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FirstGroup H1 Profit Before Tax Drops

U.K.-based railroads business FirstGroup plc (FGP.L) on Wednesday reported lower profit before tax in the first half of fiscal 2023.

Profit before tax plunged to 8.7 million pounds, from 516.5 million pounds in the first half of the prior year. On a continuing basis it reported a profit of 37.0 million pounds, versus a loss of 64.5 million pounds in the year-ago period.

Adjusted profit before tax declined to 32.9 million pounds, from 103.7 million pounds in the first half of the prior year. On a continuing operations basis, it was a profit of 41.0 million pounds, versus the loss of 6.3 million pounds in the year-ago period.

The company reported a loss per share of 0.1 pence as compared to an earnings per share of 42.4 pence in the prior period.

On an adjusted basis, EPS decreased to 3.4 pence from 6.6 pence in the prior period. On a continuing operations basis, it reported earnings of 4.4 pence per share as compared to a loss of 0.4 pence per share in the prior period.

Revenues declined to 2.2 billion pounds, from 3.1 billion pounds in the first half of the prior-year fiscal. Revenue from continuing operations however increased to 2.2 billion pounds, from 2.1 billion pounds in the prior period.

Group adjusted attributable profit increased to 30.8 million pounds, from 13.3 million pounds in the comparable prior period.

The company stated that the expectations for the current financial year are broadly unchanged despite a shift in mix.

Shares of FirstGroup closed Tuesday's trading at 106.90 pence, up 0.90 pence or 0.85 percent from the previous close.

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