Business
2024 AGM Statement
2024 AGM Statement.
About this update from Firstgroup Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nFIRSTGROUP PLC2024 AGM STATEMENT FirstGroup plc (`FirstGroup' or `the Group') will be holding its Annual General Meeting (`AGM') at 14:30 today. TradingAhead of the AGM, the Group notes that its overall trading performance for the financial year-to-date has been in line with the expectations we outlined at our full year results on 11 June 2024. London Cable Car OperationOn 28 June 2024, the Group successfully took over the operation of the IFS Cloud London Cable Car on behalf of Transport for London (`TfL'). The contract has an initial core five-year term with the option to extend for a further three years, with anticipated revenues of c.£60m over the eight-year period. In addition to delivering a number of improvements to the service, we look forward to working together with TfL to apply our extensive experience and expertise to develop its customer proposition, promote it as a leader in London's leisure market and place it at the heart of its local community. Corporate updateAs at 25 July 2024, just under £2m of the Group's £115m on-market share buyback programme launched in August 2023 remained outstanding. The Group's strong balance sheet and cash generative businesses provide considerable optionality to invest in decarbonisation, to grow and diversify our portfolio and for potential further capital returns to shareholders, and the Board continues to keep this under review. On 16 July 2024, the Group agreed terms with an insurance company to buy out the remaining liabilities of the legacy Greyhound US pension plan, after which, the plan will be terminated. Following a Group contribution of $6m, gross liabilities valued at $155m (£123m) at the FY 2024 year-end are to be removed from the Group's balance sheet and the Group expects to recognise a settlement gain of c.£5m in the Group's income statement as an adjusting item. This transaction concludes the Group's material liability discharge from the legacy Greyhound business with a more favourable outcome than initially forecast, and in the coming years, the Group anticipates a small cash surplus relating to the final exit. In June 2024, the Group was very pleased to be upgraded to the highest possible AAA rating for ESG by MSCI (from AA previously). The upgrade was primarily driven by improvements in greenhouse gas mitigation e...