FirstGroup profit ahead of forecasts

13th May 2009 07:57

Greyhound bus operator FirstGroup reported full year profit ahead of forecasts and said it is well placed to withstand economic headwinds.Adjusted profit before tax rose to £326.4m for the year ended 31 March 2009 from £249m the year before. Analysts had pencilled in a profit of £320m. Revenue grew to £6.1bn from £4.7bn.Commenting on the results, chief executive Sir Moir Lockhead said, "The group has delivered a robust performance during the year despite a turbulent macro-economic backdrop." "Not only are we well placed to withstand the economic headwinds, but to continue to deliver a strong operating and trading performance. While it is still early in the new financial year, overall the group has continued to trade well and broadly in line with our expectations," he added.North American operations saw overall improved profitability. Around 80% of earnings are contracted and the US order book currently stands at $11.5bn.UK bus and train passenger revenue increased.A final dividend of 12.70p has been recommended, up from 11.55p in 2008.