Off the rails: First Group was stripped of the TransPennine Express franchise
The boss of rail operator First Group has said the past three years were ‘among the most challenging’ in the industry’s history as it faced the pandemic and strikes.
Yet despite a difficult ‘economic and industrial relations backdrop’, Graham Sutherland insisted that the company is firmly on track this year – even after it was stripped of the TransPennine Express franchise.
It came after the firm smashed expectations with annual profit of £82.1million in the year to March 25, up from £36.2million a year before.
Shares in the firm, which operates buses in 40 UK towns and cities and rail networks including Avanti West Coast and South Western, rose 13.9 per cent, or 16.5p, to 1325.2p.
First Group, which recently sold its First Student, First Transit and Greyhound businesses, said it bounced back last year as people returned to pre-pandemic lifestyles such as commuting and visiting friends.
The Department for Transport last month said rail passenger numbers were at a post-Covid high – at 98.3 per cent of 2019 levels.
