FIRSTGROUP PLC
sale of Mistral data
FirstGroup plc (the `Group') announces that it has agreed the sale of Mistral
Data Services Limited (`Mistral Data') to Tracsis plc (AIM: TRCS) for an
enterprise value of £48 million on a cash-free, debt-free basis (the
"Disposal"). The consideration will be payable in cash on completion, subject to
customary adjustments.
A wholly owned subsidiary and part of the First Rail division, Mistral Data was
established to develop and provide complementary software solutions to the rail
industry. These solutions integrate data from multiple sources including
customer-facing websites and apps and real-time data from Train Operating
Companies and control centres, improving both passenger experience and
operational performance. Revenues have grown from c.£7m million in FY 2022 to
c.£13 million in FY 2026, with operating profit of c.£4 million.
Updated FY 2027 financial guidance
As a result of the sale, the Group anticipates a c.£4 million decrease in First
Rail's FY 2027 adjusted operating profit and a c.0.6p decrease in Group adjusted
earnings per share (FY 2026: 20.3p). The Group expects a profit on disposal of
c.£46m, to be reported as an adjusting item for the purposes of the Group's
operating profit and earnings per share.
Anticipated total cashflows from Mistral Data of c.£6 million were included in
the Group's guided £90 million cash inflow from DfT TOCs and related Rail
Services, and the sale of Mistral Data accelerates and enhances the associated
cash inflow. The Group now expects free cash generation of c.£435 million over
the next three years, which will form part of the Group's capital allocation
policy, incorporating investment in UK growth and returns to shareholders.
Commenting, Graham Sutherland, FirstGroup Chief Executive Officer said:
"The sale of Mistral Data, which we have successfully grown into an attractive,
high-quality asset, is another example of our ability to create and realise
value as the UK transport sector evolves. The sale proceeds will further
strengthen our balance sheet, supporting continued growth in attractive UK bus
and rail markets and meaningful returns to our shareholders."
Notes to Editors
The cash consideration will be received in full on completion, subject to a
normal post-completion true-up process. Completion of the Disposal is
conditional principally on receipt of clearance by the Competition and Markets
Authority and is expected by no later than 31 October 2026, at which time a
further announcement will be made.
Contacts at FirstGroup: Contacts at Brunswick Group:
Marianna Bowes, Head of Investor Simone Selzer / Charlotte Millington
Relations
Tel: +44 (0) 20 7404 5959
Stephen Bethel, Director of
Brand & Communications
[email protected]
Tel: +44 (0) 20 7725 3354
Contacts at Panmure Liberum: Contacts at RBC Europe Limited:
Nicholas How / Matthew Fourie James Agnew / Elliot Thomas
Tel: +44 (0) 20 3100 2000 Tel: +44 (0) 20 7653 4000
Panmure Liberum acted as financial adviser to FirstGroup plc in relation to the
Disposal.
Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93.
About FirstGroup
FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public
transport services. With around 30,000 employees, we reported revenue of £1.72
billion and transported almost 1.5m passengers a day in FY 2026. We create
solutions that reduce complexity, making travel smoother and life easier. Our
businesses are at the heart of our communities and the essential services we
provide are critical to delivering wider economic, social and environmental
goals. Each of our divisions is a leader in its field: First Bus is one of the
largest bus operators in the UK, serving more than 20% of the population in the
UK with a fleet of c.6,000 buses and coaches, and carrying more than a million
passengers a day. First Rail is one of the UK's most experienced rail operators,
with many years of experience running long-distance, commuter, regional and
sleeper rail services. We operate a fleet of c.320 trains through two DfT
contracted train operating companies: WCP (incorporating Avanti West Coast and
West Coast Partnership Development) and GWR, and three open access routes (Hull
Trains and two under the Lumo brand). We are formally committed to operating a
zero emission commercial bus fleet by 2035, and First Rail will help support the
UK Government's goal to remove all diesel-only trains from service by 2040.
During FY 2026 FirstGroup received MSCI's highest possible ESG rating of AAA,
was named one of the world's cleanest 200 public companies for the seventh
consecutive year, was ranked in the top decile for its industry by ISS based on
its ESG Performance Score and holds Yearbook membership with S&P Global. We
provide easy and convenient mobility, improving quality of life by connecting
people and communities. Visit our website at www.firstgroupplc.com and follow us
on LinkedIn at http://www.linkedin.com/company/first-group.
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