FirstGroup says it has “clear plans to navigate the evolving market”, as it presented an upbeat set of half-year results to shareholders.
Among changes in both its rail and bus businesses due to nationalisation and franchising respectively, it eyes growth in open access rail, plus portfolio diversification and margin improvement in bus, to fill the forthcoming loss over the next three years of its three Department for Transport National Rail Contracts (NRCs).
Rail (including open access) and bus operations account for a 60-40 profit split.
In 2021, NRCs accounted for the majority of group profits. This is now down to 21%.
In contrast, in the next few years First’s growing open access rail will treble from one billion to three billion seat miles a year.
Expansion continues in First Bus,…
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RAIL (Digital) - 1 Issue, Issue 1025