First Group has returned to profit and cheered progress in its bus and rail operations.
Shares in the Aberdeen-based transport operator rose 12.1 per cent as investors welcomed stronger-than-expected profits.
First, which runs Avanti West Coast and Great Western Railway, recorded a profit of £169.6million for the year to March, swinging from a £24.4million loss a year earlier.
The company saw a particular rise in profitability from its First Bus business, which has been boosted by a return to the London market after its £90million takeover of RATP Dev Transit London.
First Bus revenues rose 6.8 per cent to £1.08billion for the year despite a £17million reduction in funding, as passenger numbers rose 7 per cent year-on-year.
Meanwhile, the group’s rail business said it saw passenger numbers on its open-access lines, which include Hull Trains and Lumo, grow to 2.9m for the year, from 2.7m.
All aboard: First Group saw a rise in profitability from its First Bus business, which has been boosted by its return to the London market following its £90m takeover of RATP Dev Transit
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First Group profits bounce back after transport group returns to London following RATP takeover