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Aircoach Owner FirstGroup Says Recent Trading Has Been On Track

Published on Sep 14 2021 1:30 PM in General Industry tagged: Trending Posts / Aircoach / FirstGroup

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.

Passenger Volumes

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 Rise

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.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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