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Premarket London: FirstGroup Prepares Sale of U.S. Bus Operations

Published 16/12/2019, 06:27 pm
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Investing.com -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Monday, 16th December. Please refresh for updates.

  • Retailer Sports Direct (LON:SPD) reported a 6.1% decline in organic, currency-adjusted group revenues in the six months through October.

  • Overall revenue increased by 14% to 2.04 billion pounds thanks to past acquisitions including Game Digital, which contributed 133.9 million pounds.

  • Underlying EBITDA was up 22% to £181.2m.

  • The group cited its new elevation strategy – an investment program to pep up the appearance of its stores - as the reason for the overall drop.

  • Mike Ashley’s empire, which bought department store House of Fraser in 2018, said profit before tax increased by 160% to £193.4m due to improved underlying operating performance and an £84.9m gain arising from the sale of one of its distribution centers.

  • Train and bus operator FirstGroup (LON:FGP) has given in to pressure from shareholders Robert Tchenguiz and Coast Capital, and appointed advisors to review its North American contract businesses First Student and First Transit, with a view to a possible sale.

  • The news comes around a month after FirstGroup’s share price tumbled after it wrote down the valuation of its Greyhound bus operations in the U.S., which it has been trying to sell since May.

  • The decision “reflects the resolute focus of the entire Board on realising value for all shareholders,” CEO Matthew Gregory said.

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