +5.7%, underlying1 adjusted2 operating profit +10.5%; adjusted2 EPS +15.2%3
•Adjusted2 operating profit ahead of our expectations at £332.9m, led by growth and margin expansion in First Student and First Bus
•Net cash inflow4 of £197.3m, above expectations due to the phasing of certain First Rail cash inflows
•Due to a number of uncertainties, FirstGroup’s share of future losses on SWR franchise of £102.1m recognised while negotiations continue with the Department for Transport; statutory operating profit of £9.8m also adversely impacted by a North America self-insurance charge of £94.8m
•Plans announced to rationalise the portfolio with the Group’s future emphasis on First Student and First Transit, our core North American contracting businesses
https://www.investegate.co.uk/firstgrou ... 0000PE20F/