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FirstGroup expects boost from back-to-school traffic as passenger numbers continue recovering
After selling off the North American businesses, the transport firm is also looking to return £500mln to shareholders via a tender offer
Company
FirstGroup PLC
LON:FGP
FirstGroup plc is engaged in the provision of passenger transport services. It operates in four divisions: Bus, UK Rail, North America and Greyhound.
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FirstGroup challenges air travel market with green budget rail service
The 100% electric rail service will offer fares from £14.90 in a bid to encourage greener and more affordable travel between London and Edinburgh
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FirstGroup chief executive quits after activist investor pressure
Gregory joined FirstGroup in 2015 as chief financial officer and become chief executive in 2018.
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FirstGroup receives demand for CEO to step down from activist investor
Coast wants CEO Matthew Gregory and two non-execs to stand down
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Train services facing big cuts to cover funding shortfall
The gap in the industry’s finances is currently estimated at circa £2bn per annum
FirstGroup sale of US businesses scrapes through as major shareholders object
Around 39% of shareholders voted against the £3.3bn sale to Swedish group EQT Ventures
FirstGroup facing legal action over US bus sale from Coast Capital
Schroders, FirstGroup’s second-largest shareholder, has also said it intends to vote against the sales
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New UK rail regime launched under Great British Railways umbrella body
Trainline's shares have tumbled after the announcement
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FirstGroup lambasted for US sale by major shareholder Coast
Coast has a 13.6% stake in bus and rail operator FirstGroup
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FirstGroup ends TransPennine franchise with £6mln final payment
FirstGroup said the agreement is around £50m better than its last assumption
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FirstGroup sells US businesses for £3.3bn and focuses on UK bus and rail
Debt will reduce from £1.4bn at the end of March 2021 to around £100mln
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FirstGroup sells Greyhound properties for US$137mln
The transport company said it has made a profit of around US$100mln, against book value.
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FirstGroup reduces loss and agrees end to South West Rail franchise for £33.2mln
Operating losses reduced to £16.4mln from £118.1mln, which FirstGroup said was ahead of its expectations
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FirstGroup agrees looser debt covenant terms for next year, just in case
The train and bus operator said it “is confident that the balance sheet is now robust in a range of downside scenarios”
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Public transport firms offer buying opportunities all round as broker says demand reverting to pre-pandemic levels
Analysts at Liberum singled out Stagecoach as having the most upside exposure among the firms in its coverage due to its greater exposure to UK regional bus services that are being supported by government support grants
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FirstGroup and Go-Ahead get rail support extension as government ends franchise system
The Department of Transport wants to switch to directly-awarded contracts once this new period of support ends
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FirstGroup now expects small first-half profit as passenger numbers crawl higher
UK bus passengers have recovered to around 50% of pre-pandemic levels, while train passengers are only at around 30%
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FirstGroup shares jump by a fifth on US sale talk
FirstGroup’s bus and trail operations have been hit hard by the pandemic
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FirstGroup gets one of four rail franchises extended under government emergency measures
The government will continue to bear the risk for the GWR train franchise until next June
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FirstGroup expects continued financial hit while social distancing remains in place
The transport firm said it is not clear how quickly demand will pick up and it needs fiscal support to return to pre-crisis levels
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UK 'mini-budget' to dominate on Wednesday amid quiet corporate calendar
Chancellor of the Exchequer Rishi Sunak is expected to unveil a raft of measures to help power the British economy out of the sharp slump caused by the pandemic and lockdown measures
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FirstGroup to enhance online offering as part of social distancing strategy
The firm welcomed the £254mln announced by the government to support England’s bus network increasing its services and safety measures
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FirstGroup strengthens cash buffer to £800mln with government loans
Greyhound is also expected to be a material recipient of US$326mln allocated by the US government
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Bus companies get £167mln rescue package as fare income drops 90%
Bus services in Scotland and Wales are already being supported by the respective governments.
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FirstGroup, Go-Ahead Group renew UK rail contracts
The two firms will continue operating Great Western Railway and the Southeastern franchise, respectively
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FirstGroup says "range" of potential buyers interested in US bus divisions
“We firmly believe that a sale of these assets is the best way to unlock material value for all FirstGroup shareholders,”
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FirstGroup hits the buffers as activist investor to push for demerger of US businesses
Hedge fund Coast Capital, which owns 10% of the FTSE 250 transport firm, has said it will convene an EGM to force a vote on whether to sell the group's First Transit and First Student businesses
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Firstgroup drives ahead as Peel Hunt initiates coverage with a ‘buy’ rating and 164p target price
"We see considerable value that can be realised from improved operational performance, notably reduced insurance costs and higher First Bus margins, and the break-up of the group, which is clearly underway"
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FirstGroup's South Western Railway franchise may be nationalised
The franchise is run by a joint venture between FirstGroup and Hong Kong’s MTR
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FirstGroup looks at selling all North American businesses
The news is likely to please some of the transport firm’s largest shareholders, which have been pushing for a review of the portfolio
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FirstGroup investor Tchenguiz accuses board of “misleading” investors
Property tycoon Robert Tchenguiz has put out a scathing statement saying the travel group's management last week “misled or at best confused the public”
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Coast Capital demands new plan for FirstGroup’s North American assets
Coast Capital, which owns 10% shares in the firm, said that the firm’s North American and UK assets “do not belong together”
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FirstGroup plunges as losses and borrowings widen
In the six months to 30 September, revenue was up 7% to £3.5bn, while net debt nearly doubled to £2bn
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FirstGroup and Trenitalia's West Coast rail partnership may be blocked
The Competition and Markets Authority has invited industry organisations and interested parties to comment on the transaction
FirstGroup’s West Coast win “a mixed blessing”, says Liberum
The broker warned that investors could react to the new award with scepticism due to the firm’s “recent poor track record in rail franchising”
FirstGroup tracks upwards as it appoints former Arriva boss as new chairman
David Martin will replace Wolfhart Hauser, who stepped down in June after a failed attempt to oust him by activist shareholder Coast Capital
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West Coast rail franchise award stokes debate about foreign state operators
Only six out of 30 of UK rail franchises, including London underground and the not-yet operational Crossrail, do not have some sort of foreign owner
FirstGroup joint venture awarded West Coast rail franchise
The FTSE 250 transport firm will run the franchise from 8 December as part of a JV with Italian state-backed rail operator Trenitalia
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FirstGroup fends off activist attempt to oust board but chairman bows to pressure
Coast Capital, an activist investor with a nearly 10% stake in the transport group, failed to remove any of the six directors it was seeking to oust at an EGM on Tuesday
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Coast Capital questions FirstGroup strategy, claims execs considering sale of US school bus business
In a letter to other shareholders ahead of a crunch meeting on Tuesday afternoon, Coast said it had been informed that chairman Wolfhart Hauser and CEO Matthew Gregory had told some investors that “everything is for sale at the right price”
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Schroders and Columbia Threadneedle to back Coast Capital coup against FirstGroup chairman
Schroders and Columbia, which own around 9% and 10% of the FTSE 250 group respectively, will oppose the re-election of Wolfhart Hauser at Tuesday's EGM
Investments and investor services
FTSE 100 closes shade higher as investors still fret about trade
On Wall Street, stocks were heading higher, through albeit with not much gusto
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News from FirstGroup, Stagecoach to drive corporate diary in coming week
Aside from the two mid-cap transport operators, blue chip contractor Bunzl will also issue a trading update, while the macro focus will be on the G20 meeting in Japan
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FirstGroup activist shareholder Coast Capital comes back with fighting talk
The New York hedge fund has fired off responses to criticism from the transport group of its proposal to replace the board
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FirstGroup announces meeting for 25 June to decide fate of six directors
The meeting has been requisitioned by Coast Capital, an activist investor that holds nearly 10% of the FTSE 250 group, in an effort to oust six directors and replace them with its own nominees
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Activist investor Coast Capital slams “half baked” FirstGroup breakup plan
Chad Tappendorf, a partner at the New York-based hedge fund, told Proactive that the plan, which will see the company focus on its other US bus businesses First Student and First Transit, was “the height of folly”
Investments and investor services
FTSE 100 regains ground at the close
The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
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Johnson Matthey's final results provide a step up in class for Thursday's corporate diary
The Day Ahead will also bring updates from two FTSE 250-listed firms, transport operator FirstGroup and water utility Pennon, plus numbers from newspapers group Daily Mail
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Enjoy the UK bank holiday, because there will be little else to get excited about in the coming week
The shortened trading Week Ahead will only bring updates from the likes of second-liners FirstGroup, Pennon, Wizz Air, and Daily Mail & General Trust
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RBC puts chances of FirstGroup break-up at 50/50 following activist pressure
However, the bank upgraded the stock to ‘outperform’ from ‘sector perform’, saying disposals could generate “considerable value” for the transport group
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Why are Britain’s bus and rail companies struggling to make money?
The rail system isn’t working for anyone, says Liberum’s Gerald Khoo, while the high street’s decline means fewer people are taking buses
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Everybody off: activist calls for FirstGroup board to step down
A New York-based hedge fund proposes getting rid of six of the transport operator's eleven board members
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FirstGroup appoints ex-Taylor Wimpey finance director as new CFO, former GM VP brought in as non-exec
The FTSE 250 transport group said Ryan Mangold would take up the CFO position, filling the vacancy left by Matthew Gregory who was promoted to chief executive last year
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Go-Ahead reverses as HSBC downgrades to ‘hold’ from ‘buy’ on valuation grounds in mixed sector review
HSBC’s analysts pointed out that Go-Ahead shares have performed well but they can “no longer see a clear value case”
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AA’s performance to be eyed on Wednesday for any signs of possible breakdown
Investors will be looking to see if the breakdown services firm can continue its recent run of good fortune
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US jobs to provide main focus, though UK PMIs still key as Brexit SNAFU continues
Aside from the UK and US data - and Brexit - corporate news in the week ahead will include updates from blue-chip budget airline easyjet and Ladbrokes Coral owner GVC Holdings
Private equity bids surge as buyout firms exploit weaker valuations amid tough UK market
Struggles in a number of different sectors present takeover opportunities for private equity firms this year but investments in UK stocks are risky given the uncertainty surrounding Brexit
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Southern train operators face £100mln legal action from London commuters
Stagecoach, FirstGroup and Go-Ahead are being sued by passengers for overcharging on London’s southern commuter routes.
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FirstGroup shares up as in-line trading news provides reassurance
First Bus recorded like-for-like passenger revenue growth of +1.3%, while First Rail's like-for-like passenger revenue growth slowed to +4.2% in the Winter period
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FirstGroup puts Manchester bus operation on sale in cut-price deal
The FTSE 250-transport operator could sell the operation, which previously had an annual turnover of £100mln, for as cheap as £20mln
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Liberum upgrades National Express to ‘Buy’, ups targets for FirstGroup and Go-Ahead as it sees buying opportunity in depressed sector
In a sector note, the broker said sentiment for bus and rail operators was “arguably at an all-time low”, however, the risks were “more than adequately priced in”
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UK rail industry faces upheaval as MPs call for reforms after travel chaos at Govia Thameslink Railway
GTR is not the only rail operator in hot water over recent travel disruptions
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London Waterloo travel chaos: South Western Railway hit by overrun engineering work
FirstGroup, which owns South Western Railway and Great Western Railway, has come under pressure from activist investors to consider a breakup
BTG shares gain on solid interims while Interserve slumps for second day in a row
A look at the day's gainers and painers, including Vodafone, FirstGroup and Haydale Graphene
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FirstGroup promotes interim COO Mathew Gregory to CEO
"We are implementing clear divisional strategies across our portfolio to mobilise the considerable value inherent in the group, and I am encouraged by the progress made in the period," said FirstGroup's non-executive chairman, Wolfhart Haus
Investments and investor services
FTSE 100 flatlines at close as sterling gains on Brexit optimism
The UK blue-chip benchmark closed up 0.68 at 7,053, while the FTSE 250 added over 174 points at 18,985
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Taylor Wimpey and Vodafone to lead the way on a busy Tuesday in the City
The City diary is filled to the brim, with updates expected from Taylor Wimpey, McCarthy & Stone, Vodafone, Premier Foods, Experian and many more
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Housebuilders to take centre stage again after Persimmon boss drama
The week ahead includes trading updates from Bovis Homes and Taylor Wimpey, full year results from McCarthy & Stone, interims from Royal Mail, Vodafone and Premier Foods along with a batch of UK data
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UK transport operator FirstGroup reportedly attracts interest from private equity firms
Liberum said such interest in FirstGroup "seems inevitable" in the wake of prior interest from Apollo private equity funds
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Parcels strength to again offset letters decline when Royal Mail delivers latest trading news
Aside from Royal Mail, the day ahead will also include updates from the likes of broadband and telecoms firm TalkTalk, cheese producer Dairy Crest, and housebuilder Galliford Try
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Week ahead: Investors hope Royal Mail delivers the goods and Unilever meets targets
The week ahead includes updates from Royal Mail, Unilever, Sports Direct, Rio Tinto and Anglo American along with official UK data on jobs, inflation and retail sales
Investments and investor services
Takeover talk – What happens when CEOs snub a bid? Ask FirstGroup’s Tim O’Toole
Naturally, most deals ultimately boil down to valuation - this is capitalism after all
FTSE 100 joins European and US indices to head north after strong US jobs number
The UK blue-chip index finished at 7,701 - up 0.31%, but was down on the week, off around 0.46%. .
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FirstGroup drops as it replaces its chief executive after profits fall; puts Greyhound bus unit under review
The bus and rail operator said its CEO Tim O’Toole would be replaced with immediate effect by Wolfhart Hauser, who becomes executive chairman until a successor is appointed
Investments and investor services
FTSE 100 closes in the red as Trump's tariffs spook investors
Tariffs are to be imposed on steel and aloooooooooomin'm imported from Canada, Mexico and the European Union.
Investments and investor services
Johnson Matthey and FirstGroup set to provide Thursday’s highlight results
Platinum refiner Johnson Matthey provides one of the week’s rare blue-chip appearances, whereas FirstGroup investors will want answers after management snub takeover advances recently.
FTSE 100 drops 1.26% as political turmoil in Europe hits
In the current markets, the pound fell 0.49% against the US dollar at 1.1472..
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Quiet week seen following UK bank holiday, with any dividend news from RBS's AGM the main interest
Week Ahead also includes full-year results from platinum refiner Johnson Matthey PLC, transport operator Firstgroup PLC, and discount retailer B&M European Value Retail SA
BT Group is not the only blue-chip with a debt mountain and pension problems
There's an argument to be made that BT would have been better off tapping the market three years ago when its shares were twice as high as they are now, rather than braving it out. John Harrington looks at the FTSE 350 to see whether there
Investments and investor services
Shire’s Japanese takeover confirmed, but what does it say about London’s blue-chips?
Deal capital is clearly sloshing around blue-chip boardrooms, but, are we seeing a run of takeovers near the top of the market?
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FirstGroup shares weak on report private equity firm Apollo Global will not be making a takeover offer
The FTSE 250-listed group - which runs the South Western Railway franchise and owns the Greyhound buses in the US - revealed last month that it had received a preliminary and highly conditional indicative proposal from Apollo
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FirstGroup “unanimously rejects” potential all-cash takeover offer from private equity firm Apollo
Shares in the FTSE 250 transport group have soared by almost a third over the past couple of weeks, and now investors might have a clue as to why
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FirstGroup cuts full-year guidance after snowstorms and competition hit US bus arm
FirstGroup said its outlook for adjusted earnings per share is “slightly reduced"
Investments and investor services
FTSE 100 ends in positive territory, bolstered by miners and weaker pound
The premier UK share index closed up around 24 points at 7,281.
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Lloyds Banking expected to increase focus on digital offering in its strategic review
The numbers are not expected to contain too many surprises - which will come as a merciful relief to Lloyds' shareholders - but the bank's strategic review might provide some talking points
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Banks to feature strongly in deluge of blue chip earnings, including Lloyds, RBS, Barclays
Week ahead includes a deluge of blue chip results, notably from the banking sector, including numbers from HSBC PLC, Barclays PLC, Lloyds Banking Group PLC, and Royal Bank of Scotland PLC
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Stagecoach and FirstGroup boosted by government’s plans to overhaul Britain's rail network
Shares in Stagecoach Group jumped as Liberum upgraded the stock to ‘buy’ from ‘hold’, citing the government's plan to negotiate new terms for the East Coast franchise
Investments and investor services
Parallel Media and Physiomics lead small cap market gainers
Some of the biggest risers and fallers in London on Wednesday
Investments and investor services
FTSE 100 closes lower as pound firms amid Brexit bill breakthrough
London's blue-chip index closed the day lower but retailers and housebuilders did well, oh, and there was some Brexit news...
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FirstGroup rallies on upgrades from Deutsche Bank and RBC Capital
South Western Railway is subject to possible industrial action and macroeconomic risk factors, Deutsche Bank said.
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Day ahead: ITV, Vodafone and Bovis Homes results, UK inflation data
The day ahead includes corporate earnings from ITV, Vodafone and Bovis Homes as well as official UK inflation data
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Don’t expect fireworks from Taylor Wimpey’s quarterly numbers
House builders and telcos will provide some of the weeks highlights.
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Marks & Spencer and Burberry both need to regain momentum
Week ahead: Marks & Spencer, Burberry, JD Wetherspoon...
Satellite group Inmarsat rockets on takeover speculation
Some of the main risers and fallers in London at 3.45pm...
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Firstgroup drops as mixed outlook counters posts strong full-year profit growth driven by its US school bus business
The FTSE 250-listed firm reported adjusted full-year pretax profit of £207mln, up 23% from the £168.3mln seen a year earlier, as revenue rose by 8.3% to £5.653mln
FTSE 100 closes higher; Paddy Power Betfair takes podium
After a gloomy morning for the pound, it started to build some momentum. FTSE 100 finished at 7,543
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High Court to hear whether RBS rights issue case should proceed to trial
Day ahead: RBS likely to avert High Court trial; finals from FirstGroup, Johnson Matthey and ImmuPharma
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Fourth-quarter improvement hoped for from IG Group
Week ahead; IG Group, Ryanair, Johnson Matthey, Non-Farm Payrolls,
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“Opportunities emerging” in transport, says City broker
There's an upgrade for Go-Ahead, although Liberum isn’t so bullish on Stagecoach
FTSE 100 finishes lower as Fed's easy money set to end
The index of blue-chip shares succumbed to selling pressure