FirstGroup Reports Pre-tax Loss For Full Year; Revenue Improves

Rail and bus operator FirstGroup Plc (FGROY.PK) on Tuesday reported loss before tax of 17.7 million pounds for the full year, compared with profit before tax of 29.1 million pounds a year ago, on higher operating costs.

The company posted loss from continuing operations of 5.8 million pounds or 1.1p per share in the year compared with profit of 22.8 million pounds or 0.p per share last year.

Including discontinued operations, FirstGroup had a profit of 636.4 million pounds or 60.2p per share compared with 78.4 million pounds or 6.4p per share in the prior year.

On an adjusted basis, profit before tax from continuing operations was 24.8 million pounds compared with loss of 29.7 million pounds last year.

Adjusted earnings from continuing operations was 16.5 million pounds or 1.6p per share compared with loss o 33.2 million pounds or per share of 2.8p per share a year earlier.

Group adjusted attributable profit increased to 36.2 million pounds or 10.2p per share from 19.9 million pounds or 3.3p per share in the previous year.

Revenue from continuing operations increased to 4.591 billion pounds from 4.319 billion pounds, primarily on improved passenger volumes.

Looking forward, the company said its current trading is in line with expectations and sees significant further progress in the year to March 2023.

Additionally, FirstGroup has proposed a final dividend of 1.1p per share, to be paid on 19 August 2022 to shareholders on the register at 15 July 2022.

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