FirstGroup Plc (FGROY.PK,FGROF.PK,FGP.L), a British transport company, on Thursday reported a turnaround to profit before tax for full year, amidst an increase in revenue, mainly supported by improved revenue from First Bus.
In addition, the company said that it is planning for an additional buyback of up to 115 million pounds of shares.
For the 12-month period to March 25, the Aberdeen-headquartered firm posted a pre-tax income of 97.1 million pounds, compared with a loss of 17.7 million pounds of previous year.
Post-tax profit was at 95.3 million pounds or 11.4 pence per share, lesser than last year's 642 million pounds or 60.2 pence per share, which includes a profit of 647.8 million pounds from discontinued operations.
Operating income stood at 153.9 million pounds as against 122.8 million pounds of previous fiscal.
The First Bus division's revenue increased significantly to 902.5 million pounds, from 789.9 million pounds of 2022.
The Group generated revenue of 4.755 billion pounds, higher than last year's 4.591 billion pounds.
FirstGroup will pay a final dividend of 2.9 pence per share, to be paid on August 18, to shareholders on the register of July 14. With this, the total dividend for the year rose to 3.8 pence per share, from previous year's 1.1 pence per share.
The company has also announced that the Board has proposed an additional buyback of up to 115 million pounds of shares, subject to renewal of the usual buyback authority at the AGM and following the receipt of the proceeds from exiting North America.
Looking ahead, the company said: "Although the economic and industrial relations backdrop remains challenging, current trading and our outlook for FY 2024 is in line with our expectations…"
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