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Transport firm hit

FirstGroup slumps to loss after Greyhound charge

FirstGroup bus

Bus company undergoing review

Transport company FirstGroup reported a first half loss following impairment charges for its Greyhound buses in the US.

An operating loss of £118.1 million for the six months to the end of September fell to a bottom line loss of £187.1m after the added charge.

Chief executive Matthew Gregory said: “In the first half we continued to execute the clear commercial strategies in each of our divisions to ensure they deliver future progress and growth.

“We are, however, disappointed with the further deterioration in the US motor claims environment which has required an increase in insurance costs for our North American businesses.

“Based on current trends and underpinned by our activities to reduce the cost base further, we are confident in delivering our trading expectations for the full year.

“We are focused on rationalising our portfolio and are progressing through the detailed work to prepare for separation.”


Statutory
H1 2019
£m
H1 2018
£m
Revenue3,531.93,303.3
Operating (loss)/profit(118.1)46.3
Loss before tax(187.1)(4.6)
EPS(14.3)p(0.6)p


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