FirstGroup PLC is hosting an analyst and investor event at its First Bus depot in Leicester to provide details on the electrification of its bus fleet and infrastructure. The company has accelerated its investment in electrification as it progresses towards its 2035 decarbonization target. In FY 2024, FirstGroup has committed a net investment of £105 million for electric buses and infrastructure, with co-funding of £82 million. By March 2024, the company plans to have over 600 electric buses, accounting for approximately 15% of its fleet, and four fully electric depots in England.
The electrification of the bus fleet and infrastructure is expected to transform FirstGroup's business and create new revenue streams. The company believes this will create value for all stakeholders. However, no material new information will be provided at the event, and a copy of the presentation will be made available on the company's website.
FirstGroup is a leading private sector provider of public transport services, with £4.8 billion in revenue and around 30,000 employees. The company operates in two main divisions: First Bus, the second largest regional bus operator in the UK, and First Rail, the UK's largest rail operator. FirstGroup is committed to operating a zero-emission First Bus fleet by 2035 and supporting the UK government's goal of removing all diesel-only trains from service by 2040.
In February 2023, FirstGroup was recognized as one of the world's cleanest 200 public companies for the fourth consecutive year by sustainable business media group Corporate Knights. The company aims to provide easy and convenient mobility, improving the quality of life by connecting people and communities.