First UK Bus’ operating profit margin fell to 4.3%, from 6%, for the year to 31 March.
This was against a background of a group-wide rise in margin from 4.7 to 5%, improving cashflow, and net debt reducing by 8.5%.
Despite this, First’s shares fell by 6% after it announced its preliminary results for the year to 31 March.
While its North American operations performed well, a dampener on the results is the UK’s uncertain outlook and disappointing performance from First UK Bus and First UK Rail.
UK Bus saw a 0.6% decline in like-for-like passenger revenue due to “passenger demand affected by high street retail footfall trends and worsening congestion.”
Full results and statements here
