Ref.: thisisbath.co.uk
http://www.thisisbath.com/displayNode.j ... erPk=89096
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FIRST GROUP ANNOUNCES IMPRESSIVE SIX-MONTH PERFORMANCE
11:00 - 10 November 2005
Transport company First, which runs buses and trains in Bath, yesterday announced an impressive performance over the six months to the end of September. First Group is Bath's main bus operator and also runs the First Great Western train service between London, the south west and Wales.
It also operates the First Great Western Link, a commuter link between London, the Thames Valley and the west.
Yesterday it revealed that in the first half of the financial year its revenues had shot up 13 per cent - despite the overall impact of extra fuel costs topping ú13m.
Overall, First Group notched up more than ú55m of pre-tax profits between April and the end of September, allowing the firm to raise the interim dividend paid to shareholders by ten per cent.
Moir Lockhead, First Group's chief executive, said: "I am pleased to report another set of solid trading results in a challenging trading environment.
"Our UK rail division continues to do well and we are beginning to see a recovery in patronage on our First Great Western and First Great Western Link franchises following the July terrorist attacks in London.
"In UK Bus we have seen a further period of strong revenue growth and improved operating performance.
"Our focus on service quality has already delivered some early positive results with lost mileage and driver turnover at the lowest level for two years.
"We continue to see encouraging patronage growth where we are able to work with local authorities to provide bus services alongside traffic management schemes.
"Our strategy is to enhance shareholder value by growing our core business, developing opportunities in new markets, progressive dividend growth together with share repurchases, while maintaining a strong balance sheet.
"Early indications are that trading in the second half of the year is in line with expectations."