FirstGroup launches rights issue as profit falls

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Bus and rail operator FirstGroup said it would raise 615 million pounds ($934 million) through a rights issue to pay down debt after its full-year profit fell more than a third.

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FirstGroup on Monday said its pretax profit fell 36.5 percent to 172.4 million pounds in the year to the end of March on revenue up 3.3 percent to 6.9 billion pounds.

FirstGroup also said that its chairman Martin Gilbert would step down once a successor has been appointed.

 

The company's debt rose 7.7 percent to stand at 1.98 billion pounds at the end of March.

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