Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Transport company Firstgroup reported wider losses in the first half of the year, as higher financing costs offset a rise in revenue amid improving passenger numbers.
For the half year to 25 September, pre-tax losses widened to £64.5 million from £33.5 million year-on-year, while revenue climbed to £2.14 billion from £2.05 billion.
The rise in revenue reflected 'improving First Bus passenger revenues broadly offset by lower receipts from government grants and other funding mechanisms, while First Rail revenue was broadly flat compared with the prior period,' the company said.
First Bus was on track to deliver 10% margin in first full year after pandemic-related restrictions end, with about £20 million in annualised cost efficiencies delivered since 2019, the company said.
The company kept its fiscal 2022 expectation unchanged.