FirstGroup’s Great Western contract win puts transport giant back on track March 23, 2015 After a string of disappointments, rail operator FirstGroup has at last had a bit of good news. Light appeared at the end of the tunnel for rail operator FirstGroup yesterday, with shares jumping 4.16 per cent after the company announced that its First Great Western franchise has been extended for another four years. Shareholders [...]
FirstGroup share price edges up after securing Great Western rail franchise March 23, 2015 FirstGroup's share price edged up this morning after it announced a deal with the Department of Transport (DfT) to operate the First Great Western rail franchise all the way through to 1 April 2019. The deal could be extended by a year at the DfT's discretion. After losing a series of bids for rail franchises [...]
New chair Wolfhart Hauser aims to get FirstGroup back on track March 11, 2015 FirstGroup has announced new chairman Wolfhart Hauser will take over from John McFarlane in July, becoming the firm’s third chairman in less than 18 months. Hauser has been the chief executive of Intertek, the London-listed safety and quality service provider, since 2005. He is also is a non-executive director of Associated British Foods and of [...]
FirstGroup loses out again as East Coast privatised November 27, 2014 FIRSTGROUP has lost out on the fifth and final rail franchise it bid for this year, as the East Coast mainline fell back into the private sector yesterday. A joint operation, run by Stagecoach and Virgin, was announced as the new operator, following a round of submissions for the key north-south rail route. Stagecoach and [...]
FirstGroup is on the right track with boost in pre-tax profit November 5, 2014 Transport operator FirstGroup announced a welcome boost in pre-tax profit yesterday, up £9.9m for the first half of the year, following an £8m loss in the 2013 period. But the positive news was delivered with a caveat, after revenue slid 10.9 per cent to £2.9bn from £3.3bn a year before. First said the change reflected [...]
FirstGroup share price falls on ScotRail contract loss – now East Coast looms October 8, 2014 Train and bus operator FirstGroup lost its 10-year contract with ScotRail north of the border yesterday, sending shares to their lowest level in over a year and piling pressure on boss Tim O’Toole. FirstGroup lost out to Abellio, which won the £2.5bn contract, a decision which the Scottish government was forced to defend yesterday [...]
FirstGroup fails in bid to renew ScotRail franchise October 8, 2014 First Group will not continue to run the ScotRail route, the transport operator has announced. In a statement released this morning the company, which does business both in the UK and North America, said it was disappointed not to have retained the contract and pointed to "our record of improvement across every measurable score". The [...]
FirstGroup share price hit by critical letter from investor Tom Sandell June 30, 2014 FirstGroup shares fell 2.69 per cent to 126.60p yesterday, following high profile criticism of management pay at the rail and bus company by activist investor Tom Sandell. The comments in an open letter said that management had “significantly underperformed” and had increased remuneration was not “deserved”. However, yesterday sources close to the company raised doubts [...]
FirstGroup puts the brakes on new dividends May 21, 2014 TRANSPORT firm FirstGroup has swung back to profit in the past year, but the board has delayed a return to dividend payments while it builds up its finances. The company, which raised £584m in a rights issue last year to defend its credit rating, said it had made “satisfactory” progress in spite of tough winter [...]
FirstGroup rebel won’t go away December 11, 2013 THE US hedge fund demanding radical change at FirstGroup, the transport company, pledged to keep up the pressure despite having its plans for change snubbed by the group’s board. “We’re not going away,” said Tom Sandell yesterday in an interview with City A.M., hours after a FirstGroup statement described its plan to split off the [...]