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Half-yearly results to 30 September 2016

Financial performance

  • Group reported revenue +5.1% with First Student and First Transit growth and favourable currency translation, offset by route remapping and end of subsidy on TPE and lower Greyhound and First Bus demand. Group revenue (1.0)% in constant currency
  • Flat adjusted operating profit margin in constant currency, with rebased First Rail margin on new contracts holding back Group margin improvement
  • Favourable currency translation of North American profits was offset by higher dollar-based UK fuel costs in H1; however the second half-weighted profile of First Student earnings will result in positive net impact for the full year if recent currency trends continue
  • Adjusted EPS increased by 16.7% with no non-controlling interest in the new TPE franchise
  • Seasonal net cash outflow is an improvement of £103.8m compared with prior period, primarily driven by working capital performance; net debt: EBITDA reduced to 2.4x compared with 2.6x in September 2015