FirstGroup, a leading train-and-bus operator in the FTSE 250, has announced that it anticipates its adjusted operating profit for fiscal 2024 to surpass expectations. This positive outlook is driven by stronger-than-anticipated demand for leisure travel within its First Rail division during the summer period.
Surpassing Expectations
FirstGroup projects that its adjusted operating profit, which excludes exceptional and other one-off items, will exceed expectations by £14 million to £20 million ($17.2 million to $24.6 million). Furthermore, the company’s preferred metric, adjusted attributable profit, is expected to surpass expectations by £7 million to £10 million.
Bus Division Performance
Despite facing ongoing inflationary pressures, FirstGroup’s First Bus division has benefited from robust passenger volumes and productivity improvements. As a result, it has performed slightly better than anticipated in the first half of the fiscal year.
CEO’s Optimistic Statement
Chief Executive Graham Sutherland expressed optimism about the company’s updated outlook for fiscal 2024. He highlighted the strong performance of the First Rail division, attributing it to the company’s emphasis on delivering sustainable revenue growth and the transformative actions taken to enhance the business.
Stock Market Response
Following this announcement, shares of FirstGroup rose by 5.1% to 154 pence at 0728 GMT.
TechBerry
Happy Galaxy
Forex Cyborg
Forex Fury
FXgoodway