FirstGroup doubles profits thanks to rise in passenger numbers
The transport company recently stripped of the TransPennine rail franchise has more than doubled its annual profits thanks to a rebound in its own-brand trains and a surge in the number of people taking the bus.
FirstGroup, which despite the loss of TransPennine[1] still accounts for about a quarter of the UK rail market, reported adjusted profits of £82.1 million in the 12 months to the end of March, up from £36.2 million the year before.
It also said that despite rail strikes and threats of recession profits for this year were likely to be in line with previous guidance and that it would spend another £115 million buying back shares. The stock jumped in response by 17 per cent, or 20½p, to 139¼p.
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