FirstGroup

FGP · Main Market · Industrial Goods and Services · mcap £985m · 191.0p

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Financials · balance sheet 28 Mar 26 · last twelve months · today’s market value

Source: results 18 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,026m
Owner’s net cash: −£725.3m
Net cash / market cap: -71%
EV ex leases: £1,759m
Revenue: £4,752m
Operating profit: £219.4m
Free cash flow after leases: −£48.8m
EV / EBIT: 8.0×
FCF yield: -4.8%
Price / tangible book: 1.90×
ROCE: 13%
Net income (owners): £118.3m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 28 Mar 26), published 18 Jun 26 · read the results ↗

Source ↗

	28 March 2026 2026 £m	29 March 2025 2025 (restated) £m
Revenue	4,751.9	5,233.9
Operating costs	(4,532.5)	(5,011.3)
Operating profit	219.4	222.6
Investment income	7.1	7.7
Finance costs	(69.8)	(65.4)
Profit before tax	156.7	164.9
Tax	(37.3)	(31.3)
Profit from continuing operations	119.4	133.6
Profit from discontinued operations	2.1	4.7
Profit for the year	121.5	138.3
Attributable to
Equity holders of the parent	118.3	127.5
Non ‑ controlling interests	3.2	10.8
Total attributable to	121.5	138.3
Earnings per share
Basic earnings per share	21.0p	20.5p
Diluted earnings per share	20.2p	19.7p
Basic earnings per share	21.4p	21.3p
Diluted earnings per share	20.6p	20.5p
Adjusted results (from continuing operations) 1
Adjusted operating profit	219.4	222.8
Adjusted profit before tax	156.7	165.1
Adjusted EPS	20.3p	19.4p
Adjusted diluted EPS	19.6p	18.6p

Source ↗

	28 March 2026 2026 £m	29 March 2025 2025 (restated 1 ) £m
Non ‑ current assets
Goodwill	157.0	144.7
Other intangible assets	21.9	14.8
Property, plant and equipment	1,727.1	2,037.2
Non-current receivables	1.5	-
Deferred tax assets	18.2	46.5
Retirement benefit assets	22.0	27.3
Derivative financial instruments	3.9	0.3
Financial assets	71.6	104.2
Investments	2.3	2.6
Investments in associates	2.0	-
Total non ‑ current assets	2,027.5	2,377.6
Current assets
Inventories	29.3	30.8
Trade and other receivables	586.4	761.6
Current tax assets	6.2	7.4
Cash and cash equivalents	432.0	487.1
Derivative financial instruments	19.6	0.2
Financial assets	0.4	-
Total current assets	1,073.9	1,287.1
Total assets	3,101.4	3,664.7
Current liabilities
Trade and other payables (restated 2 )	888.9	1,072.7
Tax liabilities - Other tax and social security	56.8	59.6
Borrowings	447.1	481.4
Derivative financial instruments	0.6	3.0
Provisions	68.5	92.1
Current liabilities	1,461.9	1,708.8
Net current liabilities	(388.0)	(421.7)
Non ‑ current liabilities
Other payables (restated 2 )	120.5	135.5
Borrowings	710.2	991.3
Derivative financial instruments	-	1.0
Retirement benefit liabilities	2.1	4.6
Provisions	87.2	111.0
Total non ‑ current liabilities	920.0	1,243.4
Total liabilities	2,381.9	2,952.2
Net assets	719.5	712.5
Consolidated balance sheet (continued)
Equity
Share capital	28.5	37.5
Share premium	693.3	693.3
Hedging reserve	15.6	(2.2)
Other reserves	31.4	22.4
Own shares	(37.5)	(31.1)
Translation reserve	(21.5)	(21.9)
Retained earnings	0.2	(1.3)
Equity attributable to equity holders of the parent	710.0	696.7
Non ‑ controlling interests	9.5	15.8
Total equity	719.5	712.5

Source ↗

	28 March 2026 2026 £m	29 March 2025 2025 £m
Cash generated by operations	681.5	828.2
Tax paid	(0.9)	(6.0)
Interest paid	(65.0)	(68.0)
Net cash from operating activities	615.6	754.2
Investing activities
Interest received	4.9	7.7
Proceeds from disposal of property, plant and equipment	45.7	17.9
Purchases of property, plant and equipment	(241.8)	(150.7)
Purchases of software	(11.2)	(5.7)
Proceeds from capital grant funding	51.5	66.4
Investment in associate	(2.0)	-
Acquisition of businesses (net of cash acquired)	(33.3)	(86.5)
Net cash used in investing activities	(186.2)	(150.9)
Financing activities
Shares purchased by Employee Benefit Trust	(24.3)	(16.1)
Treasury shares purchased via share buyback scheme and directly associated costs	(50.4)	(91.8)
External dividends paid	(38.9)	(34.2)
Dividends paid to non ‑ controlling shareholders	(6.7)	(3.4)
Term loan drawdown	35.0	65.0
Proceeds from rolling credit facility	150.0	80.0
Repayment of rolling credit facility	(150.0)	(75.0)
Repayment of bond issues	-	(96.2)
Repayment of lease liabilities	(411.4)	(503.5)
Repayment of asset backed financial liabilities	(21.1)	(9.8)
Proceeds from asset backed financial liabilities	57.4	36.7
Proceeds from NextGen facility	7.5	6.8
Fees for finance facilities	(0.6)	-
Net cash flow used in financing activities	(453.5)	(641.5)
Net decrease in cash and cash equivalents before foreign exchange movements	(24.1)	(38.2)
Cash and cash equivalents at beginning of year	430.7	468.7
Foreign exchange movements	(0.1)	0.2
Cash and cash equivalents at end of year	406.5	430.7

Source ↗

	27 September 2025 £m	28 September 2024 (restated) £m
Revenue	2,297.6	2,373.5
Operating costs	(2,194.0)	(2,273.2)
Operating profit	103.6	100.3
Investment income	3.6	4.7
Finance costs	(30.9)	(34.7)
Profit before tax	76.3	70.3
Tax	(19.1)	(17.8)
Profit from continuing operations	57.2	52.5
(Loss)/profit from discontinued operations	(0.2)	5.8
Profit for the period	57.0	58.3
Attributable to
Equity holders of the parent	55.5	55.8
Non-controlling interests	1.5	2.5
Total attributable to	57.0	58.3
Earnings per share
Basic	9.9p	8.2p
Diluted	9.5p	7.8p
Basic	9.9p	9.2p
Diluted	9.5p	8.8p
Adjusted results (from continuing operations) 1
Adjusted operating profit	103.6	100.8
Adjusted profit before tax	76.3	70.8
Adjusted EPS	9.9p	8.5p
Adjusted diluted EPS	9.5p	8.1p

Source ↗

	Unaudited 27 September 2025 £m	Audited 29 March 2025 £m
Non-current assets
Goodwill	151.9	148.2
Other intangible assets	17.5	16.1
Property, plant and equipment	1,853.4	2,028.0
Non-current receivables	1.2	-
Deferred tax assets	44.7	47.2
Retirement benefit assets	12.7	27.3
Derivative financial instruments	0.3	0.3
Financial asset	106.0	104.2
Investments	2.5	2.6
Investments in associates	2.0	-
Total non-current assets	2,192.2	2,373.9
Current assets
Inventories	33.7	30.8
Trade and other receivables	709.8	761.6
Current tax assets	3.0	7.4
Cash and cash equivalents	421.0	487.1
Derivative financial instruments	1.0	0.2
Total current assets	1,168.5	1,287.1
Total assets	3,360.7	3,661.0
Current liabilities
Trade and other payables	1,016.0	1,208.2
Tax liabilities - Other tax and social security	62.4	59.6
Borrowings	511.8	482.9
Derivative financial instruments	2.3	3.0
Provisions	75.1	96.2
Current liabilities	1,667.6	1,849.9
Net current liabilities	(499.1)	(562.8)
Non-current liabilities
Borrowings	901.2	979.0
Derivative financial instruments	1.1	1.0
Retirement benefit liabilities	41.7	4.6
Provisions	109.1	114.0
Total non-current liabilities	1,053.1	1,098.6
Total liabilities	2,720.7	2,948.5
Net assets	640.0	712.5
Equity
Share capital	37.5	37.5
Share premium	693.3	693.3
Hedging reserve	(1.3)	(2.2)
Other reserves	22.4	22.4
Own shares	(38.9)	(31.1)
Translation reserve	(21.5)	(21.9)
Retained earnings	(68.8)	(1.3)
Equity attributable to equity holders of the parent	622.7	696.7
Non-controlling interests	17.3	15.8
Total equity	640.0	712.5

Source ↗

	27 September 2025 £m	28 September 2024 £m
Cash generated by operations	226.4	350.5
Tax received/(paid)	1.9	(0.8)
Interest paid	(30.7)	(35.6)
Net cash from operating activities	197.6	314.1
Investing activities
Interest received	3.2	4.8
Proceeds from disposal of property, plant and equipment	11.4	10.1
Purchases of property, plant and equipment	(132.8)	(71.7)
Purchases of software	(3.6)	(0.8)
Proceeds from capital grant funding	38.3	23.8
Acquisitions of businesses, net of cash acquired	(7.5)	(1.5)
Investment in associate	(2.0)	-
Net cash from investing activities	(93.0)	(35.3)
Financing activities
Shares purchased by Employee Benefit Trust	(20.3)	(9.3)
Treasury shares purchased via share buyback schemes and directly associated costs	(48.7)	(41.4)
External dividends paid	(26.9)	(24.0)
Repayment of bond issues	-	(96.2)
Term loan drawdown	35.0	-
Repayment of rolling credit facility	(74.5)	-
Proceeds from rolling credit facility	100.0	-
Repayment of asset backed financial liabilities	(8.8)	(5.3)
Proceeds from asset backed financial liabilities	40.5	31.6
Repayment of NextGen facility	-	(3.0)
Proceeds from NextGen facility	3.7	8.1
Repayment of lease liabilities	(212.1)	(243.3)
Net cash flow used in financing activities	(212.1)	(382.8)
Net decrease in cash and cash equivalents before foreign exchange movements	(107.5)	(104.0)
Cash and cash equivalents at beginning of period	430.7	468.7
Foreign exchange movements	-	1.5
Cash and cash equivalents at the end of the period	323.2	366.2
Cash flow from discontinued operations
Net cash inflow from operating activities	0.2	(1.2)
Net cash flow from investing activities	-	-
Net cash flow from financing activities	-	-
Net cash flow from discontinued operations	0.2	(1.2)

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	4,751.9	5,233.9
EBITDA	200.8	160.1
Adjusted operating profit	219.4	222.8
Operating profit	219.4	222.6
Operating profit to net income
Finance costs	(69.8)	(65.4)
Profit before tax	156.7	164.9
Tax	(37.3)	(31.3)
Net income (owners)	118.3	127.5
Discontinued operations	2.1	4.7
Per share
EPS basic	21.4p	21.3p
EPS diluted	20.6p	20.5p
Dividend per share	7.2p	6.5p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	2,454.3	2,297.6	2,860.4	2,373.5
Adjusted operating profit	115.8	103.6	122.0	100.8
Operating profit	115.8	103.6	122.3	100.3
Operating profit to net income
Finance costs	(38.9)	(30.9)	(30.7)	(34.7)
Profit before tax	80.4	76.3	94.6	70.3
Tax	(18.2)	(19.1)	(13.5)	(17.8)
Net income (owners)	62.8	55.5	71.7	55.8
Discontinued operations	2.3	(0.2)	(1.1)	5.8
Per share
EPS basic	11.5p	9.9p	12.1p	9.2p
EPS diluted	11.1p	9.5p	11.7p	8.8p
Dividend per share	5.0p	2.2p	4.8p	1.7p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	615.6	754.2
Interest paid	(65.0)	(68.0)
Tax paid	(0.9)	(6.0)
Investing activities
Capex (PP&E)	(241.8)	(150.7)
Capex (intangibles)	(11.2)	(5.7)
Financing activities
Lease principal paid	(411.4)	(503.5)
Dividends paid	(38.9)	(34.2)
Share buybacks	(50.4)	(91.8)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	418.0	197.6	440.1	314.1
Interest paid	(34.3)	(30.7)	(32.4)	(35.6)
Tax paid	(2.8)	1.9	(5.2)	(0.8)
Investing activities
Capex (PP&E)	(109.0)	(132.8)	(79.0)	(71.7)
Capex (intangibles)	(7.6)	(3.6)	(4.9)	(0.8)
Financing activities
Lease principal paid	(199.3)	(212.1)	(260.2)	(243.3)
Dividends paid	(12.0)	(26.9)	(10.2)	(24.0)
Share buybacks	(1.7)	(48.7)	(50.4)	(41.4)

	28 Mar 26	29 Mar 25
Non-current assets
Goodwill	157.0	144.7^r
Other intangibles	21.9	14.8^r
Property, plant & equipment	1,727.1	2,037.2
Associates & JVs	2.0	–
Other investments	–	104.2
Non-current assets	2,027.5	2,377.6
Current assets
Inventories	29.3	30.8
Trade receivables	586.4	761.6
Cash	432.0	487.1
Current assets	1,073.9	1,287.1
Total assets	3,101.4	3,664.7
Current liabilities
Trade payables	888.9	1,072.7^r
Borrowings, current	447.1	481.4
Current liabilities	1,461.9	1,708.8^r
Non-current liabilities
Borrowings, non-current	710.2	991.3^r
Non-current liabilities	920.0	1,243.4
Total liabilities	2,381.9	2,952.2
Equity
Non-controlling interests	9.5	15.8
Total equity	719.5	712.5

	28 Mar 26	27 Sep 25	29 Mar 25	28 Sep 24
Non-current assets
Goodwill	157.0	151.9	144.7^r	–
Other intangibles	21.9	17.5	14.8^r	–
Property, plant & equipment	1,727.1	1,853.4	2,037.2	–
Associates & JVs	2.0	2.0	–	–
Other investments	–	106.0	104.2	–
Non-current assets	2,027.5	2,192.2	2,377.6	–
Current assets
Inventories	29.3	33.7	30.8	–
Trade receivables	586.4	709.8	761.6	–
Cash	432.0	421.0	487.1	–
Current assets	1,073.9	1,168.5	1,287.1	–
Total assets	3,101.4	3,360.7	3,664.7	–
Current liabilities
Trade payables	888.9	1,016.0	1,072.7^r	–
Borrowings, current	447.1	511.8	481.4	–
Current liabilities	1,461.9	1,667.6	1,708.8^r	–
Non-current liabilities
Borrowings, non-current	710.2	901.2	991.3^r	–
Non-current liabilities	920.0	1,053.1	1,243.4	–
Total liabilities	2,381.9	2,720.7	2,952.2	–
Equity
Non-controlling interests	9.5	17.3	15.8	–
Total equity	719.5	640.0	712.5	–
Net cash and other figures
Net cash / (debt) ex leases	–	(207.6)	–	–
Net cash / (debt) incl. leases	–	(992.0)	–	(977.1)

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