Pre tax profit down by 87%. Debt increased to £2Bn, which in the words of First Group themselves is at a level that puts their investment grade credit rating in jeopardy. £80m of bus disposals last month. Profits of under £40m, but intend to invest £1.6Bn in the next five years, yet only raising £600m which is to reduce their debt to more manageable levels. So where does the £1.6Bn come from? I also wonder how much of their investment is actually replacement of assets (typically buses).
I'm not suggesting they are about to go bust, but I could understand if DaFT would be just a little cautious at the moment. Though I'll probably be proved wrong any day now with the announcement of a management contract.