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Full year results to 31 March 2017

Divisional summary

  • First Student delivered 250bps adjusted margin progress to 9.6% following successful execution of our pricing, cost efficiency and recruitment plans, despite ongoing driver shortage challenges
  • First Transit revenue +4.4% in constant currency despite lower Canadian oil sands activity; strong contract execution in second half resulted in 7.0% adjusted margin for the year
  • Greyhound like-for-like revenue (1.7)% due to competition from other transport modes; improved adjusted margin through disciplined cost management and benefits of business model transformation
  • First Bus like-for-like passenger revenue (0.6)% with continued demand challenges across the industry; cost control actions partially mitigated the margin impact of currency fluctuations on our fuel costs
  • First Rail like-for-like passenger revenue +1.3%, reflecting industry-wide slowdown and infrastructure upgrades on Great Western network; adjusted margin rebasing towards industry norms as expected