FirstGroup (FGP)

Sector:

Tourism and Leisure Services

Index:

FTSE 250

37.62p
   
  • Change Today:
    -0.22p
  • 52 Week High: 137.50p
  • 52 Week Low: 28.28p
  • Currency: UK Pounds
  • Shares Issued: 1,219.67m
  • Volume: 2,434,679
  • Market Cap: £458.84m
  • RiskGrade: 589

FirstGroup losses widen, Greyhound sale process 'well advanced'

By Michele Maatouk

Date: Thursday 14 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Shares in FirstGroup tumbled on Thursday after the transport operator said losses widened significantly in the first half and that the formal sale process for its Greyhound business was "well advanced".
In the six months to the end of September, pre-tax losses widened to £187.1m from £4.6m in the first half of last year, on revenue of £3.5bn, up from £3.3bn.

The company incurred an impairment charge of £124.4m for the US coach business, Greyhound, a North American self-insurance reserve charge of £59.3m and restructuring and reorganisation costs of £15.4m.

Chief executive Matthey 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. In particular, we were pleased to have delivered another strong bid season and two complementary acquisitions in our largest business First Student, as well as the award of the West Coast Partnership to our rail venture with Trenitalia.

"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. As ever, first half trading mainly reflects the highly seasonal nature of the group's operations, given the timing of the North American school holidays in our First Student business. 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."

FirstGroup, which announced in May that it was looking to sell Greyhound, said it was engaged in ongoing discussions with bidders and that the formal sale process was "well advanced".

At 0905 GMT, the shares were down 16% at 108p.



Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FirstGroup Market Data

Currency UK Pounds
Share Price 37.62p
Change Today -0.22p
% Change -0.58 %
52 Week High 137.50p
52 Week Low 28.28p
Volume 2,434,679
Shares Issued 1,219.67m
Market Cap £458.84m
RiskGrade 589

FirstGroup Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
83.71% above the market average83.71% above the market average83.71% above the market average83.71% above the market average83.71% above the market average
51.43% above the sector average51.43% above the sector average51.43% above the sector average51.43% above the sector average51.43% above the sector average
Price Trend
85.36% below the market average85.36% below the market average85.36% below the market average85.36% below the market average85.36% below the market average
72.6% below the sector average72.6% below the sector average72.6% below the sector average72.6% below the sector average72.6% below the sector average
Income
51.77% below the market average51.77% below the market average51.77% below the market average51.77% below the market average51.77% below the market average
37.78% below the sector average37.78% below the sector average37.78% below the sector average37.78% below the sector average37.78% below the sector average
Growth
43.49% below the market average43.49% below the market average43.49% below the market average43.49% below the market average43.49% below the market average
39.13% below the sector average39.13% below the sector average39.13% below the sector average39.13% below the sector average39.13% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 5
Sell 0
Strong Sell 0
Total 9
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FirstGroup Dividends

No dividends found

Trades for 09-Jul-2020

Time Volume / Share Price
12:14 599 @ 37.62p
12:14 1,341 @ 37.62p
12:13 1,341 @ 37.56p
12:13 5,800 @ 37.52p
12:13 749 @ 37.42p

FirstGroup Key Personnel

CEO Matthew Gregory
CFO Ryan Mangold

Top of Page