Print Page - FirstGroup plans to “maximise substantial returns to shareholders” says RMT

From the RMT (https://www.rmt.org.uk/news/rmt-appalled-at-bus-and-rail-giant-firstgroup-plans/)

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RMT appalled at bus and rail giant FirstGroup plans to “maximise substantial returns to shareholders” and profit from Coronavirus crisis

TRANSPORT UNION RMT today expressed its disgust and dismay at revelations that rail and bus owner FirstGroup is taking steps to maximise pay outs to shareholders and will also profit from the Coronavirus pandemic.

It was announced today that FirstGroup is set to benefit from millions in taxpayers’ cash to prop up its bus business on top of being bailed out by the government on its rail operations, including a new direct award contract for the Great Western Route.

FirstGroup shares were up by 3.86% on the back of today’s announcement.

Whilst even the big four high street banks have said that they will not be paying dividends this year, extraordinary comments by FirstGroup bosses at a recent “Investors’ conference call” indicate that the company remains laser-focused on paying out to shareholders, despite the current health pandemic.

I will leave members to read the quotes from Mick Cash (RMT) and FirstGroup Chair David Martin in the rest of that article, with a caution that the quotes chosen will have been the ones the RMT press office chose to include.

It's the nature of the beast for any commercial company to be looking to safeguard its position and investors. At current times that's tough. But I will confess to having considerable sympathy with the RMT, having worked really hard with excellent First bus staff in the South West to rejuvenate a service to have it then pulled from above.

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