FirstGroup trades in line despite temporary disruption from travel restrictions

25th Feb 2022 07:26

(Sharecast News) - Public transport provider FirstGroup said on Friday that current trading was in line with internal expectations, despite recent Omicron-related travel restrictions temporarily reducing demand levels.

FirstGroup said bus volumes had improved to more than 70% of pre-pandemic levels overall, and to around 75% in our operations in England, since the easing of the omicron-related government restrictions, while rail management fee-based operations were delivering performance metrics in line with management's expectations, with its open access operations slightly ahead of guidance.

The FTSE 250-listed group's "proactive management" of Greyhound legacy assets and liabilities was also said to be ahead of plan, with the vast majority of insurance de-risking now completed and further property disposals achieved.

Chairman David Martin said: "We now have a focused and simplified group and continue to enhance our financial strength and resilience by proactively managing the legacy assets and liabilities associated with last year's portfolio rationalisation.

"Public transport has a key role to play in the UK's economic, decarbonisation and levelling up agendas and I remain confident that FirstGroup is very well placed to capture our many opportunities to create long term, sustainable value."