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Demand at FirstGroup hasn’t been damaged by the rail network’s overcrowding and higher fares, according to its figures. The rail operator reported just last week in its half-year performance (the six months to September 30) that passenger revenues have risen 9% and that all its franchises show good volume growth. The company operates the Capital Connect, First Great Western, Scotrail and TransPennine Express franchises. First Great Western is said by the rail regulator to have the worst levels of rush-hour overcrowding.

At the beginning of the year, regulated rail fares rose by an average 6.2%, and they are due to increase by another 8% at the turn of the year. Despite this, demand has increased due to the rise in petrol prices, which has turned motorists away from the roads. Meanwhile, events like the recent Take That concert in Manchester resulted in a boost of volume at TransPennine.

Despite revenues in its rail franchises rising, FirstGroup said that its bus business hasn’t performed quite as well. Revenues were only up 1.2%, with economic conditions affecting the number of shopping trips made by people. The group runs more than one in five of all local bus services and adds that conditions will also be harder over the rest of the year due to weaker consumer activity.

Aside from local bus services, FristGroup operates about 60,000 school bus services in the US and Canada, as well as Greyhound, the coach business, in the US. There, school bus revenues dropped 2.3%, while Greyhound revenues rose 3.6%. The company says that it’s currently restructuring its school bus business, which has come under pressure due to school budget cuts. Overall, however, the group is on track to meet profit forecasts, and officials say they are committed to cutting debt, generating cash to sustain investment and raising the dividend by at least 7% per annum.

Meanwhile, it’s been revealed that FirstGroup has sold its bus operation in Germany (FirstGroup Deutschland) for €5.5 million to Marwyn European Transport, which is a subsidiary of Marwyn Management Partners, the private equity firm. The business operates a fleet of 130 buses in south-west Germay’s Rhineland Pfalz region.

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