First Group 2014 interim results

DividendMax Ltd.

First Group 2014 interim results
Group overview:

  * Trading for the first half was in line with management's expectations and
    our multi-year transformation programme is on track

  * Encouraging progress with First Student turnaround and good performances in
    First Transit and UK Rail

  * Core Greyhound customers and some local UK Bus markets not yet seeing
    benefit of improving economic trends

  * Reported revenue decreased by 10.9%, in part reflecting structural changes
    in Rail revenues which have no material impact on operating profit, prior
    period revenues from UK Bus operations now sold/closed, and foreign
    exchange. Excluding these items, revenue increased by 3.9%

  * Adjusted operating profit increased by 2.4% and adjusted attributable
    profit more than doubled

  * Statutory operating profit decreased by 11.5%, with prior period
    benefitting from gain on UK Bus disposals

  * Seasonally higher mid-year net debt: EBITDA ratio of 2.5 times (2.2 times
    as at 31 March 2014). Five year, £800m revolving credit facility signed in
    the period

  * On course to achieve our medium term financial targets

Companies mentioned