Main content
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.