Firstgroup is to make further cost reductions in its UK bus business in response to difficult trading conditions.
First’s full year results for 2016/17 show that UK Bus revenues fell from £870.9m (2015/16) to £861.7m. Operating profit dropped from £52m to £37m and operating margin fell from 6.0% to 4.3%.
FirstGroup said there were “continued demand challenges across the [bus] industry”.
“Market conditions for the industry remain challenged...
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