WM Bus Photos Forum

West Midlands Buses in Discussion => First => Topic started by: Tony on May 21, 2013, 08:03:44 AM

Title: First Group's value takes a dive
Post by: Tony on May 21, 2013, 08:03:44 AM
Full story at
http://news.sky.com/story/1093313/firstgroup-shares-plunge-by-more-than-30-percent

Title: Re: First Group's value takes a dive
Post by: winston on May 21, 2013, 09:21:40 AM
First Group could now become attract a takeover approach from a private equity group in a bid to break the group up & sell it off in smaller pieces/units, similar to what CVC capital partners/The Cosmen's were intending to do with NX when they were also saddled with high debts/underperforming businesses and contemplating a rights issue, as with NX, the value of the individual business units sold separately would be worth much more than as part of a group. Currently the group is valued at £2.8 Billion current share price plus debt, I don't think there are any transport groups that could mount a takeover of that size, but I would expect there to plenty of willing buyers for parts of First Group if the above occurred....... time will tell

Also of note, of the £615 million proposing to be raised via a rights issue, only £215 million is being used to pay down actual debt, the remaining £370 Million is be used towards First Groups 4 year £1.6 Billion investment plan across all its divisions, £340 Million is due to be invested in the group before 31st March 2014

Title: Re: First Group's value takes a dive
Post by: Justin Tyme on May 21, 2013, 05:42:53 PM
A huge debt and underinvestment problems - First certainly are in a bad place.  It's even clearer now why First have struggled to improved its bus operations, even under Giles Fearnley - the funds aren't there.

Will the new share issue turn First around or is it a last throw of the dice?  If it works, First could enter a golden age.  If not, it's surely curtains for First's Chief Exec Tim O'Toole and something really big will probably have to go, such as Greyhound USA.
Title: Re: First Group's value takes a dive
Post by: winston on May 22, 2013, 12:10:42 AM
Quote from: Justin Tyme on May 21, 2013, 05:42:53 PM
Will the new share issue turn First around or is it a last throw of the dice?  If it works, First could enter a golden age.  If not, it's surely curtains for First's Chief Exec Tim O'Toole and something really big will probably have to go, such as Greyhound USA.

When First concluded the Laidlaw deal, many city analysts were under the impression that First would sell off Greyhound back then due to being noncore and pay down some of the debt it had accumulated, one of the reports following Monday's announcement suggested that Stagecoach had offered Moir Lockhead £750 million for Greyhound, but he refused point blank to sell

First have got a long hard slog ahead to turn the groups fortunes around, they have a much bigger task on their hands than Dean Finch took on to turnaround NX Group fortunes........ In UK bus First need to Giles some serious wedge and autonomy to work some of his past magic

Possible changes to rail franchising rules & the threat of First Group credit rating being downgraded to junk appear to be the key drivers for the rights issue
http://www.ft.com/cms/s/0/de8114a8-c237-11e2-8992-00144feab7de.html#axzz2TyJfMs00
Title: Re: First Group's value takes a dive
Post by: winston on May 22, 2013, 10:10:25 PM
This article sums First Groups problems up pretty well

http://www.heraldscotland.com/business/opinion/is-there-any-way-back-for-firstgroup.2013056283
Title: Re: First Group's value takes a dive
Post by: Kevin_Brum12 on May 23, 2013, 12:07:35 AM
Although a rights issue has been proposed, I wonder if as is suggested a break up of First will take place.

First have got a mixture of profitable businesses with potential and basket cases.  The plums (and if I was in National Express HQ I would be sizing these up) would be the Manchester and Sheffield operations.  Both large businesses in cities with a growing young population with an income meaning they are more likely to use buses, both potential for huge revenue, and because there is competition from another member of the big five in Manchester and South Yorkshire (i.e. Stagecoach) there should be no grounds at all for the OFT getting their mitts involved.  (Though of course because of the way the industry was privatised in the PTE areas there are very few corridors in Manchester and Sheffield where First and Stagecoach compete head to head.)

First Eastern Counties and the more peripheral operations might attract the interest of smaller operators and groups, but here the OFT would probably intervene.

Basket cases include the Greyhound coach business, Worcester, Northampton, Berkshire, York and Edinburgh.  Suspect that local managers would be encouraged to MBO them out which would have the advantage of a local team giving focus on the business and making decisions more nimbly than they can do under the current regime - though  Greyhound, Northampton and Edinburgh would probably close.
Title: Re: First Group's value takes a dive
Post by: winston on May 23, 2013, 12:35:44 AM
Quote from: Kevin_Brum12 on May 23, 2013, 12:07:35 AM
Although a rights issue has been proposed, I wonder if as is suggested a break up of First will take place.

First have got a mixture of profitable businesses with potential and basket cases.  The plums (and if I was in National Express HQ I would be sizing these up) would be the Manchester and Sheffield operations.  Both large businesses in cities with a growing young population with an income meaning they are more likely to use buses, both potential for huge revenue, and because there is competition from another member of the big five in Manchester and South Yorkshire (i.e. Stagecoach) there should be no grounds at all for the OFT getting their mitts involved.  (Though of course because of the way the industry was privatised in the PTE areas there are very few corridors in Manchester and Sheffield where First and Stagecoach compete head to head.)

First Eastern Counties and the more peripheral operations might attract the interest of smaller operators and groups, but here the OFT would probably intervene.

Basket cases include the Greyhound coach business, Worcester, Northampton, Berkshire, York and Edinburgh.  Suspect that local managers would be encouraged to MBO them out which would have the advantage of a local team giving focus on the business and making decisions more nimbly than they can do under the current regime - though  Greyhound, Northampton and Edinburgh would probably close.

The plums (and if I was in National Express HQ I would be sizing these up) - Don't forget West Yorkshire, Bristol & Glasgow, South Yorkshire hasn't been doing very well until First's recently slashed fares in Sheffield due to Stagecoach wiping the floor with them.....

Basket cases - All the South Coast & overnight Scotland - London Greyhound UK services have already been withdrawn, only the former First Cymru 100 shuttle service is now branded as Greyhound, Worcester is a profitable business definitely not a basket case, I don't think Berkshire can be classed as a basket case either, as it once earn't the highest percentage profit margins within First, I think its still up there now. I doubt York is a basket case as First West Yorkshire is currently the most profitable op with First Group UK bus. Most of the other poor performing ops which could be classed as basket cases would no doubt do much better under different ownership.

I've love to see NX grow its UK bus division, but unless it merges with another one of the big groups or First Group did get broken up its unlikely to happen on any scale. Dean Finch is former First man so should know the potential of each business, but he has also stated he doesn't intend to make any big acquisitions instead focusing on capital-light growth opportunities through contract wins / new start-ups such as city2city in Germany etc
Title: Re: First Group's value takes a dive
Post by: winston on May 23, 2013, 07:52:41 PM
And First Groups share price is still diving.......

The ex Rights price was thought to be 140p / share, the shares tumbled another 7.8% and have now gone under that price to close @ 134.6p
Title: Re: First Group's value takes a dive
Post by: Justin Tyme on May 23, 2013, 08:55:16 PM
It will be for the City to decide if the recovery programme will work.  I hope so, but it will be a long haul at best.

One yardstick we could use to decide whether an area is a basket case is: "Could Stagecoach make a success of this operation?"  With investment, I think the answer in most cases is yes.  As far as Worcester is concerned, I agree with Winston that it's a good area.
Title: Re: First Group's value takes a dive
Post by: winston on May 23, 2013, 09:07:35 PM
Quote from: Justin Tyme on May 23, 2013, 08:55:16 PM
One yardstick we could use to decide whether an area is a basket case is: "Could Stagecoach make a success of this operation?"  With investment, I think the answer in most cases is yes.  As far as Worcester is concerned, I agree with Winston that it's a good area.

First Northampton is continually described as a basket case, yet Stagecoach obviously make money there, have expanded their operation significantly at the expense of First and invest in new vehicles year on year. The poor performing operations are only 'basket cases' because they are owned by First, I think Stagecoach could expand Devon & Cornwall, bring Edinburgh back in to profitability etc
Title: Re: First Group's value takes a dive
Post by: winston on May 24, 2013, 04:52:09 PM
Quote from: Winston on May 23, 2013, 07:52:41 PM
And First Groups share price is still diving.......

The ex Rights price was thought to be 140p / share, the shares tumbled another 7.8% and have now gone under that price to close @ 134.6p

First Group shares down another 5.3% today to close at 127.4p, Market Cap now £614 Million
Title: Re: First Group's value takes a dive
Post by: Bob on May 24, 2013, 06:28:56 PM
What about potteries? Do they do well? Pretty much the dominant operator there
Title: Re: First Group's value takes a dive
Post by: Tony on June 12, 2013, 10:04:24 PM
Quote from: Winston on May 24, 2013, 04:52:09 PM
Quote from: Winston on May 23, 2013, 07:52:41 PM
And First Groups share price is still diving.......

The ex Rights price was thought to be 140p / share, the shares tumbled another 7.8% and have now gone under that price to close @ 134.6p

First Group shares down another 5.3% today to close at 127.4p, Market Cap now £614 Million

now below £1 - I wonder if this has anything to do with it?
http://www.rmt.org.uk/Templates/Internal.asp?NodeID=174667&int1stParentNodeID=89732

Directly operated railways getting ready to take over the FGW rail franchise if needed
Title: Re: First Group's value takes a dive
Post by: winston on June 12, 2013, 10:39:30 PM
Quote from: Tony on June 12, 2013, 10:04:24 PM
Quote from: Winston on May 24, 2013, 04:52:09 PM
Quote from: Winston on May 23, 2013, 07:52:41 PM
And First Groups share price is still diving.......

The ex Rights price was thought to be 140p / share, the shares tumbled another 7.8% and have now gone under that price to close @ 134.6p

First Group shares down another 5.3% today to close at 127.4p, Market Cap now £614 Million

now below £1 - I wonder if this has anything to do with it?
http://www.rmt.org.uk/Templates/Internal.asp?NodeID=174667&int1stParentNodeID=89732

Directly operated railways getting ready to take over the FGW rail franchise if needed

It certainly won't help the situation if First do not get a FGW extension, unless First Group are demanding too much money to continue running the franchise. I was under the impression that First were considering not taking up the option to continue running the FGW franchise on its current terms and effectively handing back the keys early prior to the cancellation of the WCML contract.

The main reason for yesterday's 20% fall in the First share price, was that the ordinary shares went ex rights on Tue morning i.e. people buying Tuesday onwards were no longer entitle to buy the rights shares at 85p and also the rights shares became tradable from the same day
Title: Re: First Group's value takes a dive
Post by: winston on June 14, 2013, 07:13:38 PM
First Group shares continue to head south closing today at 93.7p

Mkt Cap now £1.129 Billion with new shares in issue

NX are close behind, now valued at £1.108 Billion
Title: Re: First Group's value takes a dive
Post by: Bob on June 14, 2013, 07:36:19 PM
I hope DOR get it, rather have them running it than taxpayers money going to First shareholders
Title: Re: First Group's value takes a dive
Post by: Liverpool Street on June 14, 2013, 07:37:28 PM
Quote from: Winston on June 14, 2013, 07:13:38 PM
...
NX are close behind, now valued at £1.108 Billion

What does that mean for drivers, exactly?
Title: Re: First Group's value takes a dive
Post by: winston on June 14, 2013, 08:08:33 PM
Quote from: The Rat on June 14, 2013, 07:37:28 PM
Quote from: Winston on June 14, 2013, 07:13:38 PM
...
NX are close behind, now valued at £1.108 Billion

What does that mean for drivers, exactly?

Nothing, I was merely stating that NX group is now worth virtually the same as First Group yet First are much larger
Title: Re: First Group's value takes a dive
Post by: Liverpool Street on June 14, 2013, 08:42:55 PM
Quote from: Winston on June 14, 2013, 08:08:33 PM
Quote from: The Rat on June 14, 2013, 07:37:28 PM
Quote from: Winston on June 14, 2013, 07:13:38 PM
...
NX are close behind, now valued at £1.108 Billion

What does that mean for drivers, exactly?

Nothing, I was merely stating that NX group is now worth virtually the same as First Group yet First are much larger

I see. I can't help feeling that this will be the way all the big companies will fall eventually. Well, if current trends continue.
Title: Re: First Group's value takes a dive
Post by: winston on November 05, 2013, 08:47:32 PM
First Group release their interim results to 30th Sept at 7am in the morning. It will be interesting to see if First have stemmed the fall in UK bus profits and whether the division is showing signs of bouncing back following the various fare initiatives, fleet investments etc at some of First's large core bus operations. The results will also show a 3 month contribution with / without the First London operation.

First Group has also attracted the interests of a hedge fund activist investor, which up until recently had remained off the radar due to owning less than 3% of First group shares

http://www.telegraph.co.uk/finance/markets/10426263/Activist-investor-takes-FirstGroup-stake.html
Title: Re: First Group's value takes a dive
Post by: Justin Tyme on November 11, 2013, 10:52:22 PM
Well, it looks like the First Bus interim results (a slight dip in profit margins) matched its expectations.  The review indicates that there are challenges to come, but for the first time in some years there was a small increase in passengers.  The report talks of plans for double-digit profits being a medium term target, and talks about work going on around the country - proof that localisation is now in place.   Good news is that First's debt has reduced considerably following its contentious share issue, and it is investing more.

The impression I get is that First Bus is turning around but there is still alot to do - and it will take time for the hard work taking place now to really bear fruit.
Title: Re: First Group's value takes a dive
Post by: Stuharris 6360 on November 12, 2013, 05:39:01 PM
Just seen this on another website

First breaks up Region

First UK Bus has restructured its South East and Midlands Regional business into "three smaller, stronger units."

Adrian Jones will be MD of the Essex business, based in Chelmsford.  Previously MD for First London & Berkshire, he was most recently Transition Director for Tower Transit, as part of its purchase of First London.

Joining from Arriva Yorkshire, David Squire will be the Interim MD of Eastern Counties, based in Norwich.

Nigel Eggleton joins from Transdev Blazefield, and becomes MD Midlands, based in Leicester.

Title: Re: First Group's value takes a dive
Post by: PM on November 12, 2013, 05:42:34 PM
Quote from: Stuharris 6360 on November 12, 2013, 05:39:01 PM
Just seen this on another website

First breaks up Region

First UK Bus has restructured its South East and Midlands Regional business into "three smaller, stronger units."

Adrian Jones will be MD of the Essex business, based in Chelmsford.  Previously MD for First London & Berkshire, he was most recently Transition Director for Tower Transit, as part of its purchase of First London.

Joining from Arriva Yorkshire, David Squire will be the Interim MD of Eastern Counties, based in Norwich.

Nigel Eggleton joins from Transdev Blazefield, and becomes MD Midlands, based in Leicester.

Interesting and thanks for posting that. Interestingly, Nigel Eggleton previously ran Go West Midlands and Oxford Bus Company so he's not really a stranger to the midlands. Would be interested to see if he can use a few of the Oxford Bus methods in Leicester
Title: Re: First Group's value takes a dive
Post by: DD12 on November 12, 2013, 07:42:35 PM
Quote from: DiamondDart on November 12, 2013, 05:42:34 PM
Quote from: Stuharris 6360 on November 12, 2013, 05:39:01 PM
Just seen this on another website

First breaks up Region

First UK Bus has restructured its South East and Midlands Regional business into "three smaller, stronger units."


Nigel Eggleton joins from Transdev Blazefield, and becomes MD Midlands, based in Leicester.

Interesting and thanks for posting that. Interestingly, Nigel Eggleton previously ran Go West Midlands and Oxford Bus Company so he's not really a stranger to the midlands. Would be interested to see if he can use a few of the Oxford Bus methods in Leicester

Regarding Nigel Eggleton;  Can anyone who's moved about that much be any good?
( I HOPE SO ! )
Title: Re: First Group's value takes a dive
Post by: Justin Tyme on November 12, 2013, 10:00:28 PM
Quote from: DD12 on November 12, 2013, 07:42:35 PM
Regarding Nigel Eggleton;  Can anyone who's moved about that much be any good?
( I HOPE SO ! )

Yes he can.  It was he, along with the Oxford Bus Company MD, who transformed Diamond into a quality operation - no mean feat with People's Express!  Since then he has worked for Blazefield - a high quality group which of course was led by Giles Fearnley.  I believe it's a good move by First.
Title: Re: First Group's value takes a dive
Post by: DD12 on November 12, 2013, 10:21:15 PM
Quote from: Justin Tyme on November 12, 2013, 10:00:28 PM
Quote from: DD12 on November 12, 2013, 07:42:35 PM
Regarding Nigel Eggleton;  Can anyone who's moved about that much be any good?
( I HOPE SO ! )

Yes he can.  It was he, along with the Oxford Bus Company MD, who transformed Diamond into a quality operation - no mean feat with People's Express!  Since then he has worked for Blazefield - a high quality group which of course was led by Giles Fearnley.  I believe it's a good move by First.

Thankyou 'JT',   
That's just the sort of thing I want to hear!
Title: Re: First Group's value takes a dive
Post by: winston on December 11, 2013, 11:34:54 PM
First Group has now got itself an activist investor trying to break the group up

http://www.ft.com/cms/s/0/9666c16e-6236-11e3-99d1-00144feabdc0.html#axzz2nDE7kVVw
http://www.telegraph.co.uk/finance/newsbysector/transport/10509828/FirstGroup-investor-Sandell-pushes-for-US-business-split.html

Gives values of First Student & Greyhound businesses
http://www.sharesmagazine.co.uk/news/activist-targets-firstgroup#.Uqj1jeKa97V
Title: Re: First Group's value takes a dive
Post by: PM on December 11, 2013, 11:54:16 PM
Potentially if they did get rid of the US business then it would give them a lot of money to invest and pay down debts here so as margins in uk bus can be grown and more rail franchises won. I hope it happens, though it seems unlikely...
Title: Re: First Group's value takes a dive
Post by: winston on December 12, 2013, 12:16:04 AM
Quote from: DiamondDart on December 11, 2013, 11:54:16 PM
Potentially if they did get rid of the US business then it would give them a lot of money to invest and pay down debts here so as margins in uk bus can be grown and more rail franchises won. I hope it happens, though it seems unlikely...

I can't see First Group selling off First Student, there is plenty of potential to increase profit margins there and it is a core subsidiary to First Group. If First Groups major shareholders do back the proposed plans & turn up the heat on Tim O'Toole & co, First Group could look to dispose of Greyhound to raise further cash & pay down debt, that sale could net £550-600 Million. Greyhound was always suggested as a possible disposal option to pay down group borrowings back when First Group first took over Laidlaw in 2007
Title: Re: First Group's value takes a dive
Post by: winston on September 12, 2014, 03:42:20 PM
First Group needs to find itself another new chairman:

http://otp.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=444580
Title: Re: First Group's value takes a dive
Post by: Tony on January 29, 2016, 11:08:22 AM
And still dropping, not helped by this

http://www.branduk.net/first-group-fgp-excuses-excuses/
Title: Re: First Group's value takes a dive
Post by: Bryan on January 29, 2016, 12:56:48 PM
Quote from: Tony on January 29, 2016, 11:08:22 AM
And still dropping, not helped by this

http://www.branduk.net/first-group-fgp-excuses-excuses/

I'll give them 9 out of 10 for their excuses. as I'm sure they could have thought of one or two more.

Over many years I have felt really sorry for their passengers, who have had to put up with the group putting profits before customer service. I think finally they are beginning to get their act together now, and not before time, but they still have quite a way to go to catch up with the other big groups. 
Title: Re: First Group's value takes a dive
Post by: JoNi on January 29, 2016, 01:12:38 PM
Fifth would be strange name for a group when the previous post implies Last would be more appropriate!
Title: Re: First Group's value takes a dive
Post by: winston on July 15, 2016, 11:09:33 AM
First Group trading statement issued this morning:
http://otp.investis.com/generic/regulatory-story.aspx?newsid=762151&cid=858
Title: Re: First Group's value takes a dive
Post by: winston on April 11, 2018, 06:51:59 PM
First Group have received a preliminary takeover approach of which the initial proposal has been rejected by the BOD:
http://otp.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=998669
Title: Re: First Group's value takes a dive
Post by: Straightlines on August 05, 2018, 11:34:14 PM
Quote from: Winston on April 11, 2018, 06:51:59 PM
First Group have received a preliminary takeover approach of which the initial proposal has been rejected by the BOD:
http://otp.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=998669

It will be interesting to see if there is any material effect on the share price tomorrow given reports over the weekend that First Group have held talks with Trenitalia over the sale of the UK rail arm.
Title: Re: First Group's value takes a dive
Post by: winston on August 05, 2018, 11:45:12 PM
Quote from: Straightlines on August 05, 2018, 11:34:14 PM
It will be interesting to see if there is any material effect on the share price tomorrow given reports over the weekend that First Group have held talks with Trenitalia over the sale of the UK rail arm.

There may be initially, then probably slip back as the day goes on, trading & volume is light this time of year. Also the 'Crack Team' looking at selling some/all of Greyhound are a little too late.

Article here, for anyone who's not seen it:
https://www.telegraph.co.uk/business/2018/08/04/rivals-circle-firstgroups-assets-amid-break-up-rumours/

Flixbus are expanding after only two month operating in the US:
https://techcrunch.com/2018/07/19/euro-startup-flixbus-expands-its-10-bus-service-in-california/
Title: Re: First Group's value takes a dive
Post by: winston on September 07, 2018, 12:50:53 AM
More Private Equity interest in First Group, this time from CVC Capital Partners, CVC are the Private Equity Group who joined forces with the Spanish Cosmen family & Stagecoach to bid & break up NX Group back in 2009:

https://www.bloomberg.com/news/articles/2018-09-06/firstgroup-is-said-to-draw-private-equity-interest-including-cvc
Title: Re: First Group's value takes a dive
Post by: DJ on February 05, 2019, 05:14:08 AM
Sorry for the Telegraph article, as their website hides most of the content behind a subscription, but it's the only proper source I could find.

FirstGroup are looking to sell off their Manchester operations, once worth around £100m, in a bid to cut losses, and they could be going for as little as £20m in total. They're also looking at selling each depot individually, so perhaps Diamond NW could be expanding?

https://www.telegraph.co.uk/business/2019/02/04/firstgroup-jettison-loss-making-manchester-bus-network/
Title: Re: First Group's value takes a dive
Post by: BK63 YWP on February 05, 2019, 04:13:57 PM
Quote from: StourValley98 on February 05, 2019, 05:14:08 AM
Sorry for the Telegraph article, as their website hides most of the content behind a subscription, but it's the only proper source I could find.

FirstGroup are looking to sell off their Manchester operations, once worth around £100m, in a bid to cut losses, and they could be going for as little as £20m in total. They're also looking at selling each depot individually, so perhaps Diamond NW could be expanding?

https://www.telegraph.co.uk/business/2019/02/04/firstgroup-jettison-loss-making-manchester-bus-network/

NX could have a go maybe?
Title: Re: First Group's value takes a dive
Post by: DJ on February 05, 2019, 06:19:11 PM
Quote from: SL 16 YPN on February 05, 2019, 04:13:57 PM
NX could have a go maybe?

Possibly, it would be nice to see some expansion, maybe Vantage would become Platinum then?  :o
Title: Re: First Group's value takes a dive
Post by: MW on February 05, 2019, 07:32:00 PM
Quote from: StourValley98 on February 05, 2019, 06:19:11 PM
Possibly, it would be nice to see some expansion, maybe Vantage would become Platinum then?  :o

Or Signature 😁
Title: Re: First Group's value takes a dive
Post by: Tony on February 05, 2019, 07:33:47 PM
Quote from: MW on February 05, 2019, 07:32:00 PM
Or Signature 😁

Yes depends which company gets which garage
Title: Re: First Group's value takes a dive
Post by: DJ on February 05, 2019, 07:40:36 PM
Quote from: Tony on February 05, 2019, 07:33:47 PM
Yes depends which company gets which garage

I do have a feeling that Rotala would look at expanding their operations in the area, considering they have Diamond NW and Preston. I'm not sure who else could really, other than maybe if Arriva wanted more of a presence in Greater Manchester?
Title: Re: First Group's value takes a dive
Post by: MW on February 05, 2019, 07:46:20 PM
Quote from: StourValley98 on February 05, 2019, 07:40:36 PM
I do have a feeling that Rotala would look at expanding their operations in the area, considering they have Diamond NW and Preston. I'm not sure who else could really, other than maybe if Arriva wanted more of a presence in Greater Manchester?

From everything we know about Rotala, this is right up their street. They've got the funding, they're looking for acquisitions, their business model is specifically targeting high densely populated cities like Birmingham/Manchester/Bristol and they have a presence on the outskirts of London, and they've said already how they're wanting to expand in the North West region.

*yes I know Bristol is no longer a part of the "empire".
Title: Re: First Group's value takes a dive
Post by: Tony on February 05, 2019, 07:49:14 PM
Quote from: StourValley98 on February 05, 2019, 07:40:36 PM
I do have a feeling that Rotala would look at expanding their operations in the area, considering they have Diamond NW and Preston. I'm not sure who else could really, other than maybe if Arriva wanted more of a presence in Greater Manchester?

Arriva have tried to sell their current Manchester business without success and rumours that DB want to dispose of the whole of Arriva so I would say that is very doubtful.

There's also
Transdev, who have just bought Rosso that operate into Bolton, so a prime candidate
RATP who have just bought, rather randomly, NAT in South Wales, so may be looking to expand in the UK.
Go Ahead group who also seem to be on the look out for strategic purchases (see Norfolk)
McGills? - They caught everyone out when they bought Arriva Scotland so could surprise everyone
Title: Re: First Group's value takes a dive
Post by: BK63 YWP on February 05, 2019, 08:16:36 PM
Quote from: Tony on February 05, 2019, 07:49:14 PM
Arriva have tried to sell their current Manchester business without success and rumours that DB want to dispose of the whole of Arriva so I would say that is very doubtful.

There's also
Transdev, who have just bought Rosso that operate into Bolton, so a prime candidate
RATP who have just bought, rather randomly, NAT in South Wales, so may be looking to expand in the UK.
Go Ahead group who also seem to be on the look out for strategic purchases (see Norfolk)
McGills? - They caught everyone out when they bought Arriva Scotland so could surprise everyone

Has NX got a potential interest in the Manchester operation as they are doing well with West Midlands and Dundee
Title: Re: First Group's value takes a dive
Post by: tank90 on February 05, 2019, 08:18:47 PM
Quote from: Tony on February 05, 2019, 07:49:14 PM
McGills? - They caught everyone out when they bought Arriva Scotland so could surprise everyone

Erm I don't think they will be buying much till the court case with Transport for Scotland and Caledonian Marine Assets Ltd plus CalMac over two new ferries being built on the Clyde by Jim McColl's ships building arm Ferguson Marine. Jim McColl will be looking more at that and his future relationship with the SNP than what his buses group McGill's is going to buy next.
Title: Re: First Group's value takes a dive
Post by: j789 on February 05, 2019, 08:20:44 PM
Was the old Beeline company part of First Manchester as didn't West Midlands Travel own that at one point?
Title: Re: First Group's value takes a dive
Post by: Tony on February 05, 2019, 08:24:51 PM
Quote from: j789 on February 05, 2019, 08:20:44 PM
Was the old Beeline company part of First Manchester as didn't West Midlands Travel own that at one point?

No, and no.

I think it was set up by British Bus which eventually ended up as part of Arriva
Title: Re: First Group's value takes a dive
Post by: j789 on February 05, 2019, 08:33:09 PM
Quote from: Tony on February 05, 2019, 08:24:51 PM
No, and no.

I think it was set up by British Bus which eventually ended up as part of Arriva

Oh ok, I have seen pictures of WMT Metrobuses running for them on loan so thought they might be connected, unless I have confused the company (defiantly a yellow livery!)
Title: Re: First Group's value takes a dive
Post by: D10 on February 05, 2019, 08:34:37 PM
Quote from: j789 on February 05, 2019, 08:33:09 PM
Oh ok, I have seen pictures of WMT Metrobuses running for them on loan so thought they might be connected, unless I have confused the company (defiantly a yellow livery!)

Yes, it was Bee Line, WMT did loan Metrobuses to them in the 90's, but they were never part of the same group.
Title: Re: First Group's value takes a dive
Post by: Tony on February 05, 2019, 08:35:19 PM
Quote from: j789 on February 05, 2019, 08:33:09 PM
Oh ok, I have seen pictures of WMT Metrobuses running for them on loan so thought they might be connected, unless I have confused the company (defiantly a yellow livery!)

West Midlands Travel hired them nearly 50 Metrobuses in the late 1980s which is where you are getting that from. WMT had quite a big hire business going on at the time. When the Metrobuses returned WMT sold them about 50 Leyland nationals
Title: Re: First Group's value takes a dive
Post by: winston on February 05, 2019, 09:10:13 PM
Quote from: SL 16 YPN on February 05, 2019, 08:16:36 PM
Has NX got a potential interest in the Manchester operation as they are doing well with West Midlands and Dundee

NX were interested in 2013 & came close to buying First Wigan amonst others.

Dean Finch publically said he'd be interested in certain parts of First UK Bus. First Manchester lost £5.8million on turnover of £86 million last year, so it needs to be someone who has a good turnaround plan.
Title: Re: First Group's value takes a dive
Post by: winston on February 05, 2019, 09:14:27 PM
Quote from: Tony on February 05, 2019, 08:24:51 PM
No, and no.

I think it was set up by British Bus which eventually ended up as part of Arriva

Wasn't Beeline North Western's Manchester business, both operations hired Metrobuses & DAF engined Nationals from WMT.
Title: Re: First Group's value takes a dive
Post by: Tony on February 05, 2019, 09:39:06 PM
Quote from: Winston on February 05, 2019, 09:14:27 PM
Wasn't Beeline North Western's Manchester business, both operations hired Metrobuses & DAF engined Nationals from WMT.

Bee Line was a brand new set up using a fleet of yellow sherpa minibuses, this was later merged into North Western, but the Manchester part kept the BeeLine name from the minibus days
Title: Re: First Group's value takes a dive
Post by: mikestone on February 05, 2019, 09:49:02 PM
I don't see that DB trying to sell Arriva is necessarily a reason not to buy the first operation, as it would strengthen one of their weaker areas, assuming they think that first's poor performance in the area is down to mismanagement rather than systemic.
;
On the other hand I can't see why anyone would want to buy Manchester operators when franchising might leave them with nothing.
Title: Re: First Group's value takes a dive
Post by: winston on February 05, 2019, 09:55:34 PM
Quote from: mikestone on February 05, 2019, 09:49:02 PM
I don't see that DB trying to sell Arriva is necessarily a reason not to buy the first operation, as it would strengthen one of their weaker areas, assuming they think that first's poor performance in the area is down to mismanagement rather than systemic.
;
On the other hand I can't see why anyone would want to buy Manchester operators when franchising might leave them with nothing.

No, but Arriva already wanted to exit Manchester themselves, so no point buying more.

Buying in to Manchester would also give new operators a base to exp asnd from.

Additionally, bus operators are pushing for the Quality Partnership route as per WM

https://www.busandcoachbuyer.com/alternative-offer-for-mayors-manchester-plan/
Title: Re: First Group's value takes a dive
Post by: Ian Hardy on February 05, 2019, 10:25:35 PM
Quote from: Tony on February 05, 2019, 07:49:14 PM
RATP who have just bought, rather randomly, NAT in South Wales, so may be looking to expand in the UK.
RATP did not buy NAT, it was Comfort Delgro the owners of Metroline:

https://www.comfortdelgro.com/documents/20143/35559/ComfortDelGro+to+Expand+Footprint+to+Wales.pdf

Ian Hardy
Title: Re: First Group's value takes a dive
Post by: winston on February 05, 2019, 10:33:00 PM
Quote from: Ian Hardy on February 05, 2019, 10:25:35 PM
RATP did not buy NAT, it was Comfort Delgro the owners of Metroline:

https://www.comfortdelgro.com/documents/20143/35559/ComfortDelGro+to+Expand+Footprint+to+Wales.pdf

Ian Hardy

RAPT do however own Selwyn's, Runcorn which opetate bus & coaches within GM.
Title: Re: First Group's value takes a dive
Post by: winston on April 21, 2019, 01:51:28 PM
Coast Capital have increased their shareholding in First Group & are now their largest shareholder. It looks as though the hedgefund will attempt to force First board to do something more drastic to create shareholder value.

https://www.thisismoney.co.uk/money/markets/article-6943107/US-raider-Coast-Capital-driving-seat-FirstGroup-boosting-stake-further.html

Bottom of the article suggests rumours circulating that NX Group may have approached Stagecoach about a deal, following Stagecoach effectively loosing its rail division when its 3 rail bids were disqualified & the shareprice tanked.
Title: Re: First Group's value takes a dive
Post by: JoNi on May 26, 2019, 10:44:49 AM
https://www.theguardian.com/business/2019/may/26/firstgroup-rail-franchise-investor-pressure-annual-results
https://www.thetimes.co.uk/article/firstgroup-braced-for-huge-writedown-jxg77ql5j
Title: Re: First Group's value takes a dive
Post by: Solo1 on May 30, 2019, 08:30:18 AM
https://www.bbc.co.uk/news/business-48456840
Title: Re: First Group's value takes a dive
Post by: winston on November 14, 2019, 11:59:00 AM
First Group Half Year results:
https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1344880&cid=858

Shareprice has tanked -20% to boot....
Title: Re: First Group's value takes a dive
Post by: winston on March 16, 2020, 09:58:07 AM
First Group shares are currently down 56% to 33p, an all time low on panic selling / Covid-19 fears.

NX are down to 167p (-30%)
Stagecoach down to 78p (-12%)
Go-Ahead down to 798p (-21.5%)
Title: Re: First Group's value takes a dive
Post by: the trainbasher on March 24, 2020, 05:46:03 PM
Quote from: Winston on March 16, 2020, 09:58:07 AM
First Group shares are currently down 56% to 33p, an all time low on panic selling / Covid-19 fears.

NX are down to 167p (-30%)
Stagecoach down to 78p (-12%)
Go-Ahead down to 798p (-21.5%)

After crashing to 28p a share last Wednesday, First are now at 51p a share
Title: Re: First Group's value takes a dive
Post by: winston on March 24, 2020, 06:03:40 PM
Quote from: the trainbasher on March 24, 2020, 05:46:03 PM
After crashing to 28p a share last Wednesday, First are now at 51p a share

For now. The impact is currently un-quantifiable & has yet to fully unfold:

https://uk.reuters.com/article/brief-firstgroup-says-cannot-provide-fin/brief-firstgroup-says-cannot-provide-financial-guidance-idUKFWN2BG043

It's also approaching the end of the tax year, people will be topping up their ISA allowances, I expect that is why the market has risen strongly scross the board today.

Robert-Tchenguiz also dumped his 6% stake at a loss:
https://www.thisismoney.co.uk/money/markets/article-8138783/Property-tycoon-Robert-Tchenguiz-shunts-28m-rail-stake.html

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1380918

Title: Re: First Group's value takes a dive
Post by: mikestone on March 24, 2020, 11:51:26 PM
Plus the likelihood of any risk of losses on the rail franchises being  replaced by a guaranteed income from management contracts.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on March 31, 2020, 10:39:21 AM
https://www.firstgroupplc.com/news-and-media/latest-news/2020/30-03-2020.aspx
First Worcester sister company Great Western Railway who serve Worcester have today been rewarded thier franchise to 2023 under new terms and conditions.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on April 01, 2020, 09:25:53 PM
FirstGroup PLC owners of First Worcester have informed all the company has reserves of £400m to draw on during the crisis in addition to its TOC support.

https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1381077&cid=858
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on April 02, 2020, 09:28:06 PM

From Monday 6 April,  First Worcester services under contract to Herefordshire County Council will operate to reduced timetables.

Routes 417, 600, 675 and 676 will operate to the Saturday timetable - they will still operate Monday-Saturday

Routes 405, 482, 671, 672, 673 and 674 will no longer operateRoute 481 will not operate
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on April 12, 2020, 11:03:06 AM
When the markets reopen after the Easter Holiday. FirstGroup PLC Share price will open at 68.80p this is a % increase of 6.42% on the previous week based on a Market Capitalisation of £838.93m. Happy Easter to all on WM BUS FORUM and to everyone involved in the bus industry at this difficult time.

Title: Re: First Group's value takes a dive
Post by: Hector on April 13, 2020, 11:14:30 PM
The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on April 13, 2020, 11:50:02 PM
Quote from: Hector on April 13, 2020, 11:14:30 PM
The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.
The opening price I quoted is indicitive and based on the closing price. The opening price will always be variable based on trades undertaken before the markets open and actioned as the markets open hence the difference between closing and opening prices on an quoted company consequently the opening price expected will always be notional and I fully agree not based on the closing price but used simply as a guide to the market.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on April 14, 2020, 09:07:43 AM
Quote from: Hector on April 13, 2020, 11:14:30 PM
The fact that FirstGroup PLC closed at 68.80 on Thursday doesn't mean it will open at the same price tomorrow, in fact it's unlikely that it will. Look at the opening price on Thursday - 67.62, which is somewhat different from the closing price the previous day - 64.65.
There were only minimal trades as the market opened post holiday and FirstGroup PLC opened this morning  at  69.1p well within 1p of it closing price trading has picked up with the current price of 71p at 09.00 giving a market capitalisation of £871m therefore as the indictive price was within 0.5% and given the 15mins delay on the wire my post was perfectly correct on quoting the opening price as the margin was less than 0.5% when all the other factors are accounted for.
Title: Re: First Group's value takes a dive
Post by: winston on April 24, 2020, 09:09:16 AM
First Group update:
https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1387518
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 08, 2020, 08:41:00 AM
FirstGroup PLC Annual Results are out:
Mar 2020
£m
Showing Revenue of  £7,754.67, 
Operating (loss)/profit of (£152.7)
With Earnings Per Shares of (£27.0)
Net debt of £43,278

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1401183
Title: Re: First Group's value takes a dive
Post by: winston on July 08, 2020, 10:17:32 AM
First Group has also warned over 'Material Uncertainty' over its future:

https://www.ft.com/content/c794895b-afc8-4bc7-ba62-59049926a617
https://www.thetimes.co.uk/article/first-group-fears-crash-as-losses-pile-up-bptrtch8b
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 08, 2020, 10:29:53 AM
Quote from: Winston on July 08, 2020, 10:17:32 AM
First Group has also warned over 'Material Uncertainty' over its future:

https://www.ft.com/content/c794895b-afc8-4bc7-ba62-59049926a617
https://www.thetimes.co.uk/article/first-group-fears-crash-as-losses-pile-up-bptrtch8b
Just to expand on Winston's comment the ICAEW define 'Material Uncertainty " as follows:

"In case an entity considers the going concern assumption to be appropriate, but a material uncertainty exists, then such an entity would have to make disclosure of the fact in the financial statements of presence of uncertain future events or conditions that
may result in the entity being unable to continue in business"

Therefore FirstGroup are saying  material uncertainty exisits and the board is unable to obtain a high level of confidence about FirstGroup's solvency and liquidity for the foreseeable future put simply they fear they are going bust!
Title: Re: First Group's value takes a dive
Post by: winston on July 08, 2020, 10:50:39 AM
I suspect post Covid, the UK's big 5 transport groups will end up consolidating at some point and we'll see the big five groups become the big four either through a collapse or a merger of equals.
Title: Re: First Group's value takes a dive
Post by: Solo1 on July 08, 2020, 06:58:07 PM
a post taken from face boook https://www.theguardian.com/business/2020/jul/08/firstgroup-could-cease-trading-as-coronavirus-hits-passenger-levels?fbclid=IwAR28CfGAmE9nP_JOlQ2fdZQIgIaw2SBjDHWKTUMp9YYXSKumUsY_dlbRWGc
Title: Re: First Group's value takes a dive
Post by: Busboy105 on July 08, 2020, 08:08:46 PM
Quote from: Winston on July 08, 2020, 10:50:39 AM
I suspect post Covid, the UK's big 5 transport groups will end up consolidating at some point and we'll see the big five groups become the big four either through a collapse or a merger of equals.
What about NX?
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 08, 2020, 09:26:23 PM
Quote from: Busboy105 on July 08, 2020, 08:08:46 PM
What about NX?
Despite the reservations I expressed about the timing of National Express Group PLC recent share placing year on year National Express Group PLC grew revenues 11.98% from £ 2.45bn to £2.74bn while net income improved 3.98% from £135.70m to £141.10m. The National Express share price has moved by -20.9% over the past three months and it's currently trading at 170.4.

Title: Re: First Group's value takes a dive
Post by: Busboy105 on July 08, 2020, 09:55:03 PM
Quote from: WyreForestShuttle on July 08, 2020, 09:26:23 PM
Despite the reservations I expressed about the timing of National Express Group PLC recent share placing year on year National Express Group PLC grew revenues 11.98% from £ 2.45bn to £2.74bn while net income improved 3.98% from £135.70m to £141.10m. The National Express share price has moved by -20.9% over the past three months and it's currently trading at 170.4.
Simple English, please.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 08, 2020, 10:08:22 PM
Quote from: Busboy105 on July 08, 2020, 09:55:03 PM
Simple English, please.
National Express Group PLC are not issuing the warnings about the future of the company that FirstGroup PLC are.
Title: Re: First Group's value takes a dive
Post by: winston on July 08, 2020, 10:49:18 PM
Quote from: Busboy105 on July 08, 2020, 08:08:46 PM
What about NX?

Anything is possible, especially now their captain is abandoning ship to a house builder.
Title: Re: First Group's value takes a dive
Post by: Busboy105 on July 08, 2020, 11:31:38 PM
Quote from: WyreForestShuttle on July 08, 2020, 10:08:22 PM
National Express Group PLC are not issuing the warnings about the future of the company that FirstGroup PLC are.
So they're ok then compared to other bus companies?
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 08, 2020, 11:47:31 PM
Quote from: Busboy105 on July 08, 2020, 11:31:38 PM
So they're ok then compared to other bus companies?
We are living in unprecedented uncertain times. Today in the first time in my professional career we have had a Budget in July which indicates how businesses are suffering. However despite as Winston has indicated Dean Finch is departing there is nothing to suggest any stress tests are failing in National Express Group PLC
Title: Re: First Group's value takes a dive
Post by: metrocity on July 09, 2020, 09:59:41 AM
Quote from: WyreForestShuttle on July 08, 2020, 08:41:00 AM
FirstGroup PLC Annual Results are out:
Mar 2020
£m
Showing Revenue of  £7,754.67, 
Operating (loss)/profit of (£152.7)
With Earnings Per Shares of (£27.0)
Net debt of £43,278

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1401183

Interesting that they attribute the fall in UK bus profit to March 2020 and reduction in passengers. Most operators were either no worse or if not better off in March due to funding being put in place by the DFT !
Title: Re: First Group's value takes a dive
Post by: winston on July 09, 2020, 10:55:22 AM
Quote from: metrocity on July 09, 2020, 09:59:41 AM
Interesting that they attribute the fall in UK bus profit to March 2020 and reduction in passengers. Most operators were either no worse or if not better off in March due to funding being put in place by the DFT !

Plus full lockdown didn't even start until 23rd March.
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 09, 2020, 11:11:32 AM
Quote from: Winston on July 09, 2020, 10:55:22 AM
Plus full lockdown didn't even start until 23rd March.
Never on the day of The Budget has the phrase a good day to bury bad news ever applied so much. FirstGroup announcing they are heading to the terminus have to be frank in this financial statement issued to the City been Transforming Spin
Title: Re: First Group's value takes a dive
Post by: WyreForestShuttle on July 12, 2020, 08:31:16 AM
Route-one report on FirstGroup commitment to 2035 zero emissions & analysis of its recent financial statements contrasting with fleet streets dramatic take on them:

https://www.route-one.net/news/first-bus-makes-2035-zero-emission-commitment/
Title: Re: First Group's value takes a dive
Post by: winston on April 23, 2021, 09:58:49 AM
First Group have finally agreed the sale of First Student & Transit:

https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1471079&cid=858
Title: Re: First Group's value takes a dive
Post by: winston on October 21, 2021, 09:48:44 AM
First Group have agreed a sale of Greyhound Inc to Flixbus surprise, surprise...
https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?
Title: Re: First Group's value takes a dive
Post by: winston on May 26, 2022, 07:08:07 PM
First Group is the latest to receive a takeover approach from a US private equity firm:

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1588002
Title: Re: First Group's value takes a dive
Post by: BK63 YWP on May 26, 2022, 07:22:33 PM
I wonder if Arriva will go the same way, DB has wanted rid of it for a while. Maybe NX many do a merger with Arriva instead?
Title: Re: First Group's value takes a dive
Post by: BNH2004 on May 26, 2022, 10:57:32 PM

[/quote]
Quote from: winston on May 26, 2022, 07:08:07 PMFirst Group is the latest to receive a takeover approach from a US private equity firm:

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1588002

Potential NX merger?
Title: Re: First Group's value takes a dive
Post by: BK63 YWP on May 27, 2022, 06:47:26 PM
QuotePotential NX merger?
No it's a private equity firm so a buyout not a merger. Nothing to do with NX 
Title: Re: First Group's value takes a dive
Post by: Tony on May 27, 2022, 06:56:16 PM
QuoteNo it's a private equity firm so a buyout not a merger. Nothing to do with NX
If you read the article in 'The Times' they are suggesting that it could be a possibility.
Title: Re: First Group's value takes a dive
Post by: j789 on May 27, 2022, 07:31:08 PM
Would be a good fit in place of the Stagecoach Merger. With the 144 to Brum gone, there also isn't any overlap between operating territory so shouldn't create any monopoly issues.

Also, cities like Leeds are similar to the West Mids set up so I'm sure NX could get a lot of value from them going forward. May even be better value than the Stagecoach opportunity as it should be a cheaper option to merge or take over First instead.
Title: Re: First Group's value takes a dive
Post by: winston on May 27, 2022, 09:07:06 PM
Quote from: Tony on May 27, 2022, 06:56:16 PMIf you read the article in 'The Times' they are suggesting that it could be a possibility.
The problem for NX is they can't compete with Private Equity all cash offers. NX can only merge or takeover another group using paper (I.e. shares) they're not cash rich & still carry a large amount of debt. 
Title: Re: First Group's value takes a dive
Post by: winston on August 18, 2022, 10:47:49 PM
I Squared Capital have confirmed that they do not intend to make a formal offer for First Group:
https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1615999

I'd personally like to see NX Group & First Group merge.
Title: Re: First Group's value takes a dive
Post by: mikestone on August 20, 2022, 04:32:59 PM
Perhaps not impressed with the farce at Avanti West Coast?
Title: Re: First Group's value takes a dive
Post by: winston on June 08, 2023, 11:40:10 AM
First Group are now firmly in No1 spot, being the largest UK Stock Market listed Transport Group by Mkt Cap = £1.054 Billion @ 140p/share, following this morning's FY results which beat market expections, shares currently up 18%

https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1693625

NX Group (Mobico) has some catching up now to do with a £714 million Mkt Cap