ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

FGP Firstgroup Plc

180.40
-3.40 (-1.85%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Firstgroup Plc LSE:FGP London Ordinary Share GB0003452173 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.40 -1.85% 180.40 182.00 182.20 182.90 181.30 182.00 1,791,568 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Local And Suburban Transit 4.92B 87.1M 0.1313 13.88 1.21B

FirstGroup PLC Strategic update - North American contract businesses

16/12/2019 7:00am

UK Regulatory


 
TIDMFGP 
 
FirstGroup plc 
             Strategic update - North American contract businesses 
 
The Board of FirstGroup ('FirstGroup' or the 'Group') has been clear that its 
intent is to realise value for shareholders and that it will actively manage 
the entire portfolio by all appropriate means. 
 
Since his appointment as Chairman four months ago, David Martin has been 
actively engaged across the entire portfolio, working with management and 
supported by independent advisors, to review the various strategic options. 
 
Following this review and having further validated whether the monetisation of 
these businesses would deliver material value enhancement for all shareholders, 
the Board has appointed advisors to formally explore all options in respect of 
our North American contract businesses, First Student and First Transit, 
including a potential disposal. 
 
At our recent half-year results the Group updated on progress including the 
strengthening of its Rail business with the addition of West Coast Partnership, 
progressing the sale of Greyhound and the development of a framework for the 
First Bus pension scheme. We are actively addressing the cost base of First Bus 
through a comprehensive efficiency programme, the results of which will be 
substantially more evident in the second half of the year and beyond. 
Therefore, the Board determined that greater value will be achieved by 
delivering this margin enhancement prior to any launch of a formal sale 
process. 
 
In the meantime, we continue to focus on the individual plans for each of our 
businesses, ensuring that customer commitments, investments, as well as growth 
and margin improvement plans are delivered. 
 
We will keep the market updated on progress as appropriate. 
 
Commenting, Matthew Gregory, Chief Executive said: 
'We have taken a number of important steps that will enable a rationalisation 
of the Group's portfolio. Today's announcement to formally explore all options 
to maximise value from our North American businesses reflects the resolute 
focus of the entire Board on realising value for all shareholders.' 
 
Contacts at FirstGroup: 
Faisal Tabbah, Head of Investor Relations 
Stuart Butchers, Group Head of Communications 
Tel: +44 (0) 20 7725 3354 
 
Contacts at Brunswick PR: 
Andrew Porter / Simone Selzer, Tel: +44 (0) 20 7404 5959 
 
Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR 
6 Annex 1R: 3.1. 
 
FirstGroup plc (LSE: FGP.L) is a leading provider of transport services in the 
UK and North America. With GBP7.1 billion in revenue and around 100,000 
employees, we transported 2.2 billion passengers last year. Whether for 
business, education, health, social or recreation - we get our customers where 
they want to be, when they want to be there. We create solutions that reduce 
complexity, making travel smoother and life easier. 
 
We provide easy and convenient mobility, improving quality of life by 
connecting people and communities. 
 
Each of our five divisions is a leader in its field: In North America, First 
Student is the largest provider of home-to-school student transportation with a 
fleet of 43,000 yellow school buses, First Transit is one of the largest 
providers of outsourced transit management and contracting services, while 
Greyhound is the only nationwide operator of scheduled intercity coaches. In 
the UK, First Bus is one of Britain's largest bus companies with 1.6 million 
passengers a day, and First Rail is one of the country's largest and most 
experienced rail operators, carrying 345 million passengers last year. 
 
Visit our website at www.firstgroupplc.com and follow us @firstgroupplc on 
Twitter. 
 
 
 
END 
 

(END) Dow Jones Newswires

December 16, 2019 02:00 ET (07:00 GMT)

1 Year Firstgroup Chart

1 Year Firstgroup Chart

1 Month Firstgroup Chart

1 Month Firstgroup Chart

Your Recent History

Delayed Upgrade Clock