FirstGroup still on track

14th Jan 2010 07:49

Rail and bus operator FirstGroup said it remains on course to achieve earnings targets after seeing trading in line with expectations since its last update on November 4, with money the company receives from the government for operating franchises helping offset reduced passenger numbers.In UK bus operations, like-for-like revenues grew by 0.7% compared with the same period the previous year. FirstGroup said it has taken action to adapt to lower passenger numbers, reducing mileage.UK Rail operations, which includes the First Capital Connect franchise operating out of London and Scotrail, saw like-for-like passenger growth of 1.7%.At the North American contract business, which includes school bus services, dollar revenues climbed by 0.7%.Revenues at the US intercity bus group Greyhound, which has been affected by the weak economy and increased unemployment, 'continue to track expectations.'