Reported Earnings • Jul 02
Full year 2026 earnings released: EPS: UK£0.21 (vs UK£0.20 in FY 2025) Full year 2026 results: EPS: UK£0.21. Revenue: UK£4.75b (down 6.2% from FY 2025). Net income: UK£116.2m (down 5.4% from FY 2025). Profit margin: 2.4% (in line with FY 2025). Revenue is forecast to decline by 30% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to remain flat. Announcement • Jul 02
FirstGroup plc, Annual General Meeting, Jul 30, 2026 FirstGroup plc, Annual General Meeting, Jul 30, 2026. Location: brewers hall, aldermanbury square, barbican, ec2v 7hr, london United Kingdom Declared Dividend • Jun 25
Final dividend of UK£0.05 announced Shareholders will receive a dividend of UK£0.05. Ex-date: 2nd July 2026 Payment date: 7th August 2026 Dividend yield will be 3.5%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 60% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 20
Firstgroup plc Proposes Final Dividend, Payable on August 7, 2026 The Board of FirstGroup plc is proposing that a final dividend of 5.0 pence per share, resulting in a total dividend payment of c.£27 million, be paid on 7 August 2026 to shareholders on the register at 3 July 2026, subject to approval by shareholders at the 2026 AGM. Announcement • Jun 18
FirstGroup plc (LSE:FGP) announces an Equity Buyback for £100 million worth of its shares. FirstGroup plc (LSE:FGP) announces a share repurchase program. Under the program, the company will repurchase up to £100 million worth of its shares. The sole purpose of the program is to reduce the issued share capital of the Group and therefore the repurchased shares will initially be held in Treasury, before being cancelled at a later date. The program will be undertaken in two tranches of up to £25 million. The program will end no later than June 17, 2027. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Chairman of the Board Lena Wilson was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 26
FirstGroup plc to Report Fiscal Year 2026 Results on Jun 18, 2026 FirstGroup plc announced that they will report fiscal year 2026 results on Jun 18, 2026 Announcement • Jan 29
FirstGroup plc (LSE:FGP) acquired Hills Coaches Limited from a family. FirstGroup plc (LSE:FGP) acquired Hills Coaches Limited from a family on January 27, 2026. All employees will continue to work for the business under First Bus ownership, and all existing services, contracts and bookings will continue unchanged.
FirstGroup plc (LSE:FGP) completed the acquisition of Hills Coaches Limited from a family on January 27, 2026. Announcement • Nov 19
FirstGroup plc Proposes Interim Dividend for the Period Ended 27 September 2025, Payable on 30 December 2025 The Board of FirstGroup plc has proposed an interim dividend of 2.2 pence per share (H1 2025: 1.7 pence per share) for the period ended 27 September 2025 in line with the current policy of around three times adjusted EPS cover ratio. This will result in a dividend payment of c.£12.0m, to be paid on 30 December 2025 to shareholders on the register at 28 November 2025.
. Announcement • Jul 28
FirstGroup plc (LSE:FGP) acquired Tetley's Motor Services Limited. FirstGroup plc (LSE:FGP) acquired Tetley's Motor Services Limited on July 28, 2025. Managing Director Ian Tetley will remain with the business as a Director while it is integrated into First Bus. This acquisition is strategic for FirstGroup plc as it aims to expand its operational footprint and contract portfolio in key markets, complementing its existing businesses.
FirstGroup plc (LSE:FGP) completed the acquisition of Tetley's Motor Services Limited on July 28, 2025. Announcement • Jul 25
FirstGroup plc to Report First Half, 2026 Results on Nov 18, 2025 FirstGroup plc announced that they will report first half, 2026 results on Nov 18, 2025 Announcement • Jun 12
FirstGroup plc, Annual General Meeting, Jul 25, 2025 FirstGroup plc, Annual General Meeting, Jul 25, 2025. Announcement • Jun 11
FirstGroup plc (LSE:FGP) announces an Equity Buyback for £50 million worth of its shares. FirstGroup plc (LSE:FGP) announces a share repurchase program. Under the program, the company will repurchase up to £50 million worth of its shares. The sole purpose of the program is to reduce the issued share capital of the Group and therefore the repurchased shares will initially be held in Treasury, before being cancelled at a later date. The program will be undertaken in two tranches of up to £25 million. The program will end no later than June 10, 2026. Announcement • Jun 10
FirstGroup plc Proposes Final Dividend for Fiscal Year 2025, Payable on August 8, 2025 FirstGroup plc announced that the Board proposed a final dividend of 4.8 pence per share for Fiscal Year 2025 (fiscal year 2024: 4.0 pence per share) in line with the current policy of around three times adjusted EPS cover ratio. This will result in a dividend payment of £27 million, to be paid on 8 August 2025 to shareholders on the register at 4 July 2025. Announcement • Apr 15
FirstGroup plc to Report Fiscal Year 2025 Results on Jun 10, 2025 FirstGroup plc announced that they will report fiscal year 2025 results on Jun 10, 2025 Announcement • Feb 04
FirstGroup plc (LSE:FGP) acquired Matthews Coach Hire Limited from unknown family. FirstGroup plc (LSE:FGP) acquired Matthews Coach Hire Limited from unknown family on February 4, 2025. Members of Matthews’ leadership team will remain with the business to lead the day-to-day operations with oversight provided by Kim Swan, Managing Director, Aircoach and the wider First Bus leadership team.
FirstGroup plc (LSE:FGP) completed the acquisition of Matthews Coach Hire Limited from unknown family on February 4, 2025. Declared Dividend • Nov 17
First half dividend of UK£0.017 announced Shareholders will receive a dividend of UK£0.017. Ex-date: 28th November 2024 Payment date: 31st December 2024 Dividend yield will be 3.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 124% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 16
First half 2025 earnings released: EPS: UK£0.082 (vs UK£0.079 loss in 1H 2024) First half 2025 results: EPS: UK£0.082 (up from UK£0.079 loss in 1H 2024). Revenue: UK£2.34b (up 6.2% from 1H 2024). Net income: UK£50.0m (up UK£105.2m from 1H 2024). Profit margin: 2.1% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 27% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Nov 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Announcement • Nov 15
FirstGroup plc (LSE:FGP) announces an Equity Buyback for £50 million worth of its shares. FirstGroup plc (LSE:FGP) announces a share repurchase program. Under the program, the company has entered into entering into a non-discretionary arrangement with Panmure Liberum Limited and RBC Europe Limited to repurchase up to £50 million worth of its shares. The sole purpose of the program is to reduce the issued share capital of the Group and therefore the repurchased shares will initially be held in Treasury, before being cancelled at a later date. The Program will be undertaken in two tranches of up to £25 million. The program will end no later than November 13, 2025. Announcement • Nov 14
FirstGroup plc Declares Interim Dividend for the Period Ended 28 September 2024, Payable on 31 December 2024 FirstGroup plc declared an interim dividend for the period ended 28 September 2024 of 1.7 pence per share (c.£10 million in aggregate), to be paid on 31 December 2024 to shareholders on the register at 29 November 2024. Announcement • Oct 25
FirstGroup plc (LSE:FGP) acquired Lakeside Group Holdings Ltd. FirstGroup plc (LSE:FGP) acquired Lakeside Group Holdings Ltd on October 25, 2024. For the year ended March 31, 2024, Lakeside Group Holdings Ltd reported revenue of £12.5 million and EBIT of £2.5 million.
FirstGroup plc (LSE:FGP) completed the acquisition of Lakeside Group Holdings Ltd on October 25, 2024. Announcement • Oct 21
FirstGroup plc (LSE:FGP) acquired Anderson Travel Limited from Mark Anderson and others. FirstGroup plc (LSE:FGP) acquired Anderson Travel Limited from Mark Anderson and others on October 21, 2024. Mark Anderson, the founder and majority owner of Anderson Travel, will continue to lead the day to day operations of the business as it is integrated into First Bus. The acquisition of Anderson Travel will builds on the recent strategic acquisitions of FirstGroup plc in the B2B and B2C coach market.
FirstGroup plc (LSE:FGP) completed the acquisition of Anderson Travel Limited from Mark Anderson and others on October 21, 2024. Announcement • Sep 13
FirstGroup plc Announces the Termination of David Robert Martin as Director FirstGroup plc announced the termination of David Robert Martin as Director of the company. Date of termination: September 10, 2024. Announcement • Sep 11
First Group plc Appoints Lena Wilson to the Board as Chair on 1 February 2025 Picton Property Income Limited announced that Lena Wilson, Chair of the Board and the Nomination Committee, and a member of the company, will be joining the Board of First Group plc, as Chair, on 1 February 2025. Announcement • Jul 27
FirstGroup plc Approves Final Dividend for the 53 Weeks Ended 30 March 2024 FirstGroup plc at its AGM held on July 26, 2024, approved to declare a final dividend of 4.0 pence per ordinary share for the 53 weeks ended 30 March 2024. Upcoming Dividend • Jul 11
Upcoming dividend of UK£0.04 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 23 August 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.9%). Announcement • Jun 28
FirstGroup plc, Annual General Meeting, Jul 26, 2024 FirstGroup plc, Annual General Meeting, Jul 26, 2024. Location: queen elizabeth ii centre, broad sanctuary, westminster, sw1p 3ee, london United Kingdom Reported Earnings • Jun 14
Full year 2024 earnings released: UK£0.015 loss per share (vs UK£0.11 profit in FY 2023) Full year 2024 results: UK£0.015 loss per share (down from UK£0.11 profit in FY 2023). Revenue: UK£4.72b (flat on FY 2023). Net loss: UK£10.2m (down 113% from profit in FY 2023). Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 13
Firstgroup plc Proposes Final Dividend of Fiscal Year 2024, Payable on August 2024 the Board of FirstGroup plc has proposed a final dividend of 4.0 pence per share. Subject to shareholder approval at the Company’s 2024 AGM, a final dividend payment of c.£24.3 million, will be paid on 23 August 2024 to shareholders on the register at 19 July 2024. The total dividend for the year paid and proposed is 5.5p per share (FY 2023: 3.8p per share), an increase of 45%. Recent Insider Transactions • Mar 30
Non-Executive Chairman recently sold €213k worth of stock On the 26th of March, David Martin sold around 100k shares on-market at roughly €2.13 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 12
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €1.90. The fair value is estimated to be €1.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 27
FirstGroup plc (LSE:FGP) signed an agreement to acquire York Pullman Bus Company Limited from Tom and Maxine James. FirstGroup plc (LSE:FGP) signed an agreement to acquire York Pullman Bus Company Limited from Tom and Maxine James on January 26, 2024. For the year ended December 31, 2022, York Pullman reported revenues of £10 million and EBIT of £2 million. Tom James, Managing Director of York Pullman, will remain with the company as Managing Director and continue to run it on a standalone basis. The transaction is subject to customary regulatory review and is expected to close in the next few weeks. Buy Or Sell Opportunity • Jan 24
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €1.95. The fair value is estimated to be €1.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 12
FirstGroup plc to Report Fiscal Year 2024 Results on Jun 03, 2024 FirstGroup plc announced that they will report fiscal year 2024 results on Jun 03, 2024 Recent Insider Transactions • Dec 25
CFO & Director recently sold €547k worth of stock On the 21st of December, Ryan Mangold sold around 280k shares on-market at roughly €1.95 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ryan's only on-market trade for the last 12 months. Reported Earnings • Nov 24
First half 2024 earnings released: UK£0.079 loss per share (vs UK£0.04 profit in 1H 2023) First half 2024 results: UK£0.079 loss per share (down from UK£0.04 profit in 1H 2023). Revenue: UK£2.21b (flat on 1H 2023). Net loss: UK£55.2m (down 285% from profit in 1H 2023). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Announcement • Nov 23
FirstGroup plc Recommends Interim Dividend for the First Half of 2024, Payable on January 3, 2024 FirstGroup plc recommended an interim dividend of 1.5 pence per share (first half of 2023: 0.9 pence per share). This will result in a dividend payment of £10 million, to be paid on 3 January 2024 to shareholders on the register at 1 December 2023. Upcoming Dividend • Jul 06
Upcoming dividend of UK£0.029 per share at 2.6% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.3%). Announcement • Jun 22
FirstGroup plc, Annual General Meeting, Jul 21, 2023 FirstGroup plc, Annual General Meeting, Jul 21, 2023. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.64, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Transportation industry in Europe. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.82 per share. Announcement • Jun 08
FirstGroup plc Proposes a Final Dividend, Payable on 18 August 2023 FirstGroup plc proposed a final dividend of 2.9 pence per share, resulting in a final dividend payment of c.£20 million, be paid on 18 August 2023 to shareholders on the register at 14 July 2023, subject to approval of shareholders at the 2023 AGM. Reported Earnings • Jun 08
Full year 2023 earnings released: EPS: UK£0.11 (vs UK£0.011 loss in FY 2022) Full year 2023 results: EPS: UK£0.11 (up from UK£0.011 loss in FY 2022). Revenue: UK£4.76b (up 3.6% from FY 2022). Net income: UK£78.5m (up UK£89.9m from FY 2022). Profit margin: 1.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
FirstGroup plc (LSE:FGP) signed an agreement to acquire Ensign Bus Company Ltd. FirstGroup plc (LSE:FGP) signed an agreement to acquire Ensign Bus Company Ltd on February 8, 2023. Completion of the acquisition is anticipated in the next few months subject to customary regulatory review. If the acquisition completes before the Group’s FY 2023 year end, the Group anticipates a year end adjusted net cash position (pre IFRS16 and excluding ring fenced cash) of £70-80m, reflecting the ongoing buyback programme and the timing of net capital expenditure and working capital flows. Nicholas How, John Fishley and William Hall of Liberum Capital Limited acted as financial advisor to FirstGroup plc. James Agnew, Jonathan Hardy and Jack Wood of RBC Europe Limited acted as financial advisor to FirstGroup plc. Announcement • Jan 17
FirstGroup plc - Lumo Appoints New Service Delivery Director Lumo, FirstGroup's open access rail service between Edinburgh and London, has appointed Jen Clare as its new Service Delivery Director. Jen has almost twenty years of railway operations experience, starting her railway career as a signalling apprentice. Prior to joining Lumo, Jen was Head of Service Delivery for LNER before moving to FirstGroup's East Coast Digital Programme (ECDP). Launched in October 2021, Lumo is an open access operation that provides ten services a day between London, Newcastle and Edinburgh with a fleet of all-electric Hitachi high speed trains. The Newcastle based company welcomed its one millionth customer in October last year, and offers customers a greener and more affordable option to air travel. Between April and August last year, for the first time over half (57%) of journeys between Edinburgh and London were by rail, compared to pre-pandemic levels of 35%, demonstrating a shift towards rail as a preferred choice over air travel between Edinburgh and London. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CFO & Director Ryan Mangold is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
First half 2023 earnings released: EPS: UK£0.05 (vs UK£0.034 loss in 1H 2022) First half 2023 results: EPS: UK£0.05 (up from UK£0.034 loss in 1H 2022). Revenue: UK£2.21b (up 3.4% from 1H 2022). Net income: UK£29.9m (up UK£70.6m from 1H 2022). Profit margin: 1.4% (up from net loss in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 7.7% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Nov 02
FirstGroup plc to Report First Half, 2023 Results on Nov 09, 2022 FirstGroup plc announced that they will report first half, 2023 results on Nov 09, 2022 Board Change • Sep 09
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. CFO & Director Ryan Mangold is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 08
McGill's Bus Service Limited acquired First Scotland East Limited from FirstGroup plc (LSE:FGP). McGill's Bus Service Limited acquired First Scotland East Limited from FirstGroup plc (LSE:FGP) on September 6, 2022.
McGill's Bus Service Limited completed the acquisition of First Scotland East Limited from FirstGroup plc (LSE:FGP) on September 6, 2022. Announcement • Jul 28
FirstGroup plc Approves the Final Dividend for the Year Ended 26 March 2022 FirstGroup plc approved the final dividend of 1.1 pence per ordinary share for the 52 weeks ended 26 March 2022, at the AGM held on July 27, 2022. Announcement • Jun 11
I Squared Capital Advisors (Uk) Llp cancelled the acquisition of FirstGroup plc. I Squared Capital Advisors (Uk) Llp made an offer to acquire FirstGroup plc (LSE:FGP) for £1.3 billion on May 25, 2022. The consideration includes a cash component of 118 pence per share and a contingent right to up to a further 45.6 pence per share based on the consideration received from the sale of First Transit and the net proceeds realized from the Greyhound legacy assets and liabilities. Transaction is subject to approval by board of FirstGroup. JP Morgan acted as Defence Advisor to First Group plc.
I Squared Capital Advisors (Uk) Llp cancelled the acquisition of FirstGroup plc on June 9, 2022. Board of FirstGroup rejects the transaction proposal. Announcement • May 28
I Squared Capital Advisors (Uk) Llp made an offer to acquire FirstGroup plc (LSE:FGP) for £1.3 billion. I Squared Capital Advisors (Uk) Llp made an offer to acquire FirstGroup plc (LSE:FGP) for £1.3 billion on May 25, 2022. The consideration includes a cash component of 118 pence per share and a contingent right to up to a further 45.6 pence per share based on the consideration received from the sale of First Transit and the net proceeds realized from the Greyhound legacy assets and liabilities. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 16% share price gain to €1.51, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Transportation industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.95 per share. Board Change • Apr 27
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Warwick Brady is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 21
FirstGroup plc Appoints Graham Sutherland as Chief Executive Officer, Effective 16 May 2022 FirstGroup plc announces that Graham Sutherland has been appointed as Chief Executive Officer following a comprehensive search process led by the Nomination Committee of the Board. Graham will join the Board as an Executive Director and take up the role of Chief Executive Officer with effect from 16 May 2022. Graham has an established record in strategic development, as well as in delivering enhanced financial and operational performance and engaging a diverse range of stakeholders. Graham has held a number of senior leadership positions in organizations that provide critical services to consumer, business and public sector customers across the UK. He was Chief Executive Officer of KCOM Group plc, a LSE-listed telecommunications company, from 2018 until its sale to a Macquarie-managed infrastructure fund. Announcement • Apr 20
FirstGroup plc Appoints Graham Sutherland as Executive Director Effective 16 May 2022 FirstGroup plc announces that Graham Sutherland has been appointed as Chief Executive Officer following a comprehensive search process led by the Nomination Committee of the Board. Graham will join the Board as an Executive Director and take up the role of Chief Executive Officer with effect from 16 May 2022. Graham has an established record in strategic development, as well as in delivering enhanced financial and operational performance and engaging a diverse range of stakeholders. Graham has held a number of senior leadership positions in organizations that provide critical services to consumer, business and public sector customers across the UK. He was Chief Executive Officer of KCOM Group plc, a LSE-listed telecommunications company, from 2018 until its sale to a Macquarie-managed infrastructure fund. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 17% share price gain to €1.24, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.93 per share. Reported Earnings • Dec 11
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: UK£0.034 loss per share (up from UK£0.037 loss in 1H 2021). Revenue: UK£2.14b (up 4.2% from 1H 2021). Net loss: UK£40.7m (loss narrowed 9.8% from 1H 2021). Revenue exceeded analyst estimates by 25%. Over the next year, revenue is forecast to stay flat compared to a 18% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 14
Independent Non-Executive Director Stephen William Gunning has left the company On the 13th of September, Stephen William Gunning's tenure as Independent Non-Executive Director ended after 2.7 years in the role. We don't have any record of a personal shareholding under Stephen William's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.63 years. Executive Departure • Sep 14
Independent Non-Executive Director Martha Poulter has left the company On the 13th of September, Martha Poulter's tenure as Independent Non-Executive Director ended after 4.3 years in the role. As of June 2021, Martha still personally held 60.00k shares (€57k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.63 years. Executive Departure • Sep 14
CEO & Executive Director Matthew Gregory has left the company On the 13th of September, Matthew Gregory's tenure as CEO & Executive Director of the company ended after 2.8 years in the role. As of June 2021, Matthew still personally held 557.06k shares (€529k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.63 years. Under Matthew's leadership, the company delivered a total shareholder return of 15%. Announcement • Aug 05
Coast Capital Provides Information to the Shareholders On August 3, 2021, Coast Capital Management, LP had asked for a better price and a 600-million-pound shareholder payout. In an apparent maneuver to mollify disgruntled investors, FirstGroup plc recently promised to return 500 million pounds to shareholders,135 million pounds more than initially planned. But that wasn't enough for Coast Capital, which argued that Gregory had failed the Company for long enough. Coast also attacked directors Julia Steyn and Warwick Brady over their failure to push for a higher price for the sold assets. Meanwhile, the Company announced that it is working on the divestment of bus service Greyhound, which would mark an exit of the Scotland-based transport group from North America. Recent Insider Transactions • Aug 03
CFO & Director recently bought €209k worth of stock On the 29th of July, Ryan Mangold bought around 216k shares on-market at roughly €0.97 per share. This was the largest purchase by an insider in the last 3 months. Ryan has been a buyer over the last 12 months, purchasing a net total of €39k worth in shares. Reported Earnings • Jul 28
Full year 2021 earnings released: EPS UK£0.039 (vs UK£0.27 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: UK£4.64b (down 40% from FY 2020). Net income: UK£46.7m (up UK£373.9m from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Executive Departure • Jul 13
Senior Independent Non-Executive Director David Robbie has left the company On the 30th of June, David Robbie's tenure as Senior Independent Non-Executive Director ended after 3.4 years in the role. As of March 2021, David still personally held 160.00k shares (€171k worth at the time). David is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.46 years. Is New 90 Day High Low • Mar 08
New 90-day high: €1.05 The company is up 36% from its price of €0.77 on 08 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.058 per share. Is New 90 Day High Low • Feb 08
New 90-day high: €0.95 The company is up 66% from its price of €0.57 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.056 per share. Announcement • Jan 09
EQT Reportedly Tables Bid for British FirstGroup's US Ops EQT AB (STO:EQT) has submitted a roughly GBP 3.7-billion ($5.03 billion/EUR 4.09 billion) bid to acquire the US operations of UK rail and bus operator FirstGroup Plc (LON:FGP) that include two contract businesses -- First Student and First Transit, Sky News reported on January 07, 2021. An infrastructure arm of the Stockholm-based investor has tabled the offer just days before Christmas, joining a small group of bidders that have remained in the auction, according to the report. KKR & Co. Inc. (NYSE:KKR) is said to be among the contenders as well. Is New 90 Day High Low • Jan 07
New 90-day high: €0.91 The company is up 75% from its price of €0.52 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.062 per share. Is New 90 Day High Low • Dec 24
New 90-day high: €0.80 The company is up 112% from its price of €0.38 on 25 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.35 per share. Announcement • Dec 13
Firstgroup plc Announces Update on Train Operating Company Contracts FirstGroup plc has reached agreement with the Department for Transport (‘DfT’) on next steps for the South Western Railway (‘SWR’) and West Coast Partnership train operating companies, the latter of which comprises Avanti West Coast and the shadow operator for HS2. As announced on 20 September, these two companies are currently operating under Emergency Recovery Measures Agreements (‘ERMA’) which were put in place by the DfT to provide continuity for rail passengers and the industry during the coronavirus pandemic. The ERMA for Avanti is in place to the end of March 2022 and the SWR ERMA is in place to the end of March 2021. Both can be extended by a further half year at the DfT’s discretion. As previously stated, the ERMAs required the train operators and the DfT to agree whether any payment is required to terminate the pre-existing franchise agreements, and if so how much, based on a pre-coronavirus trajectory financial model. The DfT and FirstGroup have agreed that no termination sum is required for Avanti, which commenced operations in December 2019 and was performing well prior to the pandemic. Agreement has also been reached for a termination sum for SWR, which requires a further FirstGroup contribution of £33.2m. This represents the Group’s share of parent company support and additional funding commitments under the franchise agreement, less amounts already paid into the operating company, and which will be paid at the end of the ERMA term. The full exposure to SWR performance bonds and parent company support has already been provided in accounts. The pre-existing franchise agreements will therefore terminate at the end of the ERMA term for SWR and Avanti. Agreement of the termination sums significantly reduces the overall financial risk within the First Rail franchise portfolio. Following agreement of the termination sums are now negotiating new directly awarded management contracts with the DfT, which will come into effect at the end of the ERMAs, under which each incumbent train operator will deliver passenger rail services. The DfT have indicated that these new National Rail Contracts would last to 1 April 2023 for SWR, and to 1 April 2026 for Avanti, each with extension periods of up to two further years at the DfT’s discretion. Reported Earnings • Dec 12
First half 2021 earnings released: UK£0.083 loss per share The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: UK£3.10b (down 12% from 1H 2020). Net loss: UK£99.3m (loss narrowed 43% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 12
Revenue beats expectations Revenue exceeded analyst estimates by 45%. Over the next year, revenue is expected to shrink by 2.7% compared to a 6.9% decline forecast for the Transportation industry in Germany. Is New 90 Day High Low • Dec 04
New 90-day high: €0.72 The company is up 66% from its price of €0.43 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.11 per share. Announcement • Dec 03
FirstGroup plc to Report First Half, 2021 Results on Dec 10, 2020 FirstGroup plc announced that they will report first half, 2021 results on Dec 10, 2020 Is New 90 Day High Low • Nov 11
New 90-day high: €0.65 The company is up 31% from its price of €0.49 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.15 per share. Announcement • Sep 22
FirstGroup plc Announces Extension of the Emergency Funding Arrangements for the UK Rail Industry for the Next Six to Eighteen Months by the Department for Transport FirstGroup plc announced that the Department for Transport has extended the emergency funding arrangements for the UK rail industry for the next six to 18 months. New Emergency Recovery Measures Agreements (ERMAs) came into force for South Western Railway (SWR), TransPennine Express (TPE), and West Coast Partnership (WCP, comprising HS2 shadow operator and Avanti West Coast) operations. The ERMAs replace the Emergency Measures Agreements, which were put in place by the DfT in March to provide continuity for rail passengers and the industry during the coronavirus pandemic, and are similar in operation. During the term of the ERMAs, the DfT will continue to waive the revenue, cost and contingent capital risk of the train operating companies (TOCs) and will pay them a fixed management fee. There is also the potential for an additional performance-based fee, based on measures including punctuality, passenger satisfaction and financial performance. The overall fee potential is a maximum of 1.5% of the cost base of each franchise prior to the pandemic. The fixed fee and overall fee potential for each TOC is lower under the new ERMAs compared with the Emergency Measures Agreements, and more heavily weighted to performance delivery. The ERMAs make no material changes to the ring-fenced cash or working capital mechanisms in place for these operations. The new ERMA for WCP, which commenced operations in December 2019 and was performing well prior to the pandemic, is in place to the end of March 2022. The new SWR and TPE ERMAs are in place to the end of March 2021, with the potential in the case of TPE to be in place until September 2021 in certain circumstances. In addition, all three include options to extend their duration by a further half year at the DfT’s discretion. As announced earlier this month, the Emergency Measures Agreement for Great Western Railway (GWR) has already been extended to at least 26 June 2021. The DfT has also stated it intends to begin discussions with the TOCs to transition to new, directly-awarded contracts for the longer term, which would come into effect at the end of the ERMAs. To this end, each of the ERMAs requires that by mid-December 2020 the TOC agrees with the DfT whether, and if so, how much parent company support or other payments are required to terminate the pre-existing franchise agreements. If any such termination sums are agreed, they would fall due at the end of the ERMA term, at which point the pre-existing franchise contract would also terminate by agreement. However if the termination sum for a TOC cannot be agreed by mid-December then the DfT has the right to terminate that ERMA early, with the TOC reverting to substantially all of the pre-existing franchise terms, from mid-January 2021. Assuming the termination sums are agreed, the DfT intends to negotiate a new direct award contract under which the TOC will deliver passenger rail services following the end of the ERMA. Announcement • Aug 02
FirstGroup plc Auditor Raises 'Going Concern' Doubt FirstGroup plc filed its Annual on Jul 30, 2020 for the period ending Mar 31, 2020. In this report its auditor, Deloitte & Touche LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.