FirstGroup

What FirstGroup does

FirstGroup plc is a Scotland-registered (company number 157176), London-listed (LSE: FGP) public transport operator headquartered in Aberdeen that runs two core divisions, First Bus and First Rail, across the UK and Ireland. First Bus is one of the UK's largest bus operators, carrying more than one million passengers daily and serving more than 25% of the UK population through regional bus services and a growing coach portfolio built via acquisitions such as York Pullman, Anderson Travel, Lakeside Group, Hills Coaches, Eagle Coaches, J&B Coaches, Matthews Coaches, and the Tootbus sightseeing business acquired from RATP London in December 2025. First Rail operates long-distance, commuter, regional, sleeper, and open access rail services through franchises and open access operators including Avanti West Coast, Great Western Railway, Hull Trains, Lumo, and evo rail, alongside data services through Mistral Data and the IFS London Cable Car concession.

The group's underlying technology stack centres on operational transport systems: electric and low-emission bus fleets (with a £150m Green Hire Purchase Financing Facility supporting Hitachi partnership decarbonisation), rail operations management, passenger information systems, and digital ticketing across brand websites and mobile apps. Mistral Data adds a rail-focused data services layer. FirstGroup does not develop proprietary AI or software products; its technology differentiation is rooted in fleet electrification, operational scale, and procurement leverage across its 4,500+ supplier base.

The business model is usage-based fares and government franchise revenue. First Bus charges per-journey fares with ticket types ranging from single tickets to season tickets, while First Rail combines passenger fares with revenue from government franchising contracts and open access services. Group adjusted revenue grew 25% to over £1.7bn in FY2026 (52 weeks to 28 March 2026), with First Bus revenue up 33% to £1.44bn driven by the London Overground contract win. Adjusted operating profit reached £219.4m and free cash flow of £363m materially exceeded reported profit of £116.2m. Following the 2025 sale of First Student and First Transit (North American operations), FirstGroup has repositioned as a focused UK/Ireland transport operator and returned capital via a £100m share buyback and an 11% dividend increase announced in June 2026.

Name

FirstGroup

Legal name

FirstGroup PLC

Website

https://firstgroupplc.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

FirstGroup is a UK and Ireland public transport operator running First Bus and First Rail divisions, transporting 1.8 million+ passengers daily across bus, rail, coach, and sightseeing services following the 2025 divestiture of its North American operations.

Ownership category

akta.pro rank

Product category

Public Transportation Services

NAICS

Transit and Ground Passenger Transportation (485), Interurban and Rural Bus Transportation (48521), Charter Bus Industry (48551), Scenic and Sightseeing Transportation, Other (487990)

SIC

Local & Suburban Transit & Interurban Hwy Passenger Trans (4100), Transportation Services (4700)

akta.pro primary industry

Economy/Conventional Scheduled Intercity Bus Services (THAIADAE)

akta.pro secondary industries

Open-Access Intercity Rail Operators (Private) (THAIAAAB), Private/Open-Access Intercity Rail Operators (TLAFADAC), Luxury / Premium Coach Operators (TLAFAFAE), National Intercity Coach Operators (Scheduled Network) (THAIADAA)

Keywords

• Public transport services
• Passenger bus operations
• Rail franchise services
• Intercity rail operator
• Coach transit services

Headquarters

HQ city

Aberdeen

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. First Bus: First Bus division generates revenue through passenger fares for bus services, carrying more than a million passengers a day and serving more than 25% of the UK population. Revenue increased 33% to £1.44bn in FY2026.
2. First Rail: First Rail operates long-distance, commuter, regional and sleeper services through operators including Avanti West Coast, Great Western Railway, Hull Trains, Lumo, and evo rail. Revenue is generated through passenger fares and government rail franchising contracts.
3. Coach Services: FirstGroup operates coach services including Aircoach in Ireland and various UK coach operators acquired through bolt-on acquisitions, generating revenue from private hire, school contracts, tourism, and scheduled services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

FirstGroup operates passenger bus, rail, and coach transport services across the UK and Ireland through two main divisions: First Bus (one of the UK's largest bus operators serving over 25% of the population) and First Rail (operating intercity, commuter, regional and open access rail services including Avanti West Coast, Great Western Railway, Hull Trains, and Lumo). The company also operates Aircoach in Ireland, IFS London Cable Car, and the Tootbus sightseeing brand, carrying more than 1.8 million passengers daily.

Product overview

FirstGroup is a leading private sector provider of public transport operating a diversified portfolio of bus and rail services across the UK and Ireland. The company operates through two main divisions: First Bus (regional bus services including the acquired coach operators Anderson Travel, York Pullman, Hills Coaches, Eagle Coaches, J&B Travel, Lakeside Group, Matthews Coaches, and Ensign Bus, plus the Tootbus sightseeing operations) and First Rail (comprising Avanti West Coast, Great Western Railway, Hull Trains, Lumo, evo rail, and Mistral Data, plus open access services). Supporting services include Aircoach in Ireland, First Travel Solutions, and the IFS London Cable Car. The company carries more than 1.8 million passengers daily across thousands of buses and trains. FirstGroup also operates a non-emergency medical transportation business and maintains an energy subsidiary (FirstGroup Energy Limited) with investments in battery technology.

Differentiator

Problem solved

Functional benefit

Brands

• Be Safe: Safety behavioural change programme focused on achieving zero harm
• ascent
• Leadership Lab
• First Connections
• First Xclusives
• Wellbeing Hub

Products and services

• First Bus

Quantifiable outcome

• Transports 1.8 million+ passengers daily
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

16 partnerships are on record, tiered core and minor.

• HitachicoreStrategic or Co-development Partner · 17 January 2024FirstGroup has a strategic partnership with Hitachi on electric buses, supporting the company's bus decarbonisation goals. FirstGroup secured a £150 million Green Hire Purchase Financing Facility to support the purchase of electric bus bodies as part of this partnership.
• CentricacoreStrategic or Co-development PartnerFirst Bus and Centrica announced a new electric vehicle charging partnership to support the transition to electric buses.
• SamaritanscoreStrategic or Co-development PartnerFirstGroup works closely with the Samaritans and the wider rail industry to reduce suicide on the railways and to support everyone affected by them. Frontline staff receive suicide prevention training to help identify and assist people in distress.
• Macmillan Cancer SupportcoreStrategic or Co-development PartnerMacmillan Cancer Support was voted by thousands of First Bus colleagues to be the company's charity partner until 2026. First Bus will match fund all monies raised by colleagues throughout the three-year partnership.
• Railway ChildrenminorStrategic or Co-development PartnerRailway Children fights for vulnerable children who live alone at risk on the streets. FirstGroup partners with this charity to support their work in reaching street children before the streets get to them.
• Community Rail NetworkcoreStrategic or Co-development PartnerFirstGroup works with Community Rail Network which represents 75 Community Rail Partnerships (CRPs) and over 1,000 station adoption groups across the UK, helping deliver social, environmental, and economic benefits through local development.
• NeighbourlyminorStrategic or Co-development PartnerFirstGroup has partnered with Neighbourly, an award-winning giving platform, to connect employees with volunteering opportunities in their local areas. Over 400 good causes are connected through the platform across the UK.
• Achilles (Link-Up)coreTechnology or IntegrationFirstGroup operates solutions to enhance its risk management capability including a partnership with Achilles (Link-Up) who operate continuous monitoring and screening services for suppliers.
• RSSB (RISQS)coreTechnology or IntegrationFirstGroup partners with RSSB (Rail Safety and Standards Board) through their RISQS programme which operates continuous monitoring and screening services for railway suppliers.
• Reaseheath CollegecoreStrategic or Co-development PartnerFirst Bus partnership with Reaseheath College, Cheshire entered its third year in FY2024. A new cohort of 36 apprentices began learning at the UK's first engineering academy for the next generation of zero emission coaches and buses.
• EYLane4coreStrategic or Co-development PartnerFirst Bus developed its Leadership Lab programme with partners at EYLane4 to equip the First Bus leadership population with models, concepts, practical case-studies and management theory.
• RealiseminorStrategic or Co-development PartnerFirst Bus partnered with Realise to build a sustainable pathway for new drivers through a new apprenticeship programme for bus drivers.
• Able FuturesminorStrategic or Co-development PartnerFirstGroup works with Able Futures who provide confidential advice and guidance from a mental health specialist and access to therapy for employees.
• Better with MoneyminorStrategic or Co-development PartnerFirst Bus partnered with Better with Money, offering all colleagues the opportunity to attend webinars that offer financial support and wellbeing guidance.
• Andy's Man ClubminorStrategic or Co-development PartnerFirstGroup collaborates with Andy's Man Club as part of its sustained, year-round focus on mental health awareness and colleague engagement.
• Railway Benefit FundminorStrategic or Co-development PartnerAvanti West Coast partnered with the Railway Benefit Fund, a Crewe-based charity that offers bespoke care and advice to railway families to support colleague wellbeing.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Transdev: French multinational transport operator with UK rail franchises (Bluestar, Southern, Thameslink operations historically) and bus operations. Direct competitor on UK rail franchises and tendered bus services.
• Stagecoach Group: UK-listed bus and coach operator headquartered in Scotland with similar interurban coach and regional bus exposure. Stagecoach is the closest direct peer to First Bus on UK regional and intercity routes and competes for franchised bus contracts.
• National Express Group: UK-listed coach and bus operator with National Express scheduled coach services, German bus operations, and UK school bus contracts. Directly comparable to FirstGroup's coach division and First Bus on UK scheduled coach routes.
• Go-Ahead Group: UK bus and rail operator (now owned by Kinetic) operating regional bus services and rail franchises including Southeastern and Govia Thameslink. Direct competitor to First Bus on tendered UK bus contracts and to First Rail on franchised passenger rail.
• ComfortDelGro: Singapore-listed multi-modal transport group with UK operations including Metroline (London bus) and ComfortDelGro Transit. Comparable to First Bus on London tendered routes and broader UK bus operations.
• Arriva: Deutsche Bahn-owned UK bus and train operator running CrossCountry, Chiltern Railways, and regional bus services. Competes with FirstGroup on UK rail franchises and tendered bus contracts.
• Mobico Group: UK-listed multimodal transport operator (formerly National Express Group) running scheduled coach, urban bus, and rail services across Europe. Direct peer to FirstGroup on UK coach, school bus, and European intercity transport.

Emerging players

• FlixBus: European low-cost intercity coach operator with UK routes via FlixBus UK. Comparable to FirstGroup's coach division and Aircoach on price-sensitive scheduled intercity coach services, with growing UK market share.
• Rotala: AIM-listed UK regional bus operator with smaller scale than FirstGroup, operating acquired bus contracts in the West Midlands and North West. Comparable as a UK-focused regional bus consolidator competing for the same tendered contracts.

Others

• Trainline: UK-listed rail and coach ticketing platform and one of FirstGroup's key third-party ticket distribution partners. Adjacent rather than directly competitive — provides the retail layer that distributes First Rail and other operator tickets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-group
• Xx.com/firstgroupplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries21 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FirstGroup