FIRSTGROUP PLC
ANNUAL
FINANCIAL REPORT
In compliance with Listing Rule 9.6.1R, FirstGroup plc (the
“Company”) has today submitted a copy of the documents listed below
to the UK Listing Authority and they will shortly be available for
inspection via the National Storage Mechanism at
http://www.morningstar.co.uk/uk/NSM. These documents will shortly
be despatched or otherwise made available to shareholders.
-
2019 Annual Report and Financial Statements (the “2019 Annual
Report”)
-
Notice of the 2019 Annual General Meeting of the Company which
will be held at De Vere Grand Connaught Rooms, 61-65 Great Queen
Street, Holborn, London, WC2B 5DA
at 2:30 pm on 25 July 2019 (the “2019 AGM Notice”); and
-
Form of Proxy and Notice of Availability for the 2019 AGM.
As required under the Disclosure Guidance and Transparency Rules
(“DTR”) 6.3.5R(3), the 2019 Annual Report and the 2019 AGM Notice
will also be available on the Company’s website
www.firstgroupplc.com shortly.
A condensed set of the FirstGroup plc financial statements,
including information on important events that have occurred during
the year and their impact on the financial statements, were
included in the Company’s announcement of its full year results
made on 30 May 2019. To view the
final results announcement, visit the Company website at
www.firstgroupplc.com. That information, together with the
information set out below, which is extracted from the 2019 Annual
Report, constitute the material required under DTR 6.3.5R to be
communicated to the media in unedited full text through a
Regulatory Information Service.
This announcement is not a substitute for reading the 2019
Annual Report. Cross-references and page numbers in the extracted
information below refer to sections in the 2019 Annual Report.
PRINCIPAL RISKS AND UNCERTAINTIES
Our risk
management approach
We take a holistic approach to risk management, first building a
picture of the principal risks at divisional level, then
consolidating those principal risks alongside Group risks into a
Group view.
Our risk
management structure
Whilst some risks such as treasury risk are managed at a Group
level, all of our businesses are responsible for identifying,
assessing and managing the risks they face with appropriate
assistance, review and challenge from the Group functions.
We seek to continue to improve the quality of risk management
information generated by our businesses. The Group has a risk
appetite framework which informs the business on the Board’s
appetite for certain risks.
Our current risk management structure is shown below:
Responsibility |
Process |
The Board has overall
responsibility for the Group’s systems of internal control and
their effectiveness.
The Audit Committee has a specific responsibility to review and
validate the systems of risk management and internal control. |
The Board reviews and
confirms Group and divisional risks and the Audit Committee reviews
the Group’s risk management process. |
The Executive Committee
acts as Executive Risk Committee and reviews the Group’s risk
management processes. Internal Audit provides assurance on the key
risk mitigating controls and ensures that the audit plan is
appropriately risk-based. |
The Executive Committee
and other Group management review and challenge Group and
divisional risk submissions. |
The divisions and Group
functions management have responsibility for the identification and
management of risks, developing appropriate mitigating actions and
the maintenance of risk registers. |
Divisional and Group
risk champions maintain and update risk registers for their
function or division. Risks and mitigating actions are monitored
through normal business management processes. |
Principal risks
and uncertainties
Our risk management methodology is aimed at identifying the
principal risks that could:
-
adversely impact the safety or security of the Group’s
employees, customers and assets;
-
have a material impact on the financial or operational
performance of the Group;
-
impede achievement of the Group’s strategic objectives and
financial targets; and/or
-
adversely impact the Group’s reputation or stakeholder
expectations.
The Group’s principal risks are set out in the table below.
These risks have been assessed taking into account their potential
impact (both financial and reputational), the likelihood of
occurrence, and any change to this compared to the prior year and
the residual risk after the implementation of controls. Further
information on our risk management processes is contained in the
corporate governance report on pages 65 to 66 of the full Annual
Report.
Areas of focus
during the year
During the year work has continued in the development of a
revised risk management system, designed to capture risks and
opportunities to the Group.
New and emerging
risks
New vehicle technologies are evolving rapidly in response to
market innovation, increasing environmental regulation and consumer
demand. Although these do present significant opportunities for our
businesses, there is risk associated with the change required to
our business models.
Strategic
priorities
1 – Focused and disciplined bidding
2 – Driving growth through attractive commercial
propositions
3 – Continuous improvement in operating and financial
performance
4 – Prudent investment in our key assets
5 – Responsible partnerships with our customers and
communities
Risk and potential
impact |
Mitigation |
Comment and
movement
during the year |
External
Risks |
|
|
Economic conditions
including Brexit
Changing economic conditions affect our different businesses in
different ways.
A less positive economic outlook, or a disruptive exit from the EU
could have a negative impact on our businesses in terms of reduced
demand and reduced opportunities for growth or to retain or secure
new business. Our First Rail businesses are particularly sensitive
to movements in key economic indicators. The same factors could
also affect our key suppliers.
A strong economic climate, particularly when combined with lower
fuel prices, may result in reduced demand for public transportation
in our Greyhound and First Bus businesses as alternative modes of
transport become relatively more affordable.
Economic conditions may also result in a tightening of labour
markets resulting in employee shortages, rising pay, or affect the
availability of public funding for transport services. |
1
2 3 4
To an extent, our First Bus and Greyhound operating companies are
able to modify services to react to market changes.
The geographic spread of our operations reduces the risk at a Group
level.
All of our businesses focus on controlling costs to ensure they
remain competitive.
The Group does not have any standalone operations entirely in the
EU.
Focus must be maintained to scan the economic environment and take
proactive action so as to not adversely impact FirstGroup's
execution of its strategy. |
?
The UK departure from the European Union may adversely impact the
UK’s economic position which in turn may have an adverse impact on
the Group’s UK and Irish operations. Action plans have been put in
place to manage disruption caused by a disorderly exit from the
EU. |
Political and
regulatory
The political landscape within which the Group operates is
constantly changing. Changes to government policy, funding regimes,
infrastructure initiatives, or the legal and regulatory framework
may result in structural market changes or impact the Group’s
operations in terms of reduced profitability, increased costs
and/or a reduction in operational flexibility or efficiency.
Following the 2016 Paris Agreement, a number of countries in which
we operate have now engaged in defining either city, state or
national decarbonisation plans. These plans set ambitious targets
for the reduction of transport-related GHG emissions and transition
to low carbon economies. |
1
2 3 4 5
The Group has dedicated legal teams in the UK and North America who
advise on emerging issues.
The Group actively engages with the relevant government and
transport bodies and policy makers to help ensure that we are
properly positioned to respond to any proposed changes.
Our continued focus on service quality and delivery helps to
mitigate calls for structural market change.
We have a programme to measure and reduce our carbon emissions and
are developing Group-wide carbon reduction targets with plans
across our divisions to mitigate the regulatory risk and benefit
from our operating markets transitioning to a low carbon
economy. |
?
The political landscape in the US and the UK continues to present
both risks and opportunities. |
Strategic
Risks |
|
|
Contracted
businesses including rail franchising
Approximately half of the Group’s business is contracted, which is
dependent on the ability to renew and secure new contract wins on
profitable terms. Failure to do so would result in reduced revenue
and profitability and incorrect modelling or bid assumptions could
lead to greater than anticipated costs or losses.
Failure to comply with contract terms could result in termination,
litigation and financial penalties and failure to win new contracts
or non-renewal of existing contracts. This could also have a
negative impact on delivering FirstGroup's strategy going
forward.
Competition for new rail franchises is intense. We bid against rail
operators from both the UK and other countries. Failure to win
franchises in the future will result in a lower First Rail
division
contribution and profitability.
The GWR, TPE and SWR franchises cover a period during which there
will be significant change including major infrastructure work,
electrification and resignalling as well as the introduction of new
trains, which require careful planning and management. Failure to
manage these risks adequately in accordance with our plans could
result in financial and reputational impacts to the Group. |
1
2 3 4 5
The relevant divisions have experienced and dedicated bid teams who
undertake careful economic modelling of contract bids and, where
possible, seek to negotiate risk sharing arrangements with the
relevant customer or contracting authority.
The Group also has a comprehensive review process for rail bids as
they are developed and finalised involving a number of divisional
and Group functions as well as final Board sign off.
Compliance with our rail franchise agreements is closely managed
and monitored on a monthly basis by senior management and
procedures are in place to minimise the risk of
non?compliance. |
?
We continually review our contracts to take account of changing
circumstances such as economic environment or infrastructure
changes. Our rail franchise contracts are examples of this.
Future commitments to UK rail will only be entered into if they
have an appropriate balance of potential risks and rewards for
shareholders. |
Competition and
emerging technologies
All of the Group’s businesses (both contract and non?contract)
compete in the areas of pricing and service and face competition
from a number of sources.
Our main competitors include the private car and existing and new
public and private transport operators across all our markets.
Airline competition impacts demand for bus travel, especially in
Greyhound’s long haul business. Emerging services such as Uber,
ride sharing apps and price comparison websites make access to
alternative transport solutions easier. However, emerging
technologies such as autonomous vehicles and on demand schemes also
provide opportunities to grow and develop our market segments.
As the uptake of electric vehicle technology rapidly increases, so
the per passenger carbon footprint of all modes of transport can be
reduced, providing competition for our services on environmental
grounds and opportunities for us to reduce our emissions
further.
Increased competition could result in lost business, reduced
revenue and reduced profitability, negatively impacting the
effective execution of FirstGroup's strategy in line with its
expectations. |
1
2 3 4
The Group continues to focus on service quality and delivery as
priorities in making our services attractive to passengers and
other customers, across our portfolio of businesses.
We have a dedicated cross- divisional Consumer Experience Team
focused on improving our service to customers and improving access
to our services. In our contract businesses, a competitive bidding
strategy and a strong bidding team are key.
Wherever possible, the Group works with local and national bodies
to promote measures aimed at increasing demand for public transport
and the other services that we offer.
We work with industry bodies advocating for the development of
clean vehicle technologies and partners at a local level to develop
integrated mobility solutions for our customers and transition our
vehicles to modern low emission fleets. |
?
In North America, Greyhound has implemented new pricing technology
tools to allow for a more rapid response to an increasingly
competitive marketplace driven by low cost airline competition.
We currently have a number of autonomous vehicle pilot projects in
the US and are working on one in the UK. We are also running pilots
for on demand technology both in the US and UK. |
Operational
Risks |
|
|
Information
technology (IT)
The Group relies on IT in all aspects of our business. Any
significant disruption or failure, caused by external factors,
denial of service, computer viruses or human error could result in
a service interruption, accident or misappropriation of
confidential information. Process failure, security breach or other
operational difficulties may also lead to revenue loss or increased
costs, fines, penalties or additional insurance requirements.
Prolonged failure of our sales websites could also adversely affect
revenues.
Continued successful delivery and implementation of the Greyhound
IT transformation plan is required to improve yield management and
drive future growth.
Failure to properly manage the implementation of new IT systems may
result in increased costs and/or lost revenue. |
1
2 3 4
The Group has continued to focus on removal of legacy assets with a
focus on modern cloud-based assets which are naturally more
resilient to failure. In addition the Group is fully focused on
continuing to improve cyber security defences with additional
resources being focused on the area and the appointment of a chief
information security officer (CISO) to ensure clear focus. |
??
We continue to improve key asset resilience, business and IT
continuity as the importance of digital sales channels continues to
grow. |
Data security
including cyber security and GDPR
All business sectors are targeted by increasingly sophisticated
cyber security attacks. Across our divisions we are seeing
increased use of mobile and internet sales channels which gather
large amounts of data and therefore the risk of unauthorised access
to, or loss of, data in respect of employees or our customers is
growing.
A failure to comply with the General Data Protection Regulation
(GDPR), which came into force in May 2018, could result in
significant penalties and could have adverse impact on consumer
confidence in the Group. |
1
2 3 4 5
We have a number of threat detection tools and processes across all
our businesses which remain under constant review against emerging
threats. |
??
In the year we have appointed a CISO to provide further focus in
the area of cyber security and compliance with GDPR, the Health
Insurance Portability and Accountability Act, and Network and
Information Systems directives.
We have also invested in data and cyber security training and
awareness programmes for employees and this is now part of a
continuous campaign. |
Treasury and credit
rating
As set out in further detail in note 24 to the financial statements
on pages 139 to 144, treasury risks include liquidity risks, risks
arising from changes to foreign exchange and interest rates and
fuel price risk.
Foreign currency and interest rate movements may impact the
profits, balance sheet and cash flows of the Group.
Ineffective hedging arrangements may not fully mitigate losses or
may increase them.
The Group is credit rated by Standard & Poor’s and Fitch. A
downgrade in the Group’s credit ratings to below investment grade
may lead to increased financing costs and other consequences and
affect the Group’s ability to invest in its operations. |
1 3
4
The Group’s Treasury Committee manages treasury policy, and
delegated authorities are reviewed periodically to ensure
compliance with best practice and to control and monitor these
risks appropriately.
The Group is continuously focused on improving operating and
financial performance as part of our strategic objectives as
outlined on page 13. |
?
Leverage (Net Debt: EBITDA) remains within our target range.
We refinanced our £800m Revolving Credit Facility in November 2018
and that is now committed until 2023, providing significant
liquidity headroom for the Group. |
Pension scheme
funding
The Group sponsors or participates in a number of significant
defined benefit pension schemes, primarily in the UK.
Future cash contribution requirements may increase or decrease
based on pension scheme investment performance, rates of interest
and inflation and estimated life expectancy as well as changes in
the underlying membership of the schemes. Other factors, such as
changes to the relevant regulatory environments, can affect the
pace of cash funding requirements. |
1 3
4
Diversification of investments, hedging of liabilities, amendment
of the defined benefit promises and the introduction of defined
contribution benefits for new starters in First Bus, FirstGroup
corporate functions and our Canadian businesses have reduced these
risks.
The Group also seeks to remove liabilities from the balance sheet
where it can be achieved cost effectively.
Under the First Rail franchise arrangements, the Group’s train
operating companies are not responsible for any residual deficit at
the end of a franchise so there is only short term cash flow risk
within any particular franchise. |
?
The Group has closed most of its defined benefit schemes in its
road divisions to future accrual. This will lead to the natural
reduction of the size and volatility of the pension funding risk
over time.
Through our membership of the Rail Delivery Group we are engaged in
an industry wide project to consider the long term funding model
for The Railways Pension Scheme.
The Group is also consolidating its Local Government Bus
obligations across England and Scotland separately, which will
achieve economies of scale in terms of investment and de-risking
opportunities as well as ongoing running costs, with significant
risk reduction already taking place. |
Compliance,
litigation, claims, health and safety
The Group’s operations are subject to a wide range of legislation
and regulation. Failure to comply can lead to litigation, claims,
damages, fines and penalties.
The Group has three main insurable risks: third party injury and
other claims arising from vehicle and general operations, employee
injuries and property damage.
The Group is also subject to other litigation, which is not
insured, particularly in North America, including contractual
claims and those relating to employee wage and hour, and meal and
break matters.
A higher volume of litigation and claims can lead to increased
costs, reduced availability of insurance cover, and/or reputational
impact.
Increased frequency of accidents, clusters of higher severity
losses, a large single claim, or a large number of smaller claims
may negatively affect profitability and cash flow. |
1
2 3 5
Compliance with Group and divisional policies and procedures.
The Group has a very strong focus on safety and it is one of our
five values. The Group self-insures third party and employee injury
claims up to a certain level commensurate with the historical risk
profile. We purchase insurance above these limits from reputable
global insurance firms. Claims are managed by experienced claims
handlers.
Non-insured claims are managed by the Group’s dedicated in-house
legal teams with external assistance as appropriate. |
?
The legal climate in North America, particularly in the US,
continues to deliver judgements which are disproportionately in
favour of plaintiffs, and at times unpredictable. The costs of
dealing with this challenging legal environment are factored into
our budgets. Due to the scale and scope of our operations, risk
mitigation in this area continues to be an area of key focus for
the Group. |
Labour costs,
employee relations, recruitment and retention
Employee costs represent the largest component of the Group’s
operating costs, and new regulation or pressure to increase wages
could increase these costs. Competition for employees, particularly
in an improved economic climate, can lead to shortages which
increase costs and affect service delivery.
High employee turnover could lead to higher than expected increases
in the cost of recruitment, training and labour costs and
operational disruption.
Similarly, industrial action could adversely impact customer
service and have a financial impact on the Group’s operations. |
1
2 3 4 5
The Group seeks to mitigate these risks via its recruitment and
retention policies, training schemes and working practices.
Our working practices include building communication and engagement
with trade unions and the wider workforce. Examples of this
engagement include regular employee communication, satisfaction
surveys, and the presence of Employee Directors (who are voted for
by the employees) on many of the Group’s UK operating company
boards and the FirstGroup plc Board.
Where increased wages and incentives are necessary to attract and
retain employees, those extra costs are factored into our bid
models, where possible, to ensure appropriate returns are
achieved. |
??
Strong economic conditions and low unemployment, continue to impact
retention and recruitment. Competition for commercially-licensed
drivers is increasing as more organisations offer delivery
services.
During the year, recruitment strategies have been refreshed across
all five divisions, providing intensive recruitment support through
initiatives such as expanded digital recruitment channels,
retention and referral rewards and fast tracked on-boarding. |
Disruption to
infrastructure/operations
Our operations, and the infrastructure on which they depend, can be
affected by a number of different external factors, many of which
are not within our control. These factors include terrorism,
adverse weather events and climate change or potentially
pandemics.
Greater and more frequent adverse weather caused by climate change
increases the risk of service disruption and reduced customer
demand with consequent financial impact, potential increased costs
and accident rates. As a leading transport provider, we must
prioritise these risks of addressing climate change, both through
managing its physical and transitional impacts and reducing
emissions in support of international agreement to limit planetary
warming to 1.5 degrees.
As national governments align policies and plans with targets for
low-carbon and cleaner forms of energy, climate change also
presents a business opportunity related to the falling cost of
alternative energy sources and the development of new mobility
technologies.
The threat from terrorism is enduring and continues to exist in all
of our markets. Public transport continues to be regarded as an
attractive and viable target and has previously been subject to
attack. Across our businesses, we take all reasonable steps to help
guard against such activity on the services we operate. An attack,
or threat of attack, could lead to reduced public confidence in
public transportation, and/or specifically in the Group’s security
and safety record and could reduce demand for our services,
increase costs or security requirements and cause operational
disruption. |
1
2 3 5
We continue to develop and apply good practice, and provide
guidance to our employees to help them identify and respond
effectively to any potential threat or incident.
We maintain close working relationships with specialist government
agencies, in relation to terror threats, in both the UK and North
America.
We employ dedicated security specialists in the UK and North
America.
The geographic spread of the Group’s businesses offers some
protection against specific incidents. In addition, some of our
contract-based businesses have force majeure clauses in place.
We have severe weather action plans and procedures to manage the
impact on our operations.
The Group continues to target reductions in our emissions,
including through behaviour change initiatives, research and
development and investment in new technology. We work closely with
those responsible for planning and maintaining our network
infrastructures and our asset plans for both our fleet and
buildings consider potential climate change impacts. |
??
Severe weather has led to service disruption in both our North
American and UK operations but our businesses have well developed
plans to limit as far as possible the disruption.
In relation to terrorism, some developments including the weakened
position of Islamic State in Syria have created the false
perception that the threat may be reducing. This is not the case
and the threat remains significant and consistent in relation to
western societies. |
The risks listed are not all of those highlighted by our risk
management processes and are not set out in any order of priority.
Additional risks and uncertainties not presently known to us, or
currently deemed to be less material, may also impact our business.
Indication of a movement in a risk may not indicate a change in the
overall net risk position after taking into account risk
mitigations.
DIRECTORS’ RESPONSIBILITY
STATEMENT
Statement of
Directors’ responsibilities in respect of the Annual Report and the
financial statements
The Directors are responsible for preparing the Annual Report
and the Group and parent company financial statements in accordance
with applicable law and regulations. Company law requires the
Directors to prepare financial statements for each financial year.
Under that law, the Directors are required to prepare the Group
financial statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union and
Article 4 of the IAS Regulation and have chosen to prepare the
parent company financial statements in accordance with applicable
UK Accounting Standards, including Financial Reporting Standard 101
‘Reduced Disclosure Framework’ (FRS 101) and applicable law.
Under company law, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and of the profit or
loss of the Company for that period. In preparing the parent
company financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them
consistently
-
make judgements and accounting estimates that are reasonable and
prudent
-
state whether applicable UK Accounting Standards, including FRS
101, have been followed, subject to any material departures
disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business
In preparing the Group financial statements, International
Accounting Standard 1 requires that Directors:
-
properly select and apply accounting policies
-
present information including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable
information
-
provide additional disclosures when compliance with the specific
requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity’s financial position and financial
performance
-
make an assessment of the Company’s ability to continue as a
going concern
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy, at any time,
the financial position of the Company and enable them to ensure
that the financial statements comply with the 2006 Act. They are
also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities, and have adopted a control
framework across the Group.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Responsibility
statement
Each Director confirms to the best of their knowledge that:
-
the financial statements, prepared in accordance with the
relevant financial reporting framework, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole
-
the Strategic report and Governance section include a fair
review of the development and performance of the business and the
position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face
-
the Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary
for shareholders to assess the Company’s and the Group’s position
and performance, business model and strategy
The Strategic report comprising pages 3 to 50, and the
Governance section comprising pages 51 to 102, and including the
sections of the Annual Report and Accounts referred to in these
pages, have been approved by the Board and signed on its behalf
by:
Matthew
Gregory
Chief Executive
RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note.
Remuneration of
key management personnel
The remuneration of the Directors, which comprise the plc Board
who are the key management personnel of the Group, is set out below
in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures. Further information about the remuneration of
individual Directors is provided in the Directors’ remuneration
report on pages 76 to 97.
|
Year to 31 March
2019
£m |
Year to 31 March
2018
£m |
Basic salaries1 |
0.8 |
1.6 |
Performance-related bonuses |
0.1 |
0.1 |
Benefits in kind |
0.0 |
0.1 |
Fees |
0.9 |
0.7 |
Share-based payment |
0.2 |
1.1 |
|
2.0 |
3.6 |
1 Basic
salaries include cash emoluments in lieu of retirement benefits and
car and tax allowances
Contacts at
FirstGroup:
Faisal
Tabbah, Head of Investor Relations
Stuart Butchers, Group Head of
Communications
Silvana
Glibota-Vigo, Deputy Company Secretary
Tel: +44 (0) 20 7725 3354
Contacts at
Brunswick PR:
Andrew
Porter / Alison Lea, Tel: +44
(0) 20 7404 5959
Classification as per DTR 6 Annex 1R:
1.1. Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93.
About
FirstGroup
FirstGroup plc (LSE: FGP.L) is a leading provider of
transport services in the UK and North
America. With £7.1 billion in revenue and around
100,000 employees, we transported 2.2 billion passengers last year.
Whether for business, education, health, social or recreation – we
get our customers where they want to be, when they want to be
there. We create solutions that reduce complexity, making travel
smoother and life easier.
We provide easy
and convenient mobility, improving quality of life by connecting
people and communities.
Each of our five divisions is a
leader in its field: In North America, First Student is the largest
provider of home-to-school student transportation with a fleet of
42,500 yellow school buses, First Transit is one of the largest
providers of outsourced transit management and contracting
services, while Greyhound is the only nationwide operator of
scheduled intercity coaches. In the UK, First Bus is one of
Britain's largest bus companies
with 1.6 million passengers a day, and First Rail is one of the
country's largest and most experienced rail operators, carrying 345
million passengers last year.
Visit our website at
www.firstgroupplc.com and follow us @firstgroupplc on Twitter.