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Reflections: Issue Issue 05 22 Oct 2009

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First remains upbeat, but how long will it last?

The impression that First’s latest trading statement is designed to put over is that conditions are difficult, but the group is standing up to them well. That may well be true for the moment, but how long it will remain so is unclear.

On the face of it, the deterioration in the performance of the bus business is frightening. In just three months, revenue growth has fallen from 4% to virtually nothing. As a one off, such a fall is far from unmanageable, even coming on top of previous more...

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