Sharp Rise In FirstGroup Profits

Lee

Transport Scholar
Hero Member

Posts: 7519

GBR - The Emperor's New Rail Network

Sharp Rise In FirstGroup Profits

« on: May 14, 2008, 16:38:14 »

FirstGroup, which last year added the North American owner of the Greyhound bus company to its portfolio of UK^▸ rail and bus services, said annual operating profits reached ^360.1m, a jump of 39% on a year earlier (link below.)
http://thisisplymouth.co.uk/displayNode.jsp?nodeId=133464&command=displayContent&sourceNode=133158&contentPK=20621065&folderPk=78031&pNodeId=133174

The Aberdeen-based firm said appetite for rail travel remained strong and that it was working hard to improve First Great Western, which it admitted had fallen "short of our own standards and the expectations of our passengers".


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Lee

Transport Scholar
Hero Member

Posts: 7519

GBR - The Emperor's New Rail Network

Re: Sharp Rise In FirstGroup Profits

« Reply #1 on: May 15, 2008, 00:13:45 »

Quote from Derek Potter, chairman of the Cotswold Line Promotion Group (link below.)
http://www.oxfordmail.net/display.var.2272131.0.passengers_plea_as_profits_rise.php

Quote from: Derek Potter

"If this company is generating clear profits, I would like to see some of that invested back for the users of the service.

"I want to see it making a profit but if that profit is being helped by higher than inflation price increases, I would like to see it being invested back into the network."


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devonian

Sr. Member

Posts: 135

Re: Sharp Rise In FirstGroup Profits

« Reply #2 on: May 15, 2008, 07:14:54 »

Net income increased 31% to ^120.4M.

It's not going to shareholders either - dividend increased only 6% to 0.17p/share from 0.16p/share

Interestingly, rail did worse. Revenue for UK^▸ Rail was up 6% to ^1,937.0M but operating profit was down 16% to ^91.5M.

Also worth noting that capital investment in UK rail has consistently been far greater than both operating and net profits for as far back as I have figures. Don't have the figures for this year yet but will have a look later when I get to the office.

Looks to me like proportionally, First are spending a decent amount on Rial and investment is being subsidised from other divisions.

Firstgroup - doing very well as a whole!


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