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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  FirstGroup    FGP   GB0003452173

FIRSTGROUP

(FGP)
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FirstGroup : says it may not survive as passenger numbers dive

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07/08/2020 | 05:16am EDT
A Virgin Trains West Coast Mainline service from London to Manchester pulls out of the station in Macclesfield

By Yadarisa Shabong

British bus and train operator FirstGroup warned on Wednesday it might not survive as a going concern after a collapse in passenger numbers led to a 153 million pounds ($192 million) loss in the year to March, sending its shares down 15%.

But the company, which owns the U.S. Greyhound network and school bus services in the United States and Canada, said it had adequate resources to continue operations for the next year despite the "material uncertainty" facing its business.

FirstGroup said it still planned to sell its North American operations, a move announced in March under pressure from its main shareholder, but did not say when they expected the sales to be completed.

Chief Executive Matthew Gregory told reporters on a call the Greyhound sale, which it previously said was in advanced stages, had slowed due to the coronavirus crisis.

"We need a little bit more clarity but absolutely we're ready to press on and resume that process as soon as we see how and when the schools get back," he said.

The company reported charges worth a total 408 million pounds. They were a 187 million pound impairment for Greyhound, a charge of 141.3 million pounds related to a self-insurance provision for its North America operations and a 21.5 million pound charge due to the coronavirus crisis.

It said passenger numbers fell as much as 90% during lockdowns in its markets.

"There are material uncertainties as to how rapidly demand will increase, the rate at which fiscal support tapers and the duration of social distancing rules, as well as the timing of North American schools reopening," the company said.

FirstGroup has received state aid in Britain and the United States.

($1 = 0.7976 pounds)

(Reporting by Yadarisa Shabong and Indranil Sarkar in Bengaluru; Editing by Devika Syamnath)

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Financials
Sales 2021 6 945 M 9 100 M 9 100 M
Net income 2021 -44,6 M -58,5 M -58,5 M
Net Debt 2021 2 991 M 3 919 M 3 919 M
P/E ratio 2021 -91,5x
Yield 2021 -
Capitalization 551 M 719 M 723 M
EV / Sales 2021 0,51x
EV / Sales 2022 0,33x
Nbr of Employees 112 394
Free-Float 97,2%
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Technical analysis trends FIRSTGROUP
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 67,60 GBX
Last Close Price 45,38 GBX
Spread / Highest target 153%
Spread / Average Target 49,0%
Spread / Lowest Target 10,2%
EPS Revisions
Managers
NameTitle
Matthew Gregory Chief Executive Officer, COO & Executive Director
David Robert Martin Non-Executive Chairman
Ryan Dirk Mangold Chief Financial Officer & Executive Director
Warwick Brady Independent Non-Executive Director
Martha Poulter Independent Non-Executive Director
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