FirstGroup maintains expectations as it pursues rationalisation plan
FirstGroup said its overall trading performance in the first quarter was in line on Thursday, adding that there was no change to its expectations for the current financial year.
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The FTSE 250 passenger transport company, which was holding its annual general meeting later in the day, said it was focused on delivering the strategy it announced on 30 May “at pace”.
It explained that, by executing the announced portfolio rationalisation plans, its future emphasis would be on its core contracting businesses in North America, where it saw “significant potential” to generate long-term, sustainable value.
“In parallel with these plans, we continue to drive forward the clear strategies set for each of our divisions,” the board said in its statement.
“By doing so, the group will achieve further progress and growth for shareholders, while delivering on our promises to our customers, passengers and other stakeholders.”
As it had previously announced, Wolfhart Hauser was stepping down from the board and as Chairman at the end of the meeting on Thursday, with senior independent director David Robbie becoming interim chairman of the board at that time.
“A formal and rigorous process to select a new chairman in accordance with UK Corporate Governance Code principles is well underway, overseen by David Robbie,” the board said in its statement.
“The board is clear that the priority is to complete this process without delay, while selecting a candidate with the necessary skills and experience to serve effectively in the interests of all shareholders.
“The group has consulted with major shareholders to hear their views and suggestions, and looks forward to updating the market of a satisfactory outcome at the earliest opportunity.”
FirstGroup said it was scheduled to announce interim results for the six months to the end of September on 14 November.