Bullish First Group bounces back: Railway company exceeds expectations with £82m annual profit
Off the rails: First Group was stripped of the TransPennine Express franchise
The boss of rail operator First Group has said the past three years have been “one of the most challenging” in the industry’s history given the pandemic and strikes.
But despite a tough “economic and labor relations,” Graham Sutherland insisted the company is firmly on track this year — even after being stripped of the TransPennine Express franchise.
It came after the company beat expectations with an annual profit of £82.1m in the year to March 25, up from £36.2m a year earlier.
Shares in the company, which operates buses across 40 UK cities and rail networks, including Avanti West Coast and South Western, rose 13.9 percent, or 16.5 pence, to 1325.2 pence.
First Group, which recently sold its First Student, First Transit and Greyhound businesses, said it recovered last year as people returned to pre-pandemic lifestyles, such as commuting and visiting friends.
The Department of Transport said last month rail passenger numbers were at a post-Covid high – at 98.3 percent of 2019 levels.