Thanks for those extra links. From The Guardian article:
FirstGroup, the UK▸ ’s largest bus company and operator of rail franchises including Avanti West Coast and Great Western Railway, has admitted it may not be able to continue trading because of the impact of the coronavirus on its business.
The company said on Wednesday there was “a material uncertainty” that may cast significant doubt on its continuing ability to operate, as it reported losses of just under £300m for the year to the end of March.
FirstGroup’s chief executive, Matthew Gregory, said: “Despite the near-term uncertainty, the long-term fundamentals of our businesses remain sound.”
However, FirstGroup shares closed down more than 20% on Wednesday. The company’s share price has declined by more than two-thirds since February.
and
In the UK, First has shared in additional government funding of £3.5bn to rail operators and £400m to bus firms, shielding them from lost revenue.
The firm said its Great Western and new Avanti West Coast franchises had performed strongly last year – if not the TransPennine and SouthWestern services, whose collapse had been widely anticipated before franchises were suspended in March.
The reported £294.6m losses came despite a 9% leap in revenue in the 12 months to March 2020, before the start of the pandemic, with writedowns due to issues with insurance in North America and losses on its Greyhound intercity coach service in the US.
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