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Investment case

We are a resilient and profitable business with a clear strategy to deliver sustainable growth as the partner of choice for innovative and sustainable transport based on:

  • Leading positions, significant experience and proven expertise in bus and rail transport, and a key contributor to the UK's societal and environmental goals
  • Digital innovation is enabling us to attract more customers and enhance business efficiency, flexibility and profitability
  • Current inflection point for growth in public transport as a critical enabler of society’s sustainability goals underpinned by supportive governments, social policies and investment
  • First Bus: growth opportunities and on track to deliver a 10% adjusted operating profit margin during H2 2025
  • The electrification of the First Bus fleet and infrastructure is reducing operating costs and unlocking adjacent earnings streams
  • First Rail: focused on operational delivery, expanding our open access business and bidding for other contracts to grow and diversify earnings 
  • Our commitment to progressive shareholder dividends 
  • Our strong balance sheet provides scope for growth and diversification in existing and adjacent bus and rail markets, underpinned by our disciplined capital allocation policy

 

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