FirstGroup share price rises after US progress helps offset UK rail losses

Charlotte Henry
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Yellow school buses are helping FirstGroup offset UK rail losses

Shares in bus and rail operator FirstGroup closed up 6.37 per cent yesterday, after it announced positive results.

It announced adjusted profit before tax of £163.9m, and adjusted operating profit of £303.6m for the year ending March 31.

The group’s rail business in the UK rail has suffered after it failed to win contracts to remain running First ScotRail and First Capital Connect services, alongside losing bids for new contracts.

However, the firm believes that the improvement of its US business, where it runs the yellow school buses, as well as UK regional bus business, will help negate this loss.

Finance director Chris Surch yesterday left FirstGroup for personal reasons.

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