BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - FirstGroup plc (FGROY.PK, FGROF.PK, FGP.L), a provider of transport services in the UK and North America, reported that the Group's trading performance was ahead of its expectations for the fiscal year ended 31 March 2019. Underlying adjusted operating profit growth was 10.5%, reflecting growth and adjusted margin improvement in First Student and First Bus, and a higher First Rail contribution, partially offset by lower Greyhound and First Transit performances. Underlying Group revenue was up 5.7%, for the period.
For the fiscal year, statutory loss before tax was 97.9 million pounds compared to a loss of 326.9 million pounds, prior year, while loss per share was 5.5 pence compared to a loss of 24.6 pence. Adjusted profit before tax increased to 226.3 million pounds from 197.0 million pounds. Adjusted earnings per share was 14.3 pence compared to 12.1 pence.
Fiscal year revenue was 7.13 billion pounds compared to 6.40 billion pounds, previous year. Including the South Western Railway franchise that started in August 2017 and the 53rd week in the prior year, reported Group revenue growth was 11%, for the fiscal year period.
In 2019/20, the Group expects to deliver revenue growth and financial progress in the Road divisions, offset by Rail's particularly strong adjusted profit contribution in 2018/19 moderating to more normal levels in the year ahead. Overall, the Group expects adjusted earnings to be broadly in line with its expectations.
The Board is not proposing to pay a dividend in respect of the year to 31 March 2019.
Separately, FirstGroup announced plans to rationalise its portfolio with the Group's future emphasis on First Student and First Transit. The Group said it has started a process to sell Greyhound.
Copyright RTT News/dpa-AFX
© 2019 AFX News
