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Five year Group financial summary

Consolidated income statement
(includes discontinued operations)
2026
£m
2025
(restated1)
£m
2024
£m
2023
£m
2022
£m
Group revenue 4,751.9 5,233.9 4,715.1 4,759.0 5,588.0
Adjusted revenue 1,715.7 1,370.0 1,279.6 1,122.5 955.4
Operating profit before amortisation charges and other adjustments 221.5 222.2 202.4 154.4 226.8
Amortisation charges - - - - (0.4)
Other adjustments - 5.3 (161.2) 30.8 579.7
Operating profit 221.5 227.5 41.2 185.2 806.1
Finance costs (69.8) (65.7) (82.4) (69.3) (153.5)
Investment income 7.1 7.8 16.8 12.8 1.5
Profit/(Loss) before tax 158.8 169.6 (24.4) 128.7 654.1
Tax (37.3) (31.3) 15.0 (33.4) (12.1)
Profit/(Loss) for the year 121.5 138.3 (9.4) 95.3 642.0
EBITDA 702.9 779.8 746.8 755.8 862.1

Per share measures

pence

pence

pence

pence

pence

Adjusted continuing EPS 20.3 19.4 16.7 11.6 1.6
Basic EPS 20.9 21.3 (2.4) 11.8 60.2
Dividend per share 7.2 6.5 5.5 3.8 1.1

Consolidated balance sheet

£m

(restated2)
£m

£m

£m

£m

Non-current assets 2,027.5 2,377.6 2,425.4 2,651.9 2,267.2
Net current liabilities (508.5) (557.2) (621.7) (253.9) (546.8)
Non-current liabilities (712.3) (996.9) (1,051.3) (1,530.9) (753.1)
Held for sale - continuing operations - - - 8.3 -
Held for sale - discontinued operations - - 0.6 0.6 38.5
Non-current provisions (87.2) (111.0) (111.3) (125.2) (120.7)
Net assets 719.5 712.5 641.7 750.8 885.1

Share data
Number of shares in issue

millions

millions

millions

millions

millions

At year end 570.7 750.7 750.7 750.6 750.2
Average (excluding treasury shares and shares in trusts) 553.4 597.7 662.9 739.5 1,057.5

Share price

pence

pence

pence

pence

pence

At year end 169 164 180 101 107
High 233 183 188 140 107
Low 147 133 102 94 73

Market capitalisation

2026
£m

2025
£m

2024
£m

2023
£m

2022
£m

At year end 950 959 1,154 803 1,124
Continuing operations 2026
£m
2025
(restated1)
£m
2024
£m
2023
£m
2022
£m
Revenue 4,751.9 5,233.9 4,715.1 4,755.0 4,591.1
Adjusted Revenue 1,715.7 1,370.0 1,279.6 1,122.5 955.4
Adjusted operating profit
219.4 222.8 204.3 161.0 106.7
Operating profit 219.4 222.6 46.5 153.9 122.8
Adjusted EBITDA
700.8 780.4 748.6 762.4 731.2
First Bus 2026
£m
2025
£m
2024
£m
2023
£m
2022
£m
Revenue 1,443.6 1,081.5 1,012.2 902.5 789.9
Adjusted operating profit
102.8 96.0 83.6 58.4 45.2
Operating profit/(loss) 102.8 96.0 (63.3) 51.4 45.2
Adjusted EBITDA
200.8 160.1 148.1 120.9 104.4
First Rail 2026
£m
2025
(restated1)
£m
2024
£m
2023
£m
2022
£m
Revenue 3,327.6 4,180.7 3,738.4 3,893.2 3,801.2
Adjusted Revenue 272.4 288.8 267.8 220.4 165.5
Adjusted operating profit
129.9 148.8 143.3 124.8 87.8
Operating profit 129.9 148.8 143.3 124.8 91.8
Adjusted EBITDA
510.7 639.7 620.5 661.0 649.9

 

1 The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income statement. The prior year income statement comparative information has been re-presented accordingly. The re-presentation is within the income statement and has no impact on profit measures or the other primary statements.
2 See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisitions accounting adjustments.