INTERIM MANAGEMENT STATEMENT
FirstGroup plc, the leading transport operator in the UK and North America, reports the following update on trading from 1 October to 31 December 2012 (the third quarter).
Overview
Trading for the Group, excluding the one-off effect of Hurricane Sandy, during the third quarter was in line with our expectations. Despite the economic conditions that prevail, we continue to strengthen the business for the future by taking actions that will lead to improved performance and sustainable growth.
We were pleased by continued strong support from fixed income investors in November, which led to our issue of £325m of 10-year bonds being significantly oversubscribed. The proceeds were used to pay down debt, as part of our strategy to reduce reliance on bank borrowings and extend our debt maturity profile.
