5th Nov 2014 07:12
LONDON (Alliance News) - FirstGroup PLC Wednesday reported a rise in underlying earnings and said its restructuring program is on track.
Underlying pretax profit, which excludes certain exceptional items, was GBP33.3 million in the six months to September 30, up from GBP19.6 million a year earlier, even though revenue fell 11% to GBP2.94 billion due to structural changes in Rail revenues, UK Bus operations that have been sold or closed and foreign exchange movements.
"We are confident that the multi-year plans we are executing across the group will deliver sustainable improvements in shareholder value," said Chief Executive Tim O'Toole.
The company's statutory pretax profit was GBP9.9 million compared with an GBP8 million loss a year earlier, when the company incurred GBP36.3 million in costs on property sales and derivatives contracts.
It said first-half trading has been line with its expectations, with the slow pace of economic recovery in the US and parts of the UK offset by pricing and lower costs in First Student, and improved performances in First Transit and UK rail operations.
By Ian Edmondson
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