FirstGroup is to continue making inflationary increases to bus fares despite the sharp fall in the price of oil.
In a trading update for the third quarter of 2014/15, FirstGroup said the fare rises had contributed to the 2.7% like-for-like revenue growth in the period.
Nick Chevis, First’s director of finance, said the sharp fall in fuel prices was of limited benefit to the UK bus division in the short-term because about 90% of its fuel in 2015/16 is hedged at a much higher price....
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