FirstGroup shares were up 1.6% to 135p in late morning trading on Tuesday, after the travel company reported an operating profit rise to £806.1 million in FY 2022 against £285.8 million in FY 2021.
FirstGroup said its operating profit climbed on the back of easing pandemic travel restrictions, with a consequential growth in passenger volumes.
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The company also mentioned a stronger First Rail performance than expected at the start of the year and central cost reductions ahead of plans following the sale of its three North American businesses for a combined enterprise value of $4.6 billion.
The firm announced a revenue fall to £5.5 million compared to £6.8 million last year, however, FirstGroup confirmed a pre-tax profit spike to £654.1 million from £115.8 million, linked to the sale of its American businesses
The group also noted a decline in net debt to £619 million against £2.6 billion.