Latest news with #FirstRail
The Herald Scotland
12-06-2025
- Business
- The Herald Scotland
Scottish bus company ditches 'employee director' post
It added: 'As the UK bus and rail industries enter a period of significant change and we restructure the group accordingly, the board has reviewed the framework for engaging with colleagues and providing employee feedback to the board. Read more 'Going forward, in place of an employee director, the group will have a designated non-executive director. Following the group's AGM, Myrtle Dawes will be the designated non-executive director to ensure that the voice of the workforce is heard in the boardroom.' Lena Wilson, who chairs FirstGroup, said: 'I would like to express my thanks on behalf of the group and the workforce to Ant for his contribution to the board over the last five years and the insights he has provided. I look forward to working with Myrtle in her new role to ensure the board continues to be well briefed on the views of colleagues when taking decisions.' FirstGroup earlier this week highlighted the success of its Lumo trains between Edinburgh and London as it plans a major expansion of services linking Scottish cities with England. The company reported underlying pre-tax profits of £222.8 million in the 52 weeks to March 29, up from £204.3m in the prior financial year. Profits at First Bus rose by £12.4m to £96m. First Rail's profits increased by £5.5m to £148.8m. Chief executive officer Graham Sutherland said: 'I am pleased to report another positive set of results for our 2025 financial year. We have further strengthened our businesses and continued to deliver against our strategy, including growing and diversifying our earnings in both First Bus and First Rail. "This leaves us well placed to at least maintain our adjusted earnings per share in FY 2026, from a stronger base, as we continue to successfully navigate a period of transition in bus and rail in the UK."
The Independent
10-06-2025
- Business
- The Independent
Boss of company that owns strike-hit Hull Trains to step down
The managing director of the company that owns strike-hit Hull Trains is to step down, it was revealed tonight. Martijn Gilbert will step away from his position with immediate effect. Members of Aslef have staged a series of strikes for months over the sacking of a colleague for a safety issue. Steve Montgomery, First Rail managing director, said: 'After nearly three years as the managing director of our open access rail businesses, Tram Operations Limited and London Cableway, Martijn Gilbert has decided to pursue another leadership opportunity and will step away from his position with immediate effect. 'Martijn has led the team successfully in this period, achieving significant results and we wish Martijn well for the future. 'Stuart Jones, commercial director open access, will take on the remit of managing director of our open access businesses. 'Stuart has been instrumental in driving our open access strategy forward and will now focus on achieving that growth whilst driving performance excellence. 'Fran Barrett, business assurance director First Rail, will additionally take on the leadership of Tram Operations Limited and London Cableway on an interim basis.' Aslef has been critical of Mr Gilbert's role in the dispute. The union says the driver was unfairly sacked for raising a safety issue, which the company denies.
Daily Mail
10-06-2025
- Business
- Daily Mail
FirstGroup profits rise after 'price changes' offset rising costs
FirstGroup profits beat forecasts last year as the travel operator offset 'industry wide inflation pressures' with price hikes and cost cutting efforts. The operator of London's red buses and Avanti West Coast posted an adjusted operating profit of just under £223million for the 12 Months to the end of March, beating analyst forecast of around £220million. A bumper performance from both First Rail and First Bus operations came despite cost inflation of 3.5 per cent, largely driven by 5 per cent average diver pay hikes. FirstGroup said this was 'offset by pricing changes' of around £41million and 'network and operational efficiencies' that resulted in roughly £10million of savings. It added: 'In line with our focus on staggered, multi-year pay award settlements, c.16 per cent of our driver pay awards for FY 2026 were previously agreed, at an average increase of c.3 per cent, and we have commenced negotiations for pay awards due in FY 2026.' The firm extended its share buyback program by £50million, following £92million in payouts in the latest financial year, and upped its dividend from 5.5p to 6.5p. Firstgroup shares rose 6.3 per cent or 12.20p to 206.00p on Tuesday, having risen over 21 per cent in the last year. The firm's First Rail business, which also hosts Hull Trains and GWR on its stable of brands, posted a better than expected adjusted operating profit of £148.8million. South Western Rail, previously owned by FirstGroup as a joint venture with MTR, became the first operator to return to public ownership in late May as part of the Government's renationalisation drive. SWR contributed revenue of around £1.18billion and adjusted operating profit of £25.2million to FirstGroup last year. The division's two open access operations, Hull Trains and Lumo, delivered revenue of £106.4million, up from £99.8million the previous year. FirstGroup said: 'This was driven by strong demand, effective yield management, additional ten car services on Hull Trains and continued high levels of customer satisfaction, partially offset by slightly higher costs.; Across all its operations, the company's adjusted revenue rose 7 per cent year-on-year, to £1.37billion with its bus arm proving the main driver of growth. Chief executive Graham Sutherland said: 'We have further strengthened our businesses and continued to deliver against our strategy, including growing and diversifying our earnings in both First Bus and First Rail. 'This leaves us well placed to at least maintain our adjusted earnings per share in FY 2026, from a stronger base, as we continue to successfully navigate a period of transition in bus and rail in the UK.' Earlier this month FirstGroup said said it had secured a deal with rolling stock company Eversholt Rail in relation to its planned new route between London Euston and the city of Stirling in Scotland. Launching in mid-2026, the services will also call at Milton Keynes Central, Nuneaton, Crewe, Preston, Carlisle, Lockerbie, Motherwell, Whifflet, Greenfaulds and Larbert. There will be four return services a day, but three on Sundays, on the full route, with an additional daily return service between Euston and Preston. This will provide more competition for several operators such as LNER and Avanti West Coast. FirstGroup holds track access rights from regulator the Office of Rail and Road for the route on the West Coast Main Line until 2030. Panmure Liberum analysts rated Firstgroup a 'Buy', with a target price of 250p.
