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Half-yearly results to 30 September 2016

Divisional summary

  • Robust First Student bid season with 7.3% average price increases and solid contract retention; margin improved in the period and well positioned for the full year following a successful school year start up
  • First Transit growth and margin performance affected by lower Canadian oil sands shuttle activity and cost headwinds in the period; secured some important contract wins for future growth
  • Greyhound like-for-like revenue decreased 3.9% as competing transport modes benefited from cheaper fuel; resilient margin performance from cost control and growing benefits of our business model changes
  • First Bus like-for-like passenger revenue decreased by 1.3% as a result of ongoing industry-wide demand challenges; cost actions partially mitigated the impact of currency fluctuations on fuel
  • First Rail like-for-like passenger growth of 0.7% reflects slowdown seen across the industry and major GWR infrastructure upgrade work; trading margin rebased towards industry norms as previously indicated