First Group shares down on £73.3m loss

First Group
IVERPOOL, UK - APRIL 20, 2013: Passengers board London Midland and First Group trains in Liverpool Lime Street Station, UK

First Group shares opened almost 3% lower after the company shared a trading update for the six months to 30 September.

The group reported a resilient performance in a difficult first half, with revenue falling by 23.8% to £3,101m amid social distancing rules.

First Group posted a £73.3m loss for the period, down from a profit of £19.9m in 2019.

Chief executive Matthew Gregory said: “Whilst the outlook remains uncertain due to the pandemic, we performed ahead of our expectations in the first half, have taken prudent action to reinforce the balance sheet and are confident in the resilience of the Group.”

“Looking ahead, we will continue to work with our customers and communities to deliver safe, reliable and increasingly sustainable transportation as societies begin to look beyond the crisis and passengers return.”