26 July 2024
FirstGroup
plc
Director
change
David Martin, Chairman, has decided that he intends to
retire from the Board of FirstGroup plc (`FirstGroup' or `the
Group').
A further
announcement on timing will be made in due course.
The
transition and appointment of a new Chairman will be led by
Peter Lynas, the Senior Independent
Director.
David Martin was appointed Chairman of FirstGroup in
August 2019, serving as Executive
Chairman following the departure of Chief Executive Officer
Matthew Gregory in September 2021, until the appointment of the
current Chief Executive Officer Graham
Sutherland in May
2022.
During his
tenure, David has undertaken a refresh of the skills and experience
on the Board and successfully overseen a significant change of
strategy amidst the challenging pandemic period, repositioning the
Group to a leading public transport business with a strong balance
sheet and delivering significant realisation of value for
shareholders:
-
Sale of
the North American First Transit, First Student and Greyhound
businesses
-
A
subsequent £500m tender offer to shareholders and a significant
de-risking of the balance sheet and a reduction in pension
liabilities including a £220m contribution to the First Bus pension
scheme
-
Reinstatement
of dividend payments from the end of FY 2023
-
Returning
£190m to shareholders via two share buyback programmes
In FY
2024, the Group delivered a material increase in profit driven by
continued progress in both First Bus and First Rail, further
underpinning the Group's strong balance sheet and diversification
in earnings.
Graham Sutherland, Chief Executive Officer said, "I thank
David for his contribution to the Group and the strategic progress
that he has overseen.
I also
thank David for his wise counsel in my first two years with the
business and for helping to build a strong platform for the next
stage."
David Martin, said,
"I am
proud of the progress that we have made at FirstGroup over the last
five years under my Chairmanship. I
will enjoy continuing to work with the team until my retirement
from the Board.
I wish the
team the very best for the future."
Contacts
at FirstGroup:
Marianna
Bowes, Head of Investor Relations
Stuart
Butchers, Head of Corporate Communications
corporate.comms@firstgroup.co.uk
Tel: +44
(0) 20 7725 3354
|
Contacts
at Brunswick PR:
Andrew
Porter / Simone Selzer
Tel: +44
(0) 20 7404 5959
|
Contacts
at Panmure Liberum:
Nicholas
How / John Fishley
Tel: +44
(0) 20 3100 2000
|
Contacts
at RBC Europe Limited: James
Agnew / Jack Wood
Tel: +44
(0) 20 7653 4000
|
Forward-looking statements
Certain
statements included or incorporated by reference within this
document may constitute `forward-looking statements' with respect
to the business, strategy and plans of the Group and our current
goals, assumptions and expectations relating to our future
financial condition, performance and results. By their nature,
forward-looking statements involve known and unknown risks,
assumptions, uncertainties and other factors that cause actual
results, performance or achievements of the Group to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. No
statement in this document should be construed as a profit forecast
for any period. Shareholders are cautioned not to place undue
reliance on the forward-looking statements. Except as required by
the UK Listing Rules and applicable law, the Group does not
undertake any obligation to update or change any forward-looking
statements to reflect events occurring after the date of this
document.
Notes
Legal
Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as
per DTR 6 Annex 1R: 3.1.
About FirstGroup
FirstGroup
plc (LSE: FGP.L) is a leading private sector provider of public
transport services. With £4.7 billion in revenue and around 30,000
employees, we transported almost 2m
passengers a day in FY 2024. 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 regional bus operators in
the UK, serving more than 20% of the population in the UK with a
fleet of around c.4,800 buses, and carrying more than a million
passengers a day. First Rail is one of the UK's largest rail
operators, with many years of experience running long-distance,
commuter, regional and sleeper rail services. We operate a fleet of
c.3,700 locomotives and rail carriages through three DfT contracted
train operating companies: WCP (incorporating Avanti West Coast and
West Coast Partnership Development), GWR and SWR) and two open
access routes (Hull Trains and Lumo). We are formally committed to
operating a zero-emission First 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 2024 FirstGroup
was named as one of the world's cleanest 200 public companies for
the fifth consecutive year and
achieved Industry Top-Rated status for the first time with
Sustainalytics. 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 @firstgroupplc
on X.