Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

FirstGroup Announces Sale Of Wigan Bus Business To Stagecoach

FirstGroup PLC (FGP.L,FGROF.PK) announced the sale of its Wigan bus business to Stagecoach Group plc (SGC.L) for a consideration of 12.0 million pounds. The disposal is part of the Group's stated strategy to reposition its UK Bus division to focus on those areas that offer the greatest potential for growth.

Tim O'Toole, Chief Executive said: "The sale of our Wigan bus business marks continued progress in our programme of selected asset and business disposals as we review the scope and scale of our UK Bus portfolio and reposition it for the longer term. With a clear focus we are working through a detailed plan to recover performance in our UK Bus division and equip the business to achieve sustainable growth and improved returns."

The Wigan operations will become part of Stagecoach Manchester. Stagecoach expects the acquisition to be completed in early December 2012. Stagecoach Group plc said the business being acquired operates commercial bus services and a small number of school contracts, employing approximately 300 people. In the 12 months to 31 March 2012, the business had revenues of 13.2 million pounds, EBITDA of 2.2 million pounds and an operating profit of 1.5 million pounds.

Register
To receive FREE breaking news email alerts for FirstGroup Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.