Aircoach Owner FirstGroup Says Recent Trading Has Been On Track
Aircoach owner FirstGroup has said that recent trading has been on track and has revealed plans to hand £500 million (€587million) back to shareholders.
FirstGroup Chairman Statement
As reported by The Irish Times, FirstGroup chairman David Martin said in an update that trading has been "in line with [its] expectations year to date" as the company continues its post-COVID-19 pandemic recovery.
FirstGroup reportedly said that bus passenger volumes have reached 65% of pre-pandemic levels on average in recent weeks, and this is reportedly expected to increase further amid the return of students to schools and universities.
Shares in the Aberdeen-based company rose after it revealed that it will return the cash to investors as part of a tender offer after selling its First Student and First Transit businesses.
AGM And CEO Departure
The update reportedly came ahead of the company's annual general meeting, at which chief executive Matthew Gregory will reportedly step down from his role. His departure reportedly came a day after the group’s biggest shareholder, Coast Capital, called for his resignation.
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