A robust operational and financial performance in H1 2025 leaves the Group slightly ahead of full year expectations, with the Board announcing an additional buyback programme.
- Adjusted revenue growth to £649.6m (H1 2024 £634.8m) reflecting strong underlying performance in First Bus and good demand in First Rail open access
- Group adjusted operating profit £100.8m; H1 2024 was positively affected by an extra week of trading and a c.£13m uplift from higher than accrued final FY 2023 variable fee awards in the First Rail DfT Train Operating Companies (‘DfT TOCs’)
- Adjusted EPS of 8.5p for continuing operations (H1 2024: 8.1p)
- Interim dividend of 1.7p per share declared (H1 2024: 1.5p per share)
- Additional on market share buyback programme of £50m announced
- Strong balance sheet maintained; adjusted net debt at period end of £0.2m
- Recent strategic acquisitions in both divisions that will grow First Bus Adjacent Services and increase First Rail’s open access capacity