FirstGroup has reported overall revenue growth and trading in-line with expectations in its winter trading update.
Revenue growth across the group has increased by 13.7% this year to-date, with First Bus like-for-like passenger revenue rising 1.4% over the same period.
First says that the rise in passenger revenue ‘more than offset’ a like-for-like passenger volume decrease of 1.9%, which it blames on reduced high street activity over the Christmas period and network restructuring.
First Student performed well, seeing a 5.8% increase in revenue in the year to-date, and First Transit experienced 0.9% revenue growth over the same period. Greyhound, meanwhile, slumped 0.4%.
Commenting on the announcement, FirstGroup Chief Executive Matthew Gregory said: “Our overall trading performance in the period was in line with our expectations; in particular last summer’s strong bid season in First Student, our largest division, together with further momentum in First Bus, support our unchanged outlook for the full year.”
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