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This should be on watch dog it’s unbelievable.
Do your home work on Bristol,
You will see agency driver jobs guarantee 50 hrs a week minimum £1000:00 plus overtime if you want it, also accommodation paid for.
Now first bus will pay £24 k plus overtime to its own staff,
There are not many left maybe 20% the rest agency.
Agency worker £52k plus overtime.
Yes there is a driver shortage due to staff leaving to work for agency’s.
But it’s all due to end soon and first bus and other operators won’t get any more funding and will go crying again to the tax payer.
This is like the bank scandal and people need to know.
Absolutely agree first kernow (Cornwall) forcing all long term drivers out go Cornwall (go ahead) more than happy to take any driver that wants to over even though they’re fully staffed paying nearly £100 a week more happy staff whilst first refuse to pay their drivers a realistic wage forcing them into dispute and strike action
Davde trust me the agency pay over £20 to their drivers first pay £9:50 and the government fund the rest,
£10:50 this is due to run out end of March 2023 it’s a joke that’s why they don’t have drivers they have all left to become agency drivers.
What a total con.
Same again for mechanics they all have left to do the same and even better still they get a massive grant to take on apprentice staff so Guess what it’s all apprentice mechanic's as the government fund it.
This is not a business it’s all government funded.
Agency workers may get £20 per hour but doubt UK government pick up difference! Whilst at face value agency staff are more expensive, they are not as expensive as they look, agency rate includes an element for holiday pay. Agency staff have no sick pay, pension cost or other staff benefits as far as I know.
It is very unlikely that the current government will nationalise public transport, but they are enabling local government to dictate services that meet the needs of the local populations.
The government do provide support for subsidising unprofitable routes and for concessions, i.e. children and the over 60's. The government also support investment in green measures but not sure how much and the rules.
“Recruitment” as you say is a problem that everybody is having.
But a the moment first bus don’t care they have agency drivers who get paid over £20 per hr first bus pay 9;50 and the government pay £10:50.
So all the long term staff have left now this funding will end soon from the government will end soon and then you will see a true picture.
This shambolic business has been propped up by the tax payer for over three years it’s a disaster in the making.
And it’s not even attempting to offer a fit for purpose passenger service.
Public transport needs to government run for the people and not to fund failing bus company’s like first bus.
Recruitment is a major issue for many sectors in the UK at present. If you cannot secure staff to support a sectors growth the sector will suffer. Makes you wonder what the solutions are at times, but for me the problem is easily solved, in a global world you get appropriate staff from where you can, I am sure many want to work here, just like they do in banking!
It would probably be better to use the cash to pay down more of the debt... Get that weight off the books...
Ex-dividend tomorw, probably drop ,patience needed here.. so sold , usual trick kept pittance profit in shares.... on positive side bus fares 2£ max which i used other day when trains on strike....atb
Very poorly written article and clearly shows no understanding of the company accounts, focus should be on retained business!
Another opinion....death cross v buyers piling today, lets see who's right then , took a few , ex div 17th Nov
0.9p paydate 23rd Dec
https://invezz.com/news/2022/11/10/firstgroup-share-price-death-cross-points-to-more-pain/
HSBC cuts FirstGroup price target to 100 (150) pence - 'hold'
Another example of that 'Shareholder value' they keep telling us about!
Thank's for feedback I have sold and
accepted 107.5 I still have 54 shares (a stray old share certificate) that will give me the right to post on here LOL
I have made about 7.5% over many many years a terrible investment
I hope this share does recover for the sake of the employees, the investors and the customers
Good luck
FGP is primarily owned by Institutional investors (65% plus), had they deemed the offer acceptable the BoD would have been told to accept. The II's have been invested for years and they may have a high average SP and did want to take a loss. Alternatively, they may have a view that the core business is worth more, this is supported by brokers ratings where circa 130p-150p seems to be the current range. Whatever the motives they believe FGP will be either a good dividend payer in future and/or expect some good capital growth in the coming years. Who knows but I will keep my modest holding for now and may increase if it drops much lower and we get clarity on greyhound payout.
Two points to mention. firstly. the recent rail strikes, and secondly. recent upshots in interest rates
Thought the offer was 118p, the rest being contingent based on returns from First Transit earnout and greyhound sale mainly.
That was my point as well,
It was a very good offer.
At the time of offer £1:40 share price
What’s a fair true value now ?
Agreed totally crazy to reject offer.
Add share holder value …. Don’t make me laugh!
Totally incompetent
Note 9 "£990.0m of additions relate to the extension of leases as a result of signing of the National Rail Contract in Great Western Railway."
Leases for rail assets main reason for debt. Results not bad but not good either. Hinted at a further 1.8p dividend in second half on top of the first half 0.9p. No mention of what they intend to do with Greyhound money that I can see!
Well I know this forum is for us all to take part in as I stated I don’t hold this rubbish share
but will just add there is going to be three factors that will push this share down all will be reviled soon.
Todays news was expected markets have priced in what’s to come.
DYOR.
Yes very underwhelming. Cannot understand why management thought the takeover bid so undervalued this company. Think it was very reasonable!
Looks Like A Bad Set Of Result