FirstGroup trades online despite temporary hiatus in travel restrictions

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public transport provider First group said Friday that current trading was in line with internal expectations, despite recent Omicron-related travel restrictions temporarily reducing demand levels.

FirstGroup said bus volumes have improved to more than 70% of pre-pandemic levels overall, and around 75% in our England operations, since the easing of government omicron restrictions , while rail management fee-based operations delivered metrics performance in line with management’s expectations, with its open-access operations slightly ahead of plan.

The FTSE 250-listed group’s “proactive management” of assets and liabilities inherited from Greyhound is also reportedly ahead of plan, with the vast majority of insurance risk reduction now complete and further property disposals completed.

Chairman David Martin said, “We now have a focused, streamlined group and continue to build our financial strength and resilience by proactively managing the legacy assets and liabilities associated with last year’s portfolio rationalization.

“Public transport has a key role to play in the UK’s economic, decarbonisation and leveling programs and I remain convinced that FirstGroup is very well placed to seize our many opportunities to create long-term sustainable value.”

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