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FirstGroup generates more cash than expected at start of year
28th May 2020 07:31
(Sharecast News) - Public transport operator FirstGroup said it had generated more cash than expected in the first month of the new financial year as coronavirus lockdown measures started to ease.
The bus and rail company on Thursday said it had £770m in undrawn committed headroom and free cash.
FirstGroup also welcomed the UK government's extra £254m for buses and £29m for trams and light rail to help increase the frequency and capacity of services as lockdown measures were gradually relaxed in England.
"For the first month of the current financial year, cash generated by operations in our road divisions and for the group as a whole was positive and ahead of our projections at the outset of the month," FirstGroup said in a statement.
The bus and rail company on Thursday said it had £770m in undrawn committed headroom and free cash.
FirstGroup also welcomed the UK government's extra £254m for buses and £29m for trams and light rail to help increase the frequency and capacity of services as lockdown measures were gradually relaxed in England.
"For the first month of the current financial year, cash generated by operations in our road divisions and for the group as a whole was positive and ahead of our projections at the outset of the month," FirstGroup said in a statement.