FirstGroup plc held its Annual General Meeting, reporting that its trading performance for the financial year-to-date has been in line with expectations. The company successfully took over the operation of the IFS Cloud London Cable Car, with anticipated revenues of approximately £60m over an eight-year period. The Group also provided a corporate update, including the progress of its share buyback program and the buyout of the remaining liabilities of the legacy Greyhound US pension plan. Additionally, the Group was upgraded to the highest possible AAA rating for ESG by MSCI. The company is scheduled to announce its interim results for the six months to the end of September 2024 on November 14, 2024.
The Chief Executive Officer, Graham Sutherland, commented on the successful year, stating, "FY 2024 was another successful year for FirstGroup as we continue to transform and grow our leading bus and rail businesses." The company emphasized its focus on working in partnership with government and stakeholders to deliver for customers and employees, lead in environmental and social sustainability, and support the delivery of wider economic goals.
The Group's strong balance sheet and cash generative businesses provide considerable optionality to invest in decarbonization, grow and diversify its portfolio, and potentially provide further capital returns to shareholders. The Group also highlighted its upgrade to the highest possible AAA rating for ESG by MSCI, primarily driven by improvements in greenhouse gas mitigation efforts.
The company is set to announce its interim results for the six months to the end of September 2024 on November 14, 2024. The Group's commitment to transforming and growing its leading bus and rail businesses, as well as its focus on environmental and social sustainability, were key highlights of the AGM statement.