PR Newswire
LONDON, United Kingdom, March 26
FIRSTGROUP PLC
Pre Close Trading update
FirstGroup plc (the `Group’) today provides an update on trading since its H1
2026 Results published in November 2025, in respect of the financial year ending
28 March 2026.
First Bus
First Bus is trading in line with our expectations, thanks to the contribution
of First Bus London and growth in our Business and Coach division, alongside the
actions we have taken to mitigate the lower funding and cost inflation
experienced across the UK bus industry during FY 2026.
We have also continued to grow our Business and Coach portfolio, with the
acquisition of J&B Coaches in Leeds and Hills Coaches in Wolverhampton to
further expand our operational footprint and contract portfolio in key markets.
First Rail
Trading in the First Rail division is also in line with our expectations.
In open access, Lumo has successfully launched its extended services between
Edinburgh and Glasgow and the mobilisation of the new service between London
Euston and Stirling is progressing well and on course to be fully operational in
July 2026.
Following the recent award of the London Overground contract, the First Rail
team is making use of its industry leading in-house expertise to deliver the
mobilisation programme ahead of the contract start on 3 May 2026.
Fuel and electricity hedging programme
The Group uses a progressive two year forward hedging programme to manage
commodity risk. In February 2026, having considered the potential geopolitical
risk escalation, the Group entered into additional fuel hedges to bring the
total hedged position for FY 2027 up to c.88% of our requirements and c.53% for
FY28. Approximately 77% of the Group’s FY 2027 forecast floating rate
electricity consumption is hedged and c.46% for FY28.
Financial Guidance
The Group continues to anticipate modest growth in adjusted earnings per share
in FY 2026. Following the acquisitions referenced above and net of some minor
bus portfolio and network optimisation, the Group now expects to end FY 2026
with an adjusted net debt position of £135-145m.
Commenting, Graham Sutherland, FirstGroup Chief Executive Officer said:
«The second half of our financial year has been another important period for the
Group, with the award of the London Overground contract, the expansion of our
open access rail services and further value accretive acquisitions in First Bus
to grow our operational and asset footprint in key markets.
«We are on course to deliver on our commitments for FY 2026 and remain focused
on the successful execution of our UK focused growth strategy to maintain our
positive earnings trajectory.»
Notice of FY 2026 Results
The Group will report its results for the year ended 28 March 2026 on 18 June
2026.
Contacts at FirstGroup: Contacts at Brunswick Group:
Marianna Bowes, Head of Investor Simone Selzer / Charlotte Millington
Relations
Tel: +44 (0) 20 7404 5959
Stephen Bethel, Director of
Brand & Communications
Tel: +44 (0) 20 7291 0505
Contacts at Panmure Liberum Contacts at RBC Europe Limited:
Nicholas How / Satbir Kler James Agnew / Elliot Thomas
Tel: +44 (0) 20 3100 2000 Tel: +44 (0) 20 7653 4000
Notes to Editors
Leeds-based J&B Travel Limited is a well-respected operator, with over forty
years’ experience. The business includes a leased depot in Leeds, a fleet of 17
modern coaches and a strong portfolio of work including private school travel,
contract and private hire services and the operation of dedicated vehicles on
the FlixBus network. General Manager, Paul Lynn is leading the operation as part
of the First Bus coach team to ensure a smooth transition for employees and
customers.
Hills Coaches was founded in 1965 and has a strong team with local expertise and
a loyal customer base. The business operates a fleet of 22 modern coaches from
an owned depot in central Wolverhampton and provides a range of services
including private hire, prestigious school hires and long-term contracts. Hills
Coaches Director, Daniel Hill will manage the business under First Bus
ownership.
Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93.
About FirstGroup
FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public
transport services. With around 29,000 employees, we reported revenue of £5.1
billion and transported almost 2m passengers a day in FY 2025. We create
solutions that reduce complexity, making travel smoother and life easier. Our
businesses are at the heart of our communities and the essential services we
provide are critical to delivering wider economic, social and environmental
goals. Each of our divisions is a leader in its field: First Bus is one of the
largest bus operators in the UK, serving more than 25% of the population in the
UK with a fleet of c.6,000 buses and coaches, and carrying more than a million
passengers a day. First Rail is one of the UK’s most experienced rail operators,
with many years of experience running long-distance, commuter, regional and
sleeper rail services. We operate a fleet of c.1,800 locomotives and rail
carriages through two DfT contracted train operating companies: WCP
(incorporating Avanti West Coast and West Coast Partnership Development) and
GWR, and two open access routes (Hull Trains and Lumo). We are formally
committed to operating a zero emission commercial bus fleet by 2035, and First
Rail will help support the UK Government’s goal to remove all diesel-only trains
from service by 2040. During FY 2025 FirstGroup received MSCI’s highest possible
ESG rating of AAA, was named one of the world’s cleanest 200 public companies
for the sixth consecutive year and holds an Industry Top-Rated status with
Sustainalytics and Sustainability Yearbook membership with S&P Global. We
provide easy and convenient mobility, improving quality of life by connecting
people and communities. Visit our website at www.firstgroupplc.com and follow us
on LinkedIn at http://www.linkedin.com/company/first-group.
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