First reports positive financial year

Strong underlying First Bus performance is one of the main factors behind First Group‘s rise in adjusted revenue of £1,370m (FY 2024: £1,279.6m) for the financial year ending 29 March 2025.

Group adjusted operating profit increased to £222.8m (FY 2024: £204.3m), driven by First Bus rising £12.4m to £96.0m and First Rail up £5.5m to £148.8m. It had a 10% adjusted operating profit margin in the second half of the year and 8.9% for the full year, excluding London (FY 2024: 8.3%), which it put down to further data-led operational and yield improvements, cost efficiencies, and improved driver availability offsetting inflationary pressures and lower funding.

First Bus’ underlying passenger volumes (excluding extra week in FY 2024) increased 2% compared to the previous year.

A significant development for the company was the acquisition of RATP London in February 2025, which saw First Bus enter the London bus market at scale. Its operations in the capital contributed £23.2m revenue and £0.6m adjusted operating profit in March 2025. First Bus has also been bolstered by acquisitions of Anderson Travel, Lakeside Coaches and Matthews Coach Hire. Including its FlixBus contract, these acquisitions have anticipated combined annual revenues of around £37.2m.

First invested £88m over the year in its bus division, mostly on electrification, alongside ZEBRA  co-funding of £22m, and an additional £20m of ZEBRA 2 funding awarded in March 2025. It had around 1,115 electric buses (approximately 20% of its fleet) in operation at the end of March 2025. It now has three fully electric depots and ten further depots substantially electrified outside the capital. It ordered 39 diesel to electric repowers in the year following successful trials.

“We have further strengthened our businesses and continued to deliver against our strategy” – Chief Executive Officer, Graham Sutherland

Chief Executive Officer, Graham Sutherland, said: “I am pleased to report another positive set of results for our 2025 financial year. We have further strengthened our businesses and continued to deliver against our strategy, including growing and diversifying our earnings in both First Bus and First Rail. This leaves us well placed to at least maintain our adjusted earnings per share in FY 2026, from a stronger base, as we continue to successfully navigate a period of transition in bus and rail in the UK.

“Our focus remains on operational excellence and the disciplined deployment of capital to maintain our accelerated investment in decarbonisation and continuing to build a diverse, sustainable earnings base, while returning any excess capital to shareholders.”