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"ConsolidatedCashFlowStatement_Label_00584": { "value": "36700000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00583": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "fgp:ProceedsFromAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00608": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "fgp:RepaymentOfLoanNotes", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00609": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "fgp:RepaymentOfLoanNotes", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00611": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "fgp:NextgenFacilityDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00610": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "fgp:NextgenFacilityDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00614": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "fgp:FeesForFinanceFacilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00613": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "fgp:FeesForFinanceFacilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00615": { "value": "-641500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00616": { "value": "-776300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00178": { "value": "-38200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00177": { "value": "-243200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00179": { "value": "468700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00180": { "value": "708500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00245": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00246": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2023-03-26T00:00:00/2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00247": { "value": "430700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00248": { "value": "468700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "1 General information
FirstGroup plc is a company incorporated in the United Kingdom under the Companies Act 2006.
The\u00a0address of the registered office is 395 King Street, Aberdeen, Scotland, United Kingdom AB24\u00a05RP.
The nature of the Group\u2019s operations and its principal activities are set out in the Strategic\u00a0report on
pages\u00a004 to 70.
These financial statements are presented in pounds sterling. Foreign operations are included
in\u00a0accordance with the accounting policies set out in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "FirstGroup plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "FirstGroup plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "395 King Street, Aberdeen, Scotland, United Kingdom AB24\u00a05RP.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "The nature of the Group\u2019s operations and its principal activities are set out in the Strategic\u00a0report on pages\u00a004 to 70.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "2 Material accounting policies
Basis of accounting
The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international
accounting\u00a0standards and with the requirements of the Companies Act 2006. There were no unendorsed
standards effective for the period ended 29 March 2025 affecting these consolidated and separate
financial statements.
The financial statements have been prepared on the historical cost basis, except for the revaluation of
certain financial instruments, and on a going concern basis as described in the going concern statement
within the Strategic report on page 70.
As set out on page 69, the Group has undertaken detailed reviews of a range of severe but plausible
financial and operational scenarios using financial outlook modelling. Based on their review of the financial
forecasts and having regard to the risks and uncertainties to which the Group is exposed, the Directors
believe that the Company and the Group have adequate resources to continue in operational existence for
at least a 12\u2011month period from the date on which the financial statements were approved. Accordingly,
the financial statements have been prepared on a going concern basis.
The financial statements for the 52 weeks ended 29 March 2025 include the results and financial position
of the First Rail businesses for the year ended 31 March 2025 and the results and financial position of all
the other businesses for the 52 weeks ended 29 March 2025. The financial statements for the 53 weeks
ended 30 March 2024 include the results and financial position of the First Rail businesses for the year
ended 31 March 2024 and the results and financial position of all the other businesses for the 53 weeks
ended 30 March 2024.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee
entity, exposure to variable returns from its involvement with the entity and the ability to use its power over
the entity to affect its returns.
Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein.
The present ownership interests of non\u2011controlling shareholders entitle their holders to a\u00a0proportionate
share of net assets upon liquidation, and may initially be measured at fair value, or\u00a0at\u00a0the non\u2011controlling
interests\u2019 proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of
measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the
amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent
changes in equity. Total comprehensive income is\u00a0attributed to non\u2011controlling interests even if this results
in the non\u2011controlling interests having a\u00a0deficit balance.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as\u00a0appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration
for\u00a0each\u00a0acquisition is measured at the aggregate of the fair values, at the date of exchange, of\u00a0assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control
of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for
recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.
Assets and disposal groups held for sale and discontinued operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale
if\u00a0it\u00a0is highly probable that they will be recovered primarily through sale rather than through continuing
use.\u00a0This condition is regarded as met only when the sale is highly probable and the asset is available
for\u00a0immediate sale in its present condition. Management must be committed to the sale which should
be\u00a0expected to qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less
costs to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses
on remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of\u00a0operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented
as\u00a0a\u00a0single amount as profit or loss after tax from discontinued operations in the income statement.
Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is\u00a0measured as the excess of the sum of the consideration transferred, the amount of any\u00a0non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to\u00a0the other assets of the CGU
pro\u2011rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for
goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is\u00a0included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on\u00a0a straight\u2011line basis over its useful
economic life (three to five years).
Revenue recognition
Under IFRS 15 revenue is recognised when control of a good or service transfers to the customer.
The\u00a0point at which goods and services are transferred to the customer is based on the fulfilment
of\u00a0performance obligations.
As the Group has the right to consideration corresponding directly with the value of performance
completed to date, customer contract revenue is recognised consistent with the amount that the\u00a0Group
has a right to invoice. The Group is therefore exercising the practical expedient not to\u00a0explain\u00a0transaction
prices allocated to unsatisfied performance obligations at the end of the reporting period.
Revenue principally comprises revenue from train passenger services, road passenger transport, and
certain management and maintenance services in the UK. Where appropriate, amounts are shown net
of\u00a0rebates and sales taxes. An explanation of the types of revenue is set out below.
Note that revenues include contractual and direct fiscal support. This is covered in more detail further
on\u00a0in\u00a0this note.
Passenger revenues
Passenger revenues primarily relate to ticket sales through First Bus and the First Rail businesses.
Passenger revenue is recognised at both a point in time and over time. Ticket sales for journeys of\u00a0less
than one week\u2019s duration are recognised on the first date of travel. Ticket sales for season tickets, travel
cards and open\u2011return tickets are initially deferred then recognised over the period covered by the relevant
ticket. Concessionary amounts are recognised in the period in which the service is provided.
Contract revenues
Contract revenues mainly relate to tenders and route contracts in First Bus. Revenues are recognised as
the services are\u00a0provided over the length of the contract and based on a transaction price which is defined
in the\u00a0terms of the contract.
Rail contract subsidy receipts
Revenue in the First Rail businesses includes subsidy receipts from the Department for Transport (DfT)
for\u00a0National Rail Contracts (NRCs), with amounts receivable under these arrangements including
certain\u00a0funded operational projects. Revenue also includes amounts attributable to the Train Operating
Companies (TOCs), predominantly based on models of route usage, by the Railway Settlement Plan in
respect of passenger receipts. Revenue is recognised over time as the performance obligations are met
as\u00a0agreed between the individual TOCs and the DfT.
Other revenues
Other revenues mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail
and\u00a0road passenger service providers for maintenance, refuelling and other associated services and to
sundry third parties for the use of space at terminals and on\u2011board vehicles for other business activities,
e.g. retail outlets, taxi ranks, catering and advertising. Other revenues are recognised at both a point in
time and over time.
Contractual and direct fiscal support
The principal direct fiscal support recognised during the year comprised \u00a3347.8m (2024: \u00a3383.5m) of\u00a0NRC
funding in the First Rail businesses, and \u00a315.5m (2024: \u00a325.0m) of funding and concessions (including the
\u00a33\u00a0fare cap in England) in First Bus. These are recognised within revenue in accordance with IFRS 15 when
control of the good or service is transferred to the customer and\u00a0the\u00a0Group is entitled to the consideration.
The main direct fiscal support recognised in revenue over time for each division has been as follows:
First Bus
The English, Scottish and Welsh Governments have each supported bus operators, through a variety of
funding schemes since March 2020. In England, the BSOG+ scheme provides funding through enhanced
BSOG rates per litre and an additional payment per km operated for eligible miles. In addition to this the
DfT implemented a \u00a32 cap on all single fares across the country in January 2023, reimbursing operators
for any revenue foregone as a result of the reduced ticket prices. This scheme ran until December 2024,
whereupon the fare cap increased to \u00a33. In\u00a0Scotland, funding is provided by the NSG scheme which
replaced their BSOG scheme. In Wales funding is provided through BSSG and the tendering of routes
which are no longer commercially viable.
The extent to which certain costs are eligible for inclusion in claiming bus support grant income and\u00a0how
certain costs should be determined for the purposes of the schemes remains subject to\u00a0reconciliation
processes. Income is recognised in the income statement in the same period in\u00a0which\u00a0the related shortfall
of revenue over costs is incurred to the extent there is reasonable certainty that: (a) the Group will comply
with the conditions attaching to the grant and (b) the grant\u00a0will be received and retained by the Group,
taking account of the potential adjustments to\u00a0grant\u00a0payments as a result of any reconciliation process.
First Rail
The Emergency Measures Agreements (EMAs), the Emergency Recovery Measures Agreement (ERMAs)
and the National Rail Contracts (NRCs) transferred substantially all revenue and substantially all cost risk
to the government and for the current and prior periods our First Rail contracts were operated under the
terms of these arrangements:
\ue001
GWR operated under an NRC to June 2028, with a minimum core period to June 2025.
\ue001
WCP/Avanti were awarded a nine\u2011year NRC in September 2023, with a minimum core three\u2011year term to
October 2026.
\ue001
SWR operated under an NRC throughout both periods, with an expiry date of 25 May 2025.
\ue001
On 11 May 2023, the DfT confirmed that it would not exercise its option to extend FirstGroup\u2019s TPE NRC
and the contract expired on 28 May 2023. On that date the DfT\u00a0appointed its Operator of Last Resort to
take over delivery of passenger services on the TPE\u00a0network.
Under the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the
rail network at a service level agreed with the government. Performance based fees are earned through a
combination of scorecards and quantified target methodologies benchmarked off\u00a0this agreed service level.
Net DfT funding including the management and performance fee is recognised as revenue in Rail contracts
subsidy receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
Disaggregated revenue by operating segment is set out in note 5.
Leasing
Lease identification
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or\u00a0contains, a lease if the contract conveys the right to control the use of an identified asset for a\u00a0period
of\u00a0time in exchange for consideration.
Right of use asset
At the commencement date, the right of use asset is initially measured at cost, which comprises the\u00a0initial
amount of the lease liability adjusted for any lease payments made at or before the commencement date,
less any incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred
by the Group to dismantle and remove the underlying asset or restore the underlying asset or the site on
which it is located.
The right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life
of\u00a0the asset, the lease term or current expected contract terms for rail TOCs. In addition, the right of use
asset is periodically reduced by impairment losses, if applicable, and adjusted for certain remeasurements
of the lease liability.
Lease liability
At the commencement date of the lease, the lease liability is initially measured at the present value of
lease\u00a0payments to be made over the lease term. The lease payments include fixed payments (including
in\u2011substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on\u00a0an index or a rate, and amounts expected to be paid by the Group under residual value guarantees.
The\u00a0lease payments also include the exercise price of a purchase option if\u00a0the Group is reasonably
certain\u00a0to exercise that option. Payments of penalties for terminating a\u00a0lease, if the lease term reflects
the\u00a0Group exercising the option to terminate the lease, are also included. The payments are discounted
at\u00a0the incremental borrowing rate since the rates implicit in\u00a0the leases are not readily available.
The lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability
and reducing the carrying amount to reflect the lease payments made. The carrying value is\u00a0remeasured
when there is a change in future lease payments arising from a change in an index or\u00a0rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a\u00a0residual value guarantee, or if the
Group changes its assessment of whether it will exercise a\u00a0purchase, extension or termination option.
Lease incentives
The Group assesses reimbursements from lessors, to establish whether these represent lease incentives.
Where a lease incentive is identified, the income is spread over the term of the related lease.
Short\u2011term leases and leases of low\u2011value assets
The Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term of
12 months or less from the commencement date and do not contain a purchase option and where it is not
reasonably certain that the lease term will be extended. It also applies the low\u2011value assets recognition
exemption to leases of assets of low value based on the value of the asset when it\u00a0is new, regardless of the
age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are
recognised as an expense on a straight\u2011line basis over the lease term.
On the balance sheet, right of use assets have been included in property, plant and equipment and lease
liabilities have been included in borrowings.
Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the
consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the
functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At
each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried
at fair value that are denominated in foreign currencies are translated at\u00a0the rates prevailing at the date
when the fair value was determined. Non\u2011monetary items that are\u00a0measured in terms of historical cost in
a\u00a0foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary
items, are included in profit or loss for the period. Exchange differences arising on the retranslation of
non\u2011monetary items carried at fair value are included in profit or loss for the period, except for differences
arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
within other comprehensive income. For such non\u2011monetary items, any exchange component of that gain
or loss is also recognised within other comprehensive income.
In order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and
borrowings in foreign currencies (see note 23 for details of the Group\u2019s policies in respect of foreign
exchange risks).
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the
closing\u00a0exchange rates on the balance sheet date. Income and expense items are translated at the
average\u00a0exchange rates for the period. Exchange differences arising from the average exchange rates
used and the\u00a0period end rate, if any, are classified as equity and transferred to the Group\u2019s translation
reserve. Such\u00a0translation differences are recognised as income or as expenses in the period in which the
operation\u00a0is disposed of.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Non\u2011GAAP measures and performance
In measuring the Group and divisional adjusted operating performance, additional financial measures
derived from the reported results have been used by management in order to eliminate factors which
distort year\u2011on\u2011year comparisons. The Group\u2019s adjusted performance is used to explain year\u2011on\u2011year
changes when the effect of certain items is significant, including strategic items (including material M&A
and group restructuring projects), costs of acquisitions including aborted acquisitions, and impairment of
assets. Other items below \u00a35.0m would not normally be considered as adjusting items unless part of a
larger strategic project, but items which distort year\u2011on\u2011year comparisons that exceed this amount could
potentially be classified as an adjusting item and are assessed on a case\u2011by\u2011case basis. Such potential
adjusting other items may include: restructuring and reorganisation costs; property gains or losses; aged
legal and self\u2011insurance claims; movements on insurance discount rates; onerous contract provisions;
pension settlement gains or losses; and other items which management has determined as not
being\u00a0relevant to an understanding of the Group\u2019s underlying business performance. Subsequent
remeasurements of adjusting items are also\u00a0recognised as an adjusting item in the future period in which
the remeasurement occurs.
Management considers that this overall basis supports year\u2011on\u2011year business performance comparisons,
to underpin planning and decision making on resource allocation. The Group does not\u00a0consider the
non\u2011GAAP measures to be more important than, or superior to, IFRS measures. See note 4 for the
reconciliation to non\u2011GAAP measures and performance.
Retirement benefit costs
The Group operates or participates in a number of pension schemes, which include both defined benefit
schemes and defined contribution schemes.
Payments to defined contribution plans are charged as an expense as they fall due. There is no further
obligation to pay contributions into a defined contribution plan once the contributions specified in the plan
rules have been paid.
For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial updates being carried out at each balance sheet date. Actuarial gains and losses
are recognised in full in the period in which they occur. They are recognised outside the income statement
and presented in the consolidated statement of other comprehensive income.
All past service costs are recognised immediately in the consolidated income statement.
Where changes to the benefits in payment on defined benefit pension schemes require a change
in\u00a0scheme rules or ratification by the Trustees, the change is recognised as a past service charge or\u00a0credit
in the income statement. Where changes in assumptions can be made without changing\u00a0the\u00a0Trustee
agreement, these are recognised as a change in assumptions in other comprehensive\u00a0income.
The retirement benefit position recognised in the balance sheet represents the present value of the defined
benefit obligation as reduced by the fair value of scheme assets. Any residual asset resulting from this
calculation is limited to refunds economically available to the Company, in the form of either a public sector
payment or the present value of future service costs recognised via suspension of cash contributions.
Various TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an
industry\u2011wide defined benefit scheme. The Group is obligated to fund the relevant section of the scheme
over the period for which the contract is held. The full liability is recognised on the balance sheet, which is
then reduced by a \u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the
scheme over the contract term, subject to any changes in the schedule of contributions following a
statutory valuation.
Retirement benefits are also covered in the Key sources of estimation uncertainty section of\u00a0note\u00a02\u00a0below.
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit\u00a0as
reported in the income statement because it excludes items of income or expense that are\u00a0taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the\u00a0balance sheet date and includes an estimate of the tax which could be payable as a result of differing
interpretation of tax laws.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used in\u00a0the
computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and deferred tax\u00a0assets are
recognised to the extent that it is probable that taxable profits will be available against\u00a0which deductible
temporary differences can be utilised. Such assets and liabilities are not\u00a0recognised if the temporary
difference arises from the initial recognition of goodwill, or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to\u00a0the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or\u00a0part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is\u00a0settled or the asset is realised and is based on the estimated tax consequences of items that are subject
to differing interpretations of tax laws. Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited in other comprehensive income or\u00a0directly to equity, in which
case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax\u00a0authority
and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to\u00a0determine
the accounting tax position when there is uncertainty over income tax treatments. The\u00a0interpretation
requires the Group to determine whether uncertain tax positions are assessed separately or as a Group,
and
\ue001
Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or\u00a0proposed
to be used, by an entity in its income tax filings:
\ue001
If yes, the Group should determine its accounting tax position consistently with the tax treatment used
or planned to be used in its income tax filings.
\ue001
If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using
either the most likely amount or the expected value method.
Property, plant and equipment
Properties for provision of services or administrative purposes are carried at cost, less any recognised
impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in
accordance with the Group\u2019s accounting policy. Depreciation of these assets, on\u00a0the same basis as other
property assets, commences when the assets are ready for their intended use.
Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element
of\u00a0long leasehold properties or on assets in the course of construction, over their estimated\u00a0useful lives,
using the straight\u2011line method, on the following bases:
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
Assets specific to Train Operating Companies are depreciated over the lesser of their estimated useful
lives or the expected rail contract term.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in income.
Capital grants
Capital grants relating to property, plant and equipment are held in other payables and released to\u00a0the
income statement over the expected useful lives of the assets concerned. Capital grants are
not\u00a0recognised until there is a reasonable assurance that the Group will comply with the conditions
attaching to them and that the grants will be received.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets
to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to\u00a0which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the\u00a0asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the\u00a0carrying
amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is\u00a0recognised as an
expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to
the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the
asset or CGU in prior years. A reversal of an impairment loss is recognised as income immediately.
Inventories
Inventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making
appropriate allowances for obsolete and slow\u2011moving items. Cost comprises direct materials and, where
applicable, those overheads that have been incurred in bringing the inventories to their present location and
condition. Cost is calculated using the weighted average cost method. Where the purchase of inventory was the
hedged item in a cash flow hedge relationship, the initial carrying amount of the recognised inventory is adjusted
by the associated hedging gain or loss transferred from the hedging reserve (a basis adjustment). There are no
material inventory allowances.
Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group\u00a0becomes a
party to the contractual provisions of the instrument.
Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through other
comprehensive income. The measurement basis is determined by reference to both the business model for
managing the financial asset and the contractual cash flow characteristics of\u00a0the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at\u00a0amortised cost
are subsequently measured using the effective interest method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or\u00a0impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if\u00a0they are acquired for the purpose
of\u00a0selling or repurchasing in the near term. Derivatives are also\u00a0classified as held for trading unless they are
designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at\u00a0fair value
with net changes in fair value recognised in the income statement within finance costs. Transaction costs arising
on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets
of\u00a0the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the
proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and
commodity risks. Use of such financial instruments is governed by policies and delegated authorities approved
by the Board. The Group does not hold or issue derivative financial instruments for trading purposes. The main
derivative financial instruments used by the Group are interest rate swaps, fuel swaps,\u00a0and cross currency
interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair
value at the reported balance sheet date. The fair values are calculated by\u00a0reference to market exchange rates,
interest rates and fuel prices at the period end, and supported by\u00a0counterparty confirmations. Where derivatives
do not qualify for hedge accounting, any gains or losses\u00a0on\u00a0remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify\u00a0for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated
hedging relationships, the Group documents the risk management objective and strategy for undertaking the
hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and
the hedging instrument.
Fair value hedging: The fair value change on qualifying hedging instruments is recognised in profit or\u00a0loss.
The\u00a0carrying amount of a hedged item not already measured at fair value is adjusted for the\u00a0fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Cash flow hedging: The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in\u00a0other comprehensive income
and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the
hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of
a\u00a0non\u2011financial item such as inventory, the gains and losses previously recognised in other comprehensive
income and accumulated in equity are removed from equity and included as a basis adjustment in the initial
measurement of the cost of that item. This transfer does not affect other comprehensive income, however the
hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts
that may be reclassified subsequently to profit or\u00a0loss, as such a reclassification may occur in the event that the
hedged transaction is no longer expected to occur. Furthermore, if the Group expects that some or all of the loss
accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.
Net investment hedging: Derivative financial instruments are classified as net investment hedges when they
hedge the Group\u2019s net investment in an overseas operation. The effective element of any\u00a0foreign exchange gain
or loss from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any\u00a0ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the foreign currency translation reserve are included
in the Group income statement on the disposal or partial disposal of the foreign operation.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it\u00a0is probable
that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of
the expenditure required to settle the obligation at the balance sheet date and are discounted to present value
where the effect is material.
Self\u2011insurance
The Group\u2019s policy is to self\u2011insure high\u2011frequency, low\u2011value claims within the businesses. In addition there are
typically a smaller number of major claims during a financial year for which cover is obtained through third party
insurance policies subject to an insurance deductible. Where the Group holds legacy self\u2011insurance exposures
related to disposed businesses, insurance and re\u2011insurance policies have been purchased to de\u2011risk this
exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets for the
estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date. The provision
is discounted to appropriately reflect the timing of future cash claims settlements. Self\u2011insurance is also covered
in the Key sources of estimation uncertainty section of note\u00a02\u00a0below.
Share\u2011based payments
The Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based
payments are measured at fair value at the date of grant. The fair value is expensed over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest and is adjusted for the effects of
non\u2011market\u2011based vesting conditions.
Fair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The\u00a0expected life\u00a0used
in the model has been adjusted, based on management\u2019s best estimate, for\u00a0the effects of non\u2011transferability,
exercise restrictions and behavioural considerations.
Joint operations
Where the Group assesses a joint arrangement to be a joint operation, it recognises its direct right to the assets,
liabilities, revenue and expenses of the joint operation, and its share of any jointly held or incurred assets,
liabilities, revenue and expenses. These have been incorporated in the financial statements under the
appropriate headings.
Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial
statements in the period in which the dividends are approved by the Company\u2019s shareholders.
Adoption of new and revised standards
The accounting policies adopted are consistent with those of the previous financial year except for the changes
arising from new standards and amendments to existing standards which have been adopted in the current year.
The following amended standards and interpretations were adopted by the Group during the year:
\ue001
Amendments to IAS 1: Classification of Liabilities as Current or Non\u2011current
\ue001
Amendments to IAS 1: Non\u2011current Liabilities with Covenants
\ue001
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
\ue001
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
There has been no material change as a result of applying these amendments. No significant impact is expected
from any of the future standards and amendments that are visible, with the exception of IFRS 18 Presentation
and Disclosure in Financial Statements, which is effective from 1 January 2027, which is expected to change the
presentation of the consolidated financial statements.
Key sources of estimation uncertainty and significant judgements
The preparation of financial statements in conformity with generally accepted accounting principles requires the
use of estimates and assumptions that affect the reported amounts of assets and liabilities at\u00a0the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period. Although
these estimates are based on management\u2019s best knowledge, actual results may ultimately differ from those
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in\u00a0which the estimate is revised if the revision affects only
that\u00a0period, or in the period of revision and\u00a0future periods if the revision affects both current and future periods.
The following are the critical estimates and judgements that the Directors have made in the process of applying
the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the
financial statements.
Acquisition accounting adjustments relating to First Bus London
On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London
Limited and its subsidiaries (First Bus London).
The Group is currently undertaking the purchase price allocation exercise for First Bus London, and this has
identified a number of adjustments to reflect the fair value of the assets and liabilities acquired. IFRS 3 Business
Combinations allows the Group 12 months from the date of acquisition to finalise this exercise, and the standard
acknowledges that it will be necessary to estimate certain acquisition adjustments and fair values. Owing to
the\u00a0proximity of the acquisition to the reporting date, the acquisition adjustments and closing fair values are
therefore disclosed in the financial statements as provisional. These will be finalised within the timeframe
permitted by IFRS 3.
The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to
the\u00a0acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities
assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles
and\u00a0onerous contract provisions, the valuations of property, plant and equipment (including freehold land
and\u00a0buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets,
and\u00a0the resulting goodwill arising from the transaction. Note 29 provides more details on the provisional
acquisition accounting.
Impairment of assets in CGUs
The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in\u00a0CGUs relate
to the cash flow forecasts including significant judgements in deciding what assumptions to make regarding the
future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the Group\u2019s future
climate\u2011related targets and ambitions. This is covered in more detail in note 11.
Defined benefit pension arrangements
Railway Pension Scheme
As at the balance sheet date, the Group sponsored four sections of the Railway Pension Scheme (RPS), relating
to its obligations for its contracted TOCs, and a further section for Hull Trains, its open access operator. The RPS
is a defined benefit pension scheme which covers the whole of the UK\u00a0rail industry. The\u00a0RPS is partitioned into
sections and, for the sections that relate to contracts, the\u00a0Group is responsible for the funding of these sections
only while it operates the relevant contract. In\u00a0contrast to the pension schemes operated by most businesses,
the RPS is a shared cost scheme which means that costs are formally shared 60% employer and 40%
employee. The Group only recognises amounts in relation to its share of costs in the income statement, and
for\u00a0the contracted TOCs, those amounts are then reimbursed to the TOCs as part of the overall allowable
contracted operating expenses. Management of the RPS is not the responsibility of the Group, nor is it
able\u00a0to\u00a0benefit from any future surplus, or liable for any deficit, of those funds.
\n
At the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially
\n
any deficit or surplus existing at that date, is passed to the next contractor. At each balance sheet date a contract
\n
adjustment is recognised against the IAS 19 net pension asset or liability to\u00a0reflect that portion expected to pass
\n
to the next contractor.
\n
The Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of\u00a0IAS 19
\n
(Revised) with a third party taking on the obligation for future contributions. As there is no requirement to make
\n
contributions to fund the current deficit, it is assumed that all of the current deficit will\u00a0be funded by another party
\n
and hence none of that deficit is attributable to the current contractor. In\u00a0respect of the future service costs, there
\n
is currently no pension obligation in respect of those costs. When the costs are recognised in the income
\n
statement, the extent to which the committed contributions fall short determines the amount that is to be
\n
covered by contributions of another party in future, which is\u00a0recognised as an adjustment to service cost in the
\n
income statement. Under circumstances where contributions are renegotiated, such as following a statutory
\n
valuation, an adjustment will be recognised in\u00a0the income statement, whilst changes in actuarial assumptions
\n
continue to be recognised through other comprehensive income.
\n
The Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific
\n
circumstances of the RPS where the contract commitment is only to pay contributions during the period in which
\n
we run the contract.
\n
Actuarial assumptions
\n
The UK schemes\u2019 retirement benefit obligations are discounted at a rate set by reference to market yields at the
\n
end of the reporting period on high\u2011quality corporate bonds. Significant judgement is\u00a0required when setting the
\n
criteria for bonds to be included in the population from which the yield curve is derived. The most significant
\n
criteria considered for the selection of bonds include the issue\u00a0size of the corporate bonds, quality of the bonds
\n
and the identification of outliers which are\u00a0excluded. Management follows actuarial advice from a third party
\n
when determining these judgements. Another key estimate is the longevity of members. We take specialist
\n
advice on this from our actuarial advisers which aims to consider the likely experience taking into account each
\n
scheme\u2019s characteristics. Our approach is to review these assumptions for each scheme following completion of
\n
their funding valuations, and more frequently only if appropriate to do so. Given pay increases for employees in
\n
the rail division are under negotiation, the gross figures for the contract rail pensions disclosures may be
\n
under\u2011 or overstated, but there will be nil impact on the balance sheet as a result of the contract adjustment.
\n
The Pension Regulator (TPR) has been in discussions with the RPS (the Scheme) regarding the long\u2011term
\n
funding strategy of the Scheme. Whilst TPR believes that the Scheme should be funded on a more prudent
\n
basis, it is not possible at this stage to determine the impact to ongoing contribution requirements.
\n
The carrying amount of the Group\u2019s continuing retirement benefit arrangements at 29 March 2025 was an asset
\n
of \u00a322.7m (2024: liability of \u00a3(25.3)m). Further details and sensitivities are set out in note\u00a035.
\n
Self\u2011insurance
\n
Provision is made for all known incidents for which there is self\u2011insurance using management\u2019s best estimate of
\n
the likely settlement of these incidents. The estimated settlement is reviewed on a regular basis with independent
\n
actuarial advice and the amount provided (including the Incurred But Not Reported (IBNR) element) is adjusted
\n
as required. Given the diversity of claim types, their size, the range of possible outcomes and the time involved in
\n
settling these claims, a material change could be required to the carrying value of claims provisions in the next
\n
financial year. These factors also make it impractical to provide sensitivity analysis on one single measure and its
\n
potential impact on\u00a0overall insurance provisions. The Group\u2019s total self\u2011insurance provisions as at the balance
\n
sheet date were \u00a394.3m (2024: \u00a3100.2m) as set out in note 25. Of this \u00a334.7m relates to North America of\u00a0which
\n
\u00a331.0m is de\u2011risked with insurance, leaving \u00a33.7m which is in excess of the actuarial range by \u00a30.5m
\n
(2024: \u00a34.9m and actuarial range \u00a34.7m to \u00a35.3m). A receivable matching the value of the de\u2011risked\u00a0provision of
\n
\u00a331.0m is recorded within Other receivables to account for the recovery from\u00a0the\u00a0third party insurer. While the
\n
range of reasonably possible outcomes within the next 12 months is not expected to be materially different from
\n
the estimate at the balance sheet date, there remains inherent risk as this balance is realised over time.
\n
Determining the incremental borrowing rate used to measure lease liabilities
\n
The Group is required to determine its incremental borrowing rate (IBR) to measure its lease liabilities.
\n
Judgement is required to determine the components of the IBR used for each lease, including risk\u2011free rates,
\n
credit risk and any lease\u2011specific adjustments.
\n
IBRs applied to new (or modified) leases are determined quarterly or at the time of a new franchise. They\u00a0depend
\n
on the term, country and start and end date of the lease. They are estimated based on several factors which
\n
include the risk\u2011free rate based on government bond rates, a country\u2011specific adjustment and a credit risk
\n
adjustment based on the average credit spread of entities with similar ratings to the Group, and these IBR
\n
components may be subject to future volatility and sensitivities based on macroeconomic factors such as
\n
interest rate changes.
\n
Determining First Rail National Rail Contract (NRC) expiry dates
\n
On 28 November 2024, the Passenger Railway Services (Public Ownership) Act 2024 received Royal\u00a0Assent,
\n
allowing passenger train operators with contracts with the DfT to be brought into public\u00a0ownership.
\n
An initial timetable for this process was published in December 2024. Of the Group\u2019s NRCs, only South Western
\n
Railway was attributed a specific expiry date (May 2025, in line with the end of the NRC). The timetable indicated
\n
that other TOCs would be taken into public ownership by October 2027, but with no dates specified for Great
\n
Western Railway or West Coast Partnership. The Group is therefore required to make judgements to assess the
\n
most likely expiry dates for these NRCs.
\n
These expiry date judgements are then used to identify lease terms in certain situations and useful lives of
\n
property, plant and equipment for TOCs. If there were to be a change in the judgement regarding lease expiry
\n
dates, this would result in a reassessment of the right of use asset and lease liabilities. Similarly, a change in
\n
useful lives for TOC property, plant and equipment would result in a change to the carrying value of those assets.
\n
Climate change
\n
In the preparation of the Group\u2019s consolidated financial statements, management has considered the\u00a0potential
\n
impact of climate change, particularly in the context of the disclosures included in the Strategic report (including
\n
the Task Force for Climate\u2011related Disclosures), and the Group\u2019s own climate\u2011related ambitions and targets,
\n
including its stated Sustainability strategic pillar. This includes an assessment of how the Group\u2019s accounting
\n
estimates and judgements are impacted by\u00a0the Group\u2019s pathway to achieving its stated ambitions and targets
\n
and delivering on its Sustainability strategic pillar, as\u00a0well as by climate\u2011related risks and opportunities for
\n
the\u00a0Group.
\n
Actions required to drive the Group\u2019s climate\u2011related ambitions and targets and to deliver on its Sustainability
\n
strategic pillar, including their financial impacts, are factored into the longer\u2011term business planning cycles of the
\n
Group. The following areas of estimation have been considered as\u00a0part of these planning cycles, in addition to
\n
those detailed in the Key sources of estimation uncertainty section. Management do not believe that these areas
\n
will have a material impact on\u00a0financial reporting estimates and judgements in the next year. Owing to the
\n
inherent medium/longer\u2011term uncertainty with regard to climate\u2011related risks and opportunities, it is not currently
\n
possible to assess whether in the future, these areas of estimation and judgement may have a more material
\n
impact on carrying values of assets and liabilities. Management will continue to regularly assess climate\u2011related
\n
risks in the context of the estimates and judgements made in the preparation of the Group\u2019s financial statements.
Going concern and viability
There may be a risk of increased future costs and capital investment requirements to ensure compliance
with environmental regulatory requirements (for example carbon taxes/charges, or\u00a0other\u00a0emissions\u2011related
restrictions), and to achieve the Group\u2019s stated sustainability targets and\u00a0ambitions. However, the Group
believes that there is likely to be an increasing modal shift towards public transport, as awareness grows
among customers of climate\u2011related issues, and with\u00a0governmental support for transport decarbonisation,
which could create new opportunities for\u00a0the Group.
Carrying value of non\u2011current assets
Environmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions,
may further accelerate the transition to electrification of vehicle fleets. Transitional risks relating to the
evolution of climate\u2011related technologies may alter the expected obsolescence profile of existing vehicle
fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their residual
values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation
to its vehicle fleets to ensure they remain reasonable.
Provisions
Climate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether
environmental provisions are necessary, for example the potential introduction of carbon taxes/charges.
In\u00a0parallel with the work towards achieving its climate\u2011related ambitions and targets, the Group tracks such
legislative changes to ensure the impact on the business is well understood and managed effectively.
Other areas of the financial statements which may also be impacted by climate\u2011related risks and
opportunities include:
\ue001
Share\u2011based payments \u2013 certain of the Group\u2019s share\u2011based payments arrangements include
a\u00a0sustainability target (see note 34), and the Group\u2019s ability to meet these targets may impact the\u00a0amount
or timing of any share\u2011based payments.
\ue001
Deferred tax assets \u2013 recoverability of deferred tax assets is dependent on future profitability, which may
be impacted by climate\u2011related factors.
\ue001
Borrowing facilities \u2013 during the year, the Group has entered into innovative funding arrangements for the
future purchase of both electric bus batteries and electric bus bodies (chassis and drivetrain). The timing
of the utilisation of these facilities to support the Group\u2019s decarbonisation and sustainability targets may
impact levels of borrowing and finance costs for the Group.
Going concern
The Board carried out a review of the Group\u2019s financial projections for the 18 months to 30 September
2025 and evaluated whether it was appropriate to prepare the full year results on a going concern basis.
In\u00a0doing so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s
and the Company\u2019s ability to continue as\u00a0a going concern over the going concern period.
Consistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading
projections, including whether banking covenants are likely to be met and whether there is\u00a0sufficient
committed facility headroom to accommodate future cash flows for the going concern\u00a0period.
Divisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting
the\u00a0impact of macroeconomic considerations on the operating environment, assumptions on passenger
volumes and government support, as well as the impact\u00a0of\u00a0actions required to address the Group\u2019s
climate\u2011related targets and ambitions, and having regard to the risks and uncertainties to which the Group
is exposed.
Base case scenario
The Board considered the annual budget to 31 March 2026 and medium\u2011term plan including the period to
September 2026 to be the base case scenario for the purpose of the going concern assessment for the
FY\u00a02025 year end. These projections were the subject of a series of executive management reviews and
were used to establish the base case scenario that was used for the purposes of the going concern
assessment. The Bus base case assumes a gradual increase in passenger volumes and yields in\u00a0FY\u00a02026,
with some offset from a reduction in direct government funding, the impact of the increase in employer\u2019s
national insurance, as well as the impact of the acquisitions completed in FY 2025, including First Bus
London. The Rail base case also reflects the expiry in May 2025 of the South Western Railway contract
and the uncertainty relating to the expiry dates of the Group\u2019s other NRCs. The macro projections in the
updated base case assume that the UK operates in a low\u2011growth, cautiously recovering economy. The
annual budget and medium\u2011term plan also capture the expected financial impact of the actions required
to\u00a0support the Group\u2019s climate\u2011related targets and\u00a0ambitions, and the cash flow impact of other capital
allocation decisions which the Group may consider.
Downside scenario
In addition, a downside case was also modelled which assumes a more adverse macroeconomic
recovery\u00a0profile. In First Bus the downside case assumes a reduction in passenger volumes as well as
the\u00a0impact of other unexpected cost inflation, driving\u00a0a\u00a025% reduction in Bus profitability. In First Rail,
the\u00a0downside case assumes TOC performance fee awards at 50% of expected levels and volume
and\u00a0revenue reductions in Hull Trains and Lumo driving a 25% reduction in open access profitability.
The\u00a0downside scenario also considers potential impacts of a significant climate\u2011related event or
unbudgeted decarbonisation costs, as\u00a0well as the risk of one\u2011off safety, regulatory non\u2011compliance
or\u00a0technology incidents.
Mitigating actions
If the performance of the Group were to be more adversely impacted than assumed in the base case
or\u00a0downside case scenarios, the Group would reduce and defer planned growth capital expenditure
and\u00a0further reduce costs in line with a lower\u2011volume operating environment to the extent that the
essential\u00a0services we operate in First Bus are not required to be run for the governments and
communities\u00a0we support.
Going concern statement
Based on the review of the financial forecasts for the period to September 2026 and having regard to\u00a0the
risks and uncertainties to which the Group is exposed, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for at least the 12\u2011month period
from the date on which the financial statements were approved, including compliance with banking
covenants under both the base case and downside scenarios. Accordingly, they continue to adopt a going
concern basis of accounting in preparing the consolidated financial statements in this full year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Basis of accounting
The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international
accounting\u00a0standards and with the requirements of the Companies Act 2006. There were no unendorsed
standards effective for the period ended 29 March 2025 affecting these consolidated and separate
financial statements.
The financial statements have been prepared on the historical cost basis, except for the revaluation of
certain financial instruments, and on a going concern basis as described in the going concern statement
within the Strategic report on page 70.
As set out on page 69, the Group has undertaken detailed reviews of a range of severe but plausible
financial and operational scenarios using financial outlook modelling. Based on their review of the financial
forecasts and having regard to the risks and uncertainties to which the Group is exposed, the Directors
believe that the Company and the Group have adequate resources to continue in operational existence for
at least a 12\u2011month period from the date on which the financial statements were approved. Accordingly,
the financial statements have been prepared on a going concern basis.
The financial statements for the 52 weeks ended 29 March 2025 include the results and financial position
of the First Rail businesses for the year ended 31 March 2025 and the results and financial position of all
the other businesses for the 52 weeks ended 29 March 2025. The financial statements for the 53 weeks
ended 30 March 2024 include the results and financial position of the First Rail businesses for the year
ended 31 March 2024 and the results and financial position of all the other businesses for the 53 weeks
ended 30 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting\u00a0standards and with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee
entity, exposure to variable returns from its involvement with the entity and the ability to use its power over
the entity to affect its returns.
Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein.
The present ownership interests of non\u2011controlling shareholders entitle their holders to a\u00a0proportionate
share of net assets upon liquidation, and may initially be measured at fair value, or\u00a0at\u00a0the non\u2011controlling
interests\u2019 proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of
measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially
measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the
amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent
changes in equity. Total comprehensive income is\u00a0attributed to non\u2011controlling interests even if this results
in the non\u2011controlling interests having a\u00a0deficit balance.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as\u00a0appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration
for\u00a0each\u00a0acquisition is measured at the aggregate of the fair values, at the date of exchange, of\u00a0assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control
of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for
recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration
for\u00a0each\u00a0acquisition is measured at the aggregate of the fair values, at the date of exchange, of\u00a0assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control
of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for
recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Assets and disposal groups held for sale and discontinued operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale
if\u00a0it\u00a0is highly probable that they will be recovered primarily through sale rather than through continuing
use.\u00a0This condition is regarded as met only when the sale is highly probable and the asset is available
for\u00a0immediate sale in its present condition. Management must be committed to the sale which should
be\u00a0expected to qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less
costs to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses
on remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of\u00a0operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented
as\u00a0a\u00a0single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "Assets and disposal groups held for sale and discontinued operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale
if\u00a0it\u00a0is highly probable that they will be recovered primarily through sale rather than through continuing
use.\u00a0This condition is regarded as met only when the sale is highly probable and the asset is available
for\u00a0immediate sale in its present condition. Management must be committed to the sale which should
be\u00a0expected to qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less
costs to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses
on remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of\u00a0operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented
as\u00a0a\u00a0single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Assets and disposal groups held for sale and discontinued operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale
if\u00a0it\u00a0is highly probable that they will be recovered primarily through sale rather than through continuing
use.\u00a0This condition is regarded as met only when the sale is highly probable and the asset is available
for\u00a0immediate sale in its present condition. Management must be committed to the sale which should
be\u00a0expected to qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less
costs to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses
on remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of\u00a0operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented
as\u00a0a\u00a0single amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is\u00a0measured as the excess of the sum of the consideration transferred, the amount of any\u00a0non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to\u00a0the other assets of the CGU
pro\u2011rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for
goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is\u00a0included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on\u00a0a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is\u00a0measured as the excess of the sum of the consideration transferred, the amount of any\u00a0non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to\u00a0the other assets of the CGU
pro\u2011rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for
goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is\u00a0included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on\u00a0a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is\u00a0measured as the excess of the sum of the consideration transferred, the amount of any\u00a0non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to\u00a0the other assets of the CGU
pro\u2011rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for
goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is\u00a0included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on\u00a0a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Revenue recognition
Under IFRS 15 revenue is recognised when control of a good or service transfers to the customer.
The\u00a0point at which goods and services are transferred to the customer is based on the fulfilment
of\u00a0performance obligations.
As the Group has the right to consideration corresponding directly with the value of performance
completed to date, customer contract revenue is recognised consistent with the amount that the\u00a0Group
has a right to invoice. The Group is therefore exercising the practical expedient not to\u00a0explain\u00a0transaction
prices allocated to unsatisfied performance obligations at the end of the reporting period.
Revenue principally comprises revenue from train passenger services, road passenger transport, and
certain management and maintenance services in the UK. Where appropriate, amounts are shown net
of\u00a0rebates and sales taxes. An explanation of the types of revenue is set out below.
Note that revenues include contractual and direct fiscal support. This is covered in more detail further
on\u00a0in\u00a0this note.
Passenger revenues
Passenger revenues primarily relate to ticket sales through First Bus and the First Rail businesses.
Passenger revenue is recognised at both a point in time and over time. Ticket sales for journeys of\u00a0less
than one week\u2019s duration are recognised on the first date of travel. Ticket sales for season tickets, travel
cards and open\u2011return tickets are initially deferred then recognised over the period covered by the relevant
ticket. Concessionary amounts are recognised in the period in which the service is provided.
Contract revenues
Contract revenues mainly relate to tenders and route contracts in First Bus. Revenues are recognised as
the services are\u00a0provided over the length of the contract and based on a transaction price which is defined
in the\u00a0terms of the contract.
Rail contract subsidy receipts
Revenue in the First Rail businesses includes subsidy receipts from the Department for Transport (DfT)
for\u00a0National Rail Contracts (NRCs), with amounts receivable under these arrangements including
certain\u00a0funded operational projects. Revenue also includes amounts attributable to the Train Operating
Companies (TOCs), predominantly based on models of route usage, by the Railway Settlement Plan in
respect of passenger receipts. Revenue is recognised over time as the performance obligations are met
as\u00a0agreed between the individual TOCs and the DfT.
Other revenues
Other revenues mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail
and\u00a0road passenger service providers for maintenance, refuelling and other associated services and to
sundry third parties for the use of space at terminals and on\u2011board vehicles for other business activities,
e.g. retail outlets, taxi ranks, catering and advertising. Other revenues are recognised at both a point in
time and over time.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "First Rail
The Emergency Measures Agreements (EMAs), the Emergency Recovery Measures Agreement (ERMAs)
and the National Rail Contracts (NRCs) transferred substantially all revenue and substantially all cost risk
to the government and for the current and prior periods our First Rail contracts were operated under the
terms of these arrangements:
\ue001
GWR operated under an NRC to June 2028, with a minimum core period to June 2025.
\ue001
WCP/Avanti were awarded a nine\u2011year NRC in September 2023, with a minimum core three\u2011year term to
October 2026.
\ue001
SWR operated under an NRC throughout both periods, with an expiry date of 25 May 2025.
\ue001
On 11 May 2023, the DfT confirmed that it would not exercise its option to extend FirstGroup\u2019s TPE NRC
and the contract expired on 28 May 2023. On that date the DfT\u00a0appointed its Operator of Last Resort to
take over delivery of passenger services on the TPE\u00a0network.
Under the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the
rail network at a service level agreed with the government. Performance based fees are earned through a
combination of scorecards and quantified target methodologies benchmarked off\u00a0this agreed service level.
Net DfT funding including the management and performance fee is recognised as revenue in Rail contracts
subsidy receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
Disaggregated revenue by operating segment is set out in note 5.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Leasing
Lease identification
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or\u00a0contains, a lease if the contract conveys the right to control the use of an identified asset for a\u00a0period
of\u00a0time in exchange for consideration.
Right of use asset
At the commencement date, the right of use asset is initially measured at cost, which comprises the\u00a0initial
amount of the lease liability adjusted for any lease payments made at or before the commencement date,
less any incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred
by the Group to dismantle and remove the underlying asset or restore the underlying asset or the site on
which it is located.
The right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life
of\u00a0the asset, the lease term or current expected contract terms for rail TOCs. In addition, the right of use
asset is periodically reduced by impairment losses, if applicable, and adjusted for certain remeasurements
of the lease liability.
Lease liability
At the commencement date of the lease, the lease liability is initially measured at the present value of
lease\u00a0payments to be made over the lease term. The lease payments include fixed payments (including
in\u2011substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on\u00a0an index or a rate, and amounts expected to be paid by the Group under residual value guarantees.
The\u00a0lease payments also include the exercise price of a purchase option if\u00a0the Group is reasonably
certain\u00a0to exercise that option. Payments of penalties for terminating a\u00a0lease, if the lease term reflects
the\u00a0Group exercising the option to terminate the lease, are also included. The payments are discounted
at\u00a0the incremental borrowing rate since the rates implicit in\u00a0the leases are not readily available.
The lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability
and reducing the carrying amount to reflect the lease payments made. The carrying value is\u00a0remeasured
when there is a change in future lease payments arising from a change in an index or\u00a0rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a\u00a0residual value guarantee, or if the
Group changes its assessment of whether it will exercise a\u00a0purchase, extension or termination option.
Lease incentives
The Group assesses reimbursements from lessors, to establish whether these represent lease incentives.
Where a lease incentive is identified, the income is spread over the term of the related lease.
Short\u2011term leases and leases of low\u2011value assets
The Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term of
12 months or less from the commencement date and do not contain a purchase option and where it is not
reasonably certain that the lease term will be extended. It also applies the low\u2011value assets recognition
exemption to leases of assets of low value based on the value of the asset when it\u00a0is new, regardless of the
age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are
recognised as an expense on a straight\u2011line basis over the lease term.
On the balance sheet, right of use assets have been included in property, plant and equipment and lease
liabilities have been included in borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the
consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the
functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At
each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried
at fair value that are denominated in foreign currencies are translated at\u00a0the rates prevailing at the date
when the fair value was determined. Non\u2011monetary items that are\u00a0measured in terms of historical cost in
a\u00a0foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary
items, are included in profit or loss for the period. Exchange differences arising on the retranslation of
non\u2011monetary items carried at fair value are included in profit or loss for the period, except for differences
arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
within other comprehensive income. For such non\u2011monetary items, any exchange component of that gain
or loss is also recognised within other comprehensive income.
In order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and
borrowings in foreign currencies (see note 23 for details of the Group\u2019s policies in respect of foreign
exchange risks).
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the
closing\u00a0exchange rates on the balance sheet date. Income and expense items are translated at the
average\u00a0exchange rates for the period. Exchange differences arising from the average exchange rates
used and the\u00a0period end rate, if any, are classified as equity and transferred to the Group\u2019s translation
reserve. Such\u00a0translation differences are recognised as income or as expenses in the period in which the
operation\u00a0is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the
consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the
functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At
each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried
at fair value that are denominated in foreign currencies are translated at\u00a0the rates prevailing at the date
when the fair value was determined. Non\u2011monetary items that are\u00a0measured in terms of historical cost in
a\u00a0foreign currency are not retranslated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Retirement benefit costs
The Group operates or participates in a number of pension schemes, which include both defined benefit
schemes and defined contribution schemes.
Payments to defined contribution plans are charged as an expense as they fall due. There is no further
obligation to pay contributions into a defined contribution plan once the contributions specified in the plan
rules have been paid.
For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial updates being carried out at each balance sheet date. Actuarial gains and losses
are recognised in full in the period in which they occur. They are recognised outside the income statement
and presented in the consolidated statement of other comprehensive income.
All past service costs are recognised immediately in the consolidated income statement.
Where changes to the benefits in payment on defined benefit pension schemes require a change
in\u00a0scheme rules or ratification by the Trustees, the change is recognised as a past service charge or\u00a0credit
in the income statement. Where changes in assumptions can be made without changing\u00a0the\u00a0Trustee
agreement, these are recognised as a change in assumptions in other comprehensive\u00a0income.
The retirement benefit position recognised in the balance sheet represents the present value of the defined
benefit obligation as reduced by the fair value of scheme assets. Any residual asset resulting from this
calculation is limited to refunds economically available to the Company, in the form of either a public sector
payment or the present value of future service costs recognised via suspension of cash contributions.
Various TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an
industry\u2011wide defined benefit scheme. The Group is obligated to fund the relevant section of the scheme
over the period for which the contract is held. The full liability is recognised on the balance sheet, which is
then reduced by a \u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the
scheme over the contract term, subject to any changes in the schedule of contributions following a
statutory valuation.
Retirement benefits are also covered in the Key sources of estimation uncertainty section of\u00a0note\u00a02\u00a0below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit\u00a0as
reported in the income statement because it excludes items of income or expense that are\u00a0taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the\u00a0balance sheet date and includes an estimate of the tax which could be payable as a result of differing
interpretation of tax laws.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used in\u00a0the
computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and deferred tax\u00a0assets are
recognised to the extent that it is probable that taxable profits will be available against\u00a0which deductible
temporary differences can be utilised. Such assets and liabilities are not\u00a0recognised if the temporary
difference arises from the initial recognition of goodwill, or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to\u00a0the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or\u00a0part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is\u00a0settled or the asset is realised and is based on the estimated tax consequences of items that are subject
to differing interpretations of tax laws. Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited in other comprehensive income or\u00a0directly to equity, in which
case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax\u00a0authority
and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to\u00a0determine
the accounting tax position when there is uncertainty over income tax treatments. The\u00a0interpretation
requires the Group to determine whether uncertain tax positions are assessed separately or as a Group,
and
\ue001
Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or\u00a0proposed
to be used, by an entity in its income tax filings:
\ue001
If yes, the Group should determine its accounting tax position consistently with the tax treatment used
or planned to be used in its income tax filings.
\ue001
If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using
either the most likely amount or the expected value method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used in\u00a0the
computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and deferred tax\u00a0assets are
recognised to the extent that it is probable that taxable profits will be available against\u00a0which deductible
temporary differences can be utilised. Such assets and liabilities are not\u00a0recognised if the temporary
difference arises from the initial recognition of goodwill, or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to\u00a0the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or\u00a0part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is\u00a0settled or the asset is realised and is based on the estimated tax consequences of items that are subject
to differing interpretations of tax laws. Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited in other comprehensive income or\u00a0directly to equity, in which
case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax\u00a0authority
and the Group intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Property, plant and equipment
Properties for provision of services or administrative purposes are carried at cost, less any recognised
impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in
accordance with the Group\u2019s accounting policy. Depreciation of these assets, on\u00a0the same basis as other
property assets, commences when the assets are ready for their intended use.
Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element
of\u00a0long leasehold properties or on assets in the course of construction, over their estimated\u00a0useful lives,
using the straight\u2011line method, on the following bases:
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
Assets specific to Train Operating Companies are depreciated over the lesser of their estimated useful
lives or the expected rail contract term.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element
of\u00a0long leasehold properties or on assets in the course of construction, over their estimated\u00a0useful lives,
using the straight\u2011line method, on the following bases:
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets
to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to\u00a0which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the\u00a0asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the\u00a0carrying
amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is\u00a0recognised as an
expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to
the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the
asset or CGU in prior years. A reversal of an impairment loss is recognised as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets
to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to\u00a0which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the\u00a0asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the\u00a0carrying
amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is\u00a0recognised as an
expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to
the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the
asset or CGU in prior years. A reversal of an impairment loss is recognised as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "Inventories
Inventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making
appropriate allowances for obsolete and slow\u2011moving items. Cost comprises direct materials and, where
applicable, those overheads that have been incurred in bringing the inventories to their present location and
condition. Cost is calculated using the weighted average cost method. Where the purchase of inventory was the
hedged item in a cash flow hedge relationship, the initial carrying amount of the recognised inventory is adjusted
by the associated hedging gain or loss transferred from the hedging reserve (a basis adjustment). There are no
material inventory allowances.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group\u00a0becomes a
party to the contractual provisions of the instrument.
Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through other
comprehensive income. The measurement basis is determined by reference to both the business model for
managing the financial asset and the contractual cash flow characteristics of\u00a0the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at\u00a0amortised cost
are subsequently measured using the effective interest method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or\u00a0impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if\u00a0they are acquired for the purpose
of\u00a0selling or repurchasing in the near term. Derivatives are also\u00a0classified as held for trading unless they are
designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at\u00a0fair value
with net changes in fair value recognised in the income statement within finance costs. Transaction costs arising
on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets
of\u00a0the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the
proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and
commodity risks. Use of such financial instruments is governed by policies and delegated authorities approved
by the Board. The Group does not hold or issue derivative financial instruments for trading purposes. The main
derivative financial instruments used by the Group are interest rate swaps, fuel swaps,\u00a0and cross currency
interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair
value at the reported balance sheet date. The fair values are calculated by\u00a0reference to market exchange rates,
interest rates and fuel prices at the period end, and supported by\u00a0counterparty confirmations. Where derivatives
do not qualify for hedge accounting, any gains or losses\u00a0on\u00a0remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify\u00a0for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated
hedging relationships, the Group documents the risk management objective and strategy for undertaking the
hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and
the hedging instrument.
Fair value hedging: The fair value change on qualifying hedging instruments is recognised in profit or\u00a0loss.
The\u00a0carrying amount of a hedged item not already measured at fair value is adjusted for the\u00a0fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Cash flow hedging: The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in\u00a0other comprehensive income
and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the
hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of
a\u00a0non\u2011financial item such as inventory, the gains and losses previously recognised in other comprehensive
income and accumulated in equity are removed from equity and included as a basis adjustment in the initial
measurement of the cost of that item. This transfer does not affect other comprehensive income, however the
hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts
that may be reclassified subsequently to profit or\u00a0loss, as such a reclassification may occur in the event that the
hedged transaction is no longer expected to occur. Furthermore, if the Group expects that some or all of the loss
accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.
Net investment hedging: Derivative financial instruments are classified as net investment hedges when they
hedge the Group\u2019s net investment in an overseas operation. The effective element of any\u00a0foreign exchange gain
or loss from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any\u00a0ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the foreign currency translation reserve are included
in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through other
comprehensive income. The measurement basis is determined by reference to both the business model for
managing the financial asset and the contractual cash flow characteristics of\u00a0the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at\u00a0amortised cost
are subsequently measured using the effective interest method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or\u00a0impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if\u00a0they are acquired for the purpose
of\u00a0selling or repurchasing in the near term. Derivatives are also\u00a0classified as held for trading unless they are
designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at\u00a0fair value
with net changes in fair value recognised in the income statement within finance costs. Transaction costs arising
on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if\u00a0they are acquired for the purpose
of\u00a0selling or repurchasing in the near term. Derivatives are also\u00a0classified as held for trading unless they are
designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at\u00a0fair value
with net changes in fair value recognised in the income statement within finance costs. Transaction costs arising
on initial recognition are expensed in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets
of\u00a0the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the
proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "Bank borrowings Interest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and
commodity risks. Use of such financial instruments is governed by policies and delegated authorities approved
by the Board. The Group does not hold or issue derivative financial instruments for trading purposes. The main
derivative financial instruments used by the Group are interest rate swaps, fuel swaps,\u00a0and cross currency
interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair
value at the reported balance sheet date. The fair values are calculated by\u00a0reference to market exchange rates,
interest rates and fuel prices at the period end, and supported by\u00a0counterparty confirmations. Where derivatives
do not qualify for hedge accounting, any gains or losses\u00a0on\u00a0remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify\u00a0for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated
hedging relationships, the Group documents the risk management objective and strategy for undertaking the
hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and
the hedging instrument.
Fair value hedging: The fair value change on qualifying hedging instruments is recognised in profit or\u00a0loss.
The\u00a0carrying amount of a hedged item not already measured at fair value is adjusted for the\u00a0fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Cash flow hedging: The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in\u00a0other comprehensive income
and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the
hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of
a\u00a0non\u2011financial item such as inventory, the gains and losses previously recognised in other comprehensive
income and accumulated in equity are removed from equity and included as a basis adjustment in the initial
measurement of the cost of that item. This transfer does not affect other comprehensive income, however the
hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts
that may be reclassified subsequently to profit or\u00a0loss, as such a reclassification may occur in the event that the
hedged transaction is no longer expected to occur. Furthermore, if the Group expects that some or all of the loss
accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.
Net investment hedging: Derivative financial instruments are classified as net investment hedges when they
hedge the Group\u2019s net investment in an overseas operation. The effective element of any\u00a0foreign exchange gain
or loss from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any\u00a0ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the foreign currency translation reserve are included
in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and
commodity risks. Use of such financial instruments is governed by policies and delegated authorities approved
by the Board. The Group does not hold or issue derivative financial instruments for trading purposes. The main
derivative financial instruments used by the Group are interest rate swaps, fuel swaps,\u00a0and cross currency
interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair
value at the reported balance sheet date. The fair values are calculated by\u00a0reference to market exchange rates,
interest rates and fuel prices at the period end, and supported by\u00a0counterparty confirmations. Where derivatives
do not qualify for hedge accounting, any gains or losses\u00a0on\u00a0remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify\u00a0for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated
hedging relationships, the Group documents the risk management objective and strategy for undertaking the
hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and
the hedging instrument.
Fair value hedging: The fair value change on qualifying hedging instruments is recognised in profit or\u00a0loss.
The\u00a0carrying amount of a hedged item not already measured at fair value is adjusted for the\u00a0fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Cash flow hedging: The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in\u00a0other comprehensive income
and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the
hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of
a\u00a0non\u2011financial item such as inventory, the gains and losses previously recognised in other comprehensive
income and accumulated in equity are removed from equity and included as a basis adjustment in the initial
measurement of the cost of that item. This transfer does not affect other comprehensive income, however the
hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts
that may be reclassified subsequently to profit or\u00a0loss, as such a reclassification may occur in the event that the
hedged transaction is no longer expected to occur. Furthermore, if the Group expects that some or all of the loss
accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.
Net investment hedging: Derivative financial instruments are classified as net investment hedges when they
hedge the Group\u2019s net investment in an overseas operation. The effective element of any\u00a0foreign exchange gain
or loss from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any\u00a0ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the foreign currency translation reserve are included
in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and
commodity risks. Use of such financial instruments is governed by policies and delegated authorities approved
by the Board. The Group does not hold or issue derivative financial instruments for trading purposes. The main
derivative financial instruments used by the Group are interest rate swaps, fuel swaps,\u00a0and cross currency
interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair
value at the reported balance sheet date. The fair values are calculated by\u00a0reference to market exchange rates,
interest rates and fuel prices at the period end, and supported by\u00a0counterparty confirmations. Where derivatives
do not qualify for hedge accounting, any gains or losses\u00a0on\u00a0remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify\u00a0for hedge accounting, recognition of any resultant gain or
loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated
hedging relationships, the Group documents the risk management objective and strategy for undertaking the
hedge, the nature of the risks being hedged and the economic relationship between the item being hedged and
the hedging instrument.
Fair value hedging: The fair value change on qualifying hedging instruments is recognised in profit or\u00a0loss.
The\u00a0carrying amount of a hedged item not already measured at fair value is adjusted for the\u00a0fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Cash flow hedging: The effective portion of changes in the fair value of derivatives and other qualifying hedging
instruments that are designated and qualify as cash flow hedges is recognised in\u00a0other comprehensive income
and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the
hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in
equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of
a\u00a0non\u2011financial item such as inventory, the gains and losses previously recognised in other comprehensive
income and accumulated in equity are removed from equity and included as a basis adjustment in the initial
measurement of the cost of that item. This transfer does not affect other comprehensive income, however the
hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts
that may be reclassified subsequently to profit or\u00a0loss, as such a reclassification may occur in the event that the
hedged transaction is no longer expected to occur. Furthermore, if the Group expects that some or all of the loss
accumulated in the cash flow hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.
Net investment hedging: Derivative financial instruments are classified as net investment hedges when they
hedge the Group\u2019s net investment in an overseas operation. The effective element of any\u00a0foreign exchange gain
or loss from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any\u00a0ineffective element is recognised immediately in the
Group income statement. Gains and losses accumulated in the foreign currency translation reserve are included
in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it\u00a0is probable
that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of
the expenditure required to settle the obligation at the balance sheet date and are discounted to present value
where the effect is material.
Self\u2011insurance
The Group\u2019s policy is to self\u2011insure high\u2011frequency, low\u2011value claims within the businesses. In addition there are
typically a smaller number of major claims during a financial year for which cover is obtained through third party
insurance policies subject to an insurance deductible. Where the Group holds legacy self\u2011insurance exposures
related to disposed businesses, insurance and re\u2011insurance policies have been purchased to de\u2011risk this
exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets for the
estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date. The provision
is discounted to appropriately reflect the timing of future cash claims settlements. Self\u2011insurance is also covered
in the Key sources of estimation uncertainty section of note\u00a02\u00a0below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Share\u2011based payments
The Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based
payments are measured at fair value at the date of grant. The fair value is expensed over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest and is adjusted for the effects of
non\u2011market\u2011based vesting conditions.
Fair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The\u00a0expected life\u00a0used
in the model has been adjusted, based on management\u2019s best estimate, for\u00a0the effects of non\u2011transferability,
exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "Joint operations Where the Group assesses a joint arrangement to be a joint operation, it recognises its direct right to the assets, liabilities, revenue and expenses of the joint operation, and its share of any jointly held or incurred assets, liabilities, revenue and expenses. These have been incorporated in the financial statements under the appropriate headings.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysRelationshipWithJointOperation", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial
statements in the period in which the dividends are approved by the Company\u2019s shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "Key sources of estimation uncertainty and significant judgements
The preparation of financial statements in conformity with generally accepted accounting principles requires the
use of estimates and assumptions that affect the reported amounts of assets and liabilities at\u00a0the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period. Although
these estimates are based on management\u2019s best knowledge, actual results may ultimately differ from those
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in\u00a0which the estimate is revised if the revision affects only
that\u00a0period, or in the period of revision and\u00a0future periods if the revision affects both current and future periods.
The following are the critical estimates and judgements that the Directors have made in the process of applying
the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the
financial statements.
Acquisition accounting adjustments relating to First Bus London
On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London
Limited and its subsidiaries (First Bus London).
The Group is currently undertaking the purchase price allocation exercise for First Bus London, and this has
identified a number of adjustments to reflect the fair value of the assets and liabilities acquired. IFRS 3 Business
Combinations allows the Group 12 months from the date of acquisition to finalise this exercise, and the standard
acknowledges that it will be necessary to estimate certain acquisition adjustments and fair values. Owing to
the\u00a0proximity of the acquisition to the reporting date, the acquisition adjustments and closing fair values are
therefore disclosed in the financial statements as provisional. These will be finalised within the timeframe
permitted by IFRS 3.
The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to
the\u00a0acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities
assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles
and\u00a0onerous contract provisions, the valuations of property, plant and equipment (including freehold land
and\u00a0buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets,
and\u00a0the resulting goodwill arising from the transaction. Note 29 provides more details on the provisional
acquisition accounting.
Impairment of assets in CGUs
The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in\u00a0CGUs relate
to the cash flow forecasts including significant judgements in deciding what assumptions to make regarding the
future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the Group\u2019s future
climate\u2011related targets and ambitions. This is covered in more detail in note 11.
Defined benefit pension arrangements
Railway Pension Scheme
As at the balance sheet date, the Group sponsored four sections of the Railway Pension Scheme (RPS), relating
to its obligations for its contracted TOCs, and a further section for Hull Trains, its open access operator. The RPS
is a defined benefit pension scheme which covers the whole of the UK\u00a0rail industry. The\u00a0RPS is partitioned into
sections and, for the sections that relate to contracts, the\u00a0Group is responsible for the funding of these sections
only while it operates the relevant contract. In\u00a0contrast to the pension schemes operated by most businesses,
the RPS is a shared cost scheme which means that costs are formally shared 60% employer and 40%
employee. The Group only recognises amounts in relation to its share of costs in the income statement, and
for\u00a0the contracted TOCs, those amounts are then reimbursed to the TOCs as part of the overall allowable
contracted operating expenses. Management of the RPS is not the responsibility of the Group, nor is it
able\u00a0to\u00a0benefit from any future surplus, or liable for any deficit, of those funds.
\n
At the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially
\n
any deficit or surplus existing at that date, is passed to the next contractor. At each balance sheet date a contract
\n
adjustment is recognised against the IAS 19 net pension asset or liability to\u00a0reflect that portion expected to pass
\n
to the next contractor.
\n
The Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of\u00a0IAS 19
\n
(Revised) with a third party taking on the obligation for future contributions. As there is no requirement to make
\n
contributions to fund the current deficit, it is assumed that all of the current deficit will\u00a0be funded by another party
\n
and hence none of that deficit is attributable to the current contractor. In\u00a0respect of the future service costs, there
\n
is currently no pension obligation in respect of those costs. When the costs are recognised in the income
\n
statement, the extent to which the committed contributions fall short determines the amount that is to be
\n
covered by contributions of another party in future, which is\u00a0recognised as an adjustment to service cost in the
\n
income statement. Under circumstances where contributions are renegotiated, such as following a statutory
\n
valuation, an adjustment will be recognised in\u00a0the income statement, whilst changes in actuarial assumptions
\n
continue to be recognised through other comprehensive income.
\n
The Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific
\n
circumstances of the RPS where the contract commitment is only to pay contributions during the period in which
\n
we run the contract.
\n
Actuarial assumptions
\n
The UK schemes\u2019 retirement benefit obligations are discounted at a rate set by reference to market yields at the
\n
end of the reporting period on high\u2011quality corporate bonds. Significant judgement is\u00a0required when setting the
\n
criteria for bonds to be included in the population from which the yield curve is derived. The most significant
\n
criteria considered for the selection of bonds include the issue\u00a0size of the corporate bonds, quality of the bonds
\n
and the identification of outliers which are\u00a0excluded. Management follows actuarial advice from a third party
\n
when determining these judgements. Another key estimate is the longevity of members. We take specialist
\n
advice on this from our actuarial advisers which aims to consider the likely experience taking into account each
\n
scheme\u2019s characteristics. Our approach is to review these assumptions for each scheme following completion of
\n
their funding valuations, and more frequently only if appropriate to do so. Given pay increases for employees in
\n
the rail division are under negotiation, the gross figures for the contract rail pensions disclosures may be
\n
under\u2011 or overstated, but there will be nil impact on the balance sheet as a result of the contract adjustment.
\n
The Pension Regulator (TPR) has been in discussions with the RPS (the Scheme) regarding the long\u2011term
\n
funding strategy of the Scheme. Whilst TPR believes that the Scheme should be funded on a more prudent
\n
basis, it is not possible at this stage to determine the impact to ongoing contribution requirements.
\n
The carrying amount of the Group\u2019s continuing retirement benefit arrangements at 29 March 2025 was an asset
\n
of \u00a322.7m (2024: liability of \u00a3(25.3)m). Further details and sensitivities are set out in note\u00a035.
\n
Self\u2011insurance
\n
Provision is made for all known incidents for which there is self\u2011insurance using management\u2019s best estimate of
\n
the likely settlement of these incidents. The estimated settlement is reviewed on a regular basis with independent
\n
actuarial advice and the amount provided (including the Incurred But Not Reported (IBNR) element) is adjusted
\n
as required. Given the diversity of claim types, their size, the range of possible outcomes and the time involved in
\n
settling these claims, a material change could be required to the carrying value of claims provisions in the next
\n
financial year. These factors also make it impractical to provide sensitivity analysis on one single measure and its
\n
potential impact on\u00a0overall insurance provisions. The Group\u2019s total self\u2011insurance provisions as at the balance
\n
sheet date were \u00a394.3m (2024: \u00a3100.2m) as set out in note 25. Of this \u00a334.7m relates to North America of\u00a0which
\n
\u00a331.0m is de\u2011risked with insurance, leaving \u00a33.7m which is in excess of the actuarial range by \u00a30.5m
\n
(2024: \u00a34.9m and actuarial range \u00a34.7m to \u00a35.3m). A receivable matching the value of the de\u2011risked\u00a0provision of
\n
\u00a331.0m is recorded within Other receivables to account for the recovery from\u00a0the\u00a0third party insurer. While the
\n
range of reasonably possible outcomes within the next 12 months is not expected to be materially different from
\n
the estimate at the balance sheet date, there remains inherent risk as this balance is realised over time.
\n
Determining the incremental borrowing rate used to measure lease liabilities
\n
The Group is required to determine its incremental borrowing rate (IBR) to measure its lease liabilities.
\n
Judgement is required to determine the components of the IBR used for each lease, including risk\u2011free rates,
\n
credit risk and any lease\u2011specific adjustments.
\n
IBRs applied to new (or modified) leases are determined quarterly or at the time of a new franchise. They\u00a0depend
\n
on the term, country and start and end date of the lease. They are estimated based on several factors which
\n
include the risk\u2011free rate based on government bond rates, a country\u2011specific adjustment and a credit risk
\n
adjustment based on the average credit spread of entities with similar ratings to the Group, and these IBR
\n
components may be subject to future volatility and sensitivities based on macroeconomic factors such as
\n
interest rate changes.
\n
Determining First Rail National Rail Contract (NRC) expiry dates
\n
On 28 November 2024, the Passenger Railway Services (Public Ownership) Act 2024 received Royal\u00a0Assent,
\n
allowing passenger train operators with contracts with the DfT to be brought into public\u00a0ownership.
\n
An initial timetable for this process was published in December 2024. Of the Group\u2019s NRCs, only South Western
\n
Railway was attributed a specific expiry date (May 2025, in line with the end of the NRC). The timetable indicated
\n
that other TOCs would be taken into public ownership by October 2027, but with no dates specified for Great
\n
Western Railway or West Coast Partnership. The Group is therefore required to make judgements to assess the
\n
most likely expiry dates for these NRCs.
\n
These expiry date judgements are then used to identify lease terms in certain situations and useful lives of
\n
property, plant and equipment for TOCs. If there were to be a change in the judgement regarding lease expiry
\n
dates, this would result in a reassessment of the right of use asset and lease liabilities. Similarly, a change in
\n
useful lives for TOC property, plant and equipment would result in a change to the carrying value of those assets.
\n
Climate change
\n
In the preparation of the Group\u2019s consolidated financial statements, management has considered the\u00a0potential
\n
impact of climate change, particularly in the context of the disclosures included in the Strategic report (including
\n
the Task Force for Climate\u2011related Disclosures), and the Group\u2019s own climate\u2011related ambitions and targets,
\n
including its stated Sustainability strategic pillar. This includes an assessment of how the Group\u2019s accounting
\n
estimates and judgements are impacted by\u00a0the Group\u2019s pathway to achieving its stated ambitions and targets
\n
and delivering on its Sustainability strategic pillar, as\u00a0well as by climate\u2011related risks and opportunities for
\n
the\u00a0Group.
\n
Actions required to drive the Group\u2019s climate\u2011related ambitions and targets and to deliver on its Sustainability
\n
strategic pillar, including their financial impacts, are factored into the longer\u2011term business planning cycles of the
\n
Group. The following areas of estimation have been considered as\u00a0part of these planning cycles, in addition to
\n
those detailed in the Key sources of estimation uncertainty section. Management do not believe that these areas
\n
will have a material impact on\u00a0financial reporting estimates and judgements in the next year. Owing to the
\n
inherent medium/longer\u2011term uncertainty with regard to climate\u2011related risks and opportunities, it is not currently
\n
possible to assess whether in the future, these areas of estimation and judgement may have a more material
\n
impact on carrying values of assets and liabilities. Management will continue to regularly assess climate\u2011related
\n
risks in the context of the estimates and judgements made in the preparation of the Group\u2019s financial statements.
Going concern and viability
There may be a risk of increased future costs and capital investment requirements to ensure compliance
with environmental regulatory requirements (for example carbon taxes/charges, or\u00a0other\u00a0emissions\u2011related
restrictions), and to achieve the Group\u2019s stated sustainability targets and\u00a0ambitions. However, the Group
believes that there is likely to be an increasing modal shift towards public transport, as awareness grows
among customers of climate\u2011related issues, and with\u00a0governmental support for transport decarbonisation,
which could create new opportunities for\u00a0the Group.
Carrying value of non\u2011current assets
Environmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions,
may further accelerate the transition to electrification of vehicle fleets. Transitional risks relating to the
evolution of climate\u2011related technologies may alter the expected obsolescence profile of existing vehicle
fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their residual
values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation
to its vehicle fleets to ensure they remain reasonable.
Provisions
Climate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether
environmental provisions are necessary, for example the potential introduction of carbon taxes/charges.
In\u00a0parallel with the work towards achieving its climate\u2011related ambitions and targets, the Group tracks such
legislative changes to ensure the impact on the business is well understood and managed effectively.
Other areas of the financial statements which may also be impacted by climate\u2011related risks and
opportunities include:
\ue001
Share\u2011based payments \u2013 certain of the Group\u2019s share\u2011based payments arrangements include
a\u00a0sustainability target (see note 34), and the Group\u2019s ability to meet these targets may impact the\u00a0amount
or timing of any share\u2011based payments.
\ue001
Deferred tax assets \u2013 recoverability of deferred tax assets is dependent on future profitability, which may
be impacted by climate\u2011related factors.
\ue001
Borrowing facilities \u2013 during the year, the Group has entered into innovative funding arrangements for the
future purchase of both electric bus batteries and electric bus bodies (chassis and drivetrain). The timing
of the utilisation of these facilities to support the Group\u2019s decarbonisation and sustainability targets may
impact levels of borrowing and finance costs for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "Key sources of estimation uncertainty and significant judgements The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at\u00a0the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in\u00a0which the estimate is revised if the revision affects only that\u00a0period, or in the period of revision and\u00a0future periods if the revision affects both current and future periods. The following are the critical estimates and judgements that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Acquisition accounting adjustments relating to First Bus London On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries (First Bus London). The Group is currently undertaking the purchase price allocation exercise for First Bus London, and this has identified a number of adjustments to reflect the fair value of the assets and liabilities acquired. IFRS 3 Business Combinations allows the Group 12 months from the date of acquisition to finalise this exercise, and the standard acknowledges that it will be necessary to estimate certain acquisition adjustments and fair values. Owing to the\u00a0proximity of the acquisition to the reporting date, the acquisition adjustments and closing fair values are therefore disclosed in the financial statements as provisional. These will be finalised within the timeframe permitted by IFRS 3. The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to the\u00a0acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles and\u00a0onerous contract provisions, the valuations of property, plant and equipment (including freehold land and\u00a0buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets, and\u00a0the resulting goodwill arising from the transaction. Note 29 provides more details on the provisional acquisition accounting. Impairment of assets in CGUs The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in\u00a0CGUs relate to the cash flow forecasts including significant judgements in deciding what assumptions to make regarding the future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the Group\u2019s future climate\u2011related targets and ambitions. This is covered in more detail in note 11.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00612": { "value": "Going concern
The Board carried out a review of the Group\u2019s financial projections for the 18 months to 30 September
2025 and evaluated whether it was appropriate to prepare the full year results on a going concern basis.
In\u00a0doing so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s
and the Company\u2019s ability to continue as\u00a0a going concern over the going concern period.
Consistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading
projections, including whether banking covenants are likely to be met and whether there is\u00a0sufficient
committed facility headroom to accommodate future cash flows for the going concern\u00a0period.
Divisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting
the\u00a0impact of macroeconomic considerations on the operating environment, assumptions on passenger
volumes and government support, as well as the impact\u00a0of\u00a0actions required to address the Group\u2019s
climate\u2011related targets and ambitions, and having regard to the risks and uncertainties to which the Group
is exposed.
Base case scenario
The Board considered the annual budget to 31 March 2026 and medium\u2011term plan including the period to
September 2026 to be the base case scenario for the purpose of the going concern assessment for the
FY\u00a02025 year end. These projections were the subject of a series of executive management reviews and
were used to establish the base case scenario that was used for the purposes of the going concern
assessment. The Bus base case assumes a gradual increase in passenger volumes and yields in\u00a0FY\u00a02026,
with some offset from a reduction in direct government funding, the impact of the increase in employer\u2019s
national insurance, as well as the impact of the acquisitions completed in FY 2025, including First Bus
London. The Rail base case also reflects the expiry in May 2025 of the South Western Railway contract
and the uncertainty relating to the expiry dates of the Group\u2019s other NRCs. The macro projections in the
updated base case assume that the UK operates in a low\u2011growth, cautiously recovering economy. The
annual budget and medium\u2011term plan also capture the expected financial impact of the actions required
to\u00a0support the Group\u2019s climate\u2011related targets and\u00a0ambitions, and the cash flow impact of other capital
allocation decisions which the Group may consider.
Downside scenario
In addition, a downside case was also modelled which assumes a more adverse macroeconomic
recovery\u00a0profile. In First Bus the downside case assumes a reduction in passenger volumes as well as
the\u00a0impact of other unexpected cost inflation, driving\u00a0a\u00a025% reduction in Bus profitability. In First Rail,
the\u00a0downside case assumes TOC performance fee awards at 50% of expected levels and volume
and\u00a0revenue reductions in Hull Trains and Lumo driving a 25% reduction in open access profitability.
The\u00a0downside scenario also considers potential impacts of a significant climate\u2011related event or
unbudgeted decarbonisation costs, as\u00a0well as the risk of one\u2011off safety, regulatory non\u2011compliance
or\u00a0technology incidents.
Mitigating actions
If the performance of the Group were to be more adversely impacted than assumed in the base case
or\u00a0downside case scenarios, the Group would reduce and defer planned growth capital expenditure
and\u00a0further reduce costs in line with a lower\u2011volume operating environment to the extent that the
essential\u00a0services we operate in First Bus are not required to be run for the governments and
communities\u00a0we support.
Going concern statement
Based on the review of the financial forecasts for the period to September 2026 and having regard to\u00a0the
risks and uncertainties to which the Group is exposed, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for at least the 12\u2011month period
from the date on which the financial statements were approved, including compliance with banking
covenants under both the base case and downside scenarios. Accordingly, they continue to adopt a going
concern basis of accounting in preparing the consolidated financial statements in this full year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "3 Revenue \n \n
2025
2024
\u00a3m
\u00a3m
Services rendered
4,317.2
3,952.1
First Rail contract subsidy receipts
412.8
456.8
Other revenues
336.3
306.2
Revenue from continuing operations
5,066.3
4,715.1
Discontinued operations
\u2013
\u2013
Revenue
5,066.3
4,715.1
Disaggregated revenue by operating segment is set out in note 5.
Other revenues principally represent funding mechanisms in First Bus and the First Rail businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "5 Business segments and geographical information
For management purposes, the Group is organised into three operating divisions \u2013 First Bus, First\u00a0Rail and Greyhound. Greyhound Canada is categorised as a Continuing Operation, although trading operations have ceased.
The divisions are managed separately in line with the differing services that they provide and the geographical markets in which they operate. There is a clear distinction between each division and no\u00a0judgement is
required to identify each reportable segment.
The segment results for the 52 weeks ended 29 March 2025 are as follows:
\n \n
Discontinued
Continuing Operations
Operations
Group items/
Continuing
First Bus
First Rail
Greyhound
eliminations
1
Operations
Greyhound
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Passenger revenue
785.6
3,310.7
\u2013
\u2013
4,096.3
\u2013
4,096.3
Contract revenue
249.2
\u2013
\u2013
(28.3)
220.9
\u2013
220.9
Rail contract subsidy receipts
\u2013
412.8
\u2013
\u2013
412.8
\u2013
412.8
Other revenues
46.7
289.6
\u2013
\u2013
336.3
\u2013
336.3
Revenue
1,081.5
4,013.1
\u2013
(28.3)
5,066.3
\u2013
5,066.3
Rail TOC revenue adjustments
\u2013
(3,724.3)
\u2013
28.0
(3,696.3)
\u2013
(3,696.3)
Adjusted revenue
2
1,081.5
288.8
\u2013
(0.3)
1,370.0
\u2013
1,370.0
EBITDA
3
160.1
639.7
\u2013
(19.4)
780.4
(0.6)
779.8
Depreciation
(77.0)
(541.1)
\u2013
(2.1)
(620.2)
\u2013
(620.2)
Software amortisation
(0.9)
(1.3)
\u2013
(0.5)
(2.7)
\u2013
(2.7)
Capital grant amortisation
13.8
51.5
\u2013
\u2013
65.3
\u2013
65.3
Segment results
96.0
148.8
\u2013
(22.0)
222.8
(0.6)
222.2
Other adjustments (note 4)
\u2013
\u2013
(0.2)
\u2013
(0.2)
5.5
5.3
Operating profit/(loss)
4
96.0
148.8
(0.2)
(22.0)
222.6
4.9
227.5
Investment income
0.5
0.2
\u2013
7.0
7.7
0.1
7.8
Finance costs
(9.5)
(47.8)
\u2013
(8.1)
(65.4)
(0.3)
(65.7)
Profit/(loss) before tax
87.0
101.2
(0.2)
(23.1)
164.9
4.7
169.6
Tax
(31.3)
Profit after tax
138.3
Discontinued
Continuing Operations
Operations
Group items/
Continuing
First Bus
First Rail
Greyhound
eliminations
1
Operations
Greyhound
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital additions
243.0
47.0
\u2013
\u2013
290.0
\u2013
290.0
\n
Capital additions comprises intangible asset additions and acquisitions (note 12) and property, plant and equipment acquisitions and additions (note 13).
Total
Total
Net assets/
assets
liabilities
(liabilities)
Balance sheet
5
\u00a3m
\u00a3m
\u00a3m
Greyhound retained
34.3
(44.8)
(10.5)
First Bus
1,194.4
(381.1)
813.3
First Rail
1,745.4
(947.0)
798.4
2,974.1
(1,372.9)
1,601.2
Group items
145.2
(54.1)
91.1
Borrowings and cash
487.1
(1,461.9)
(974.8)
Taxation
54.6
(59.6)
(5.0)
Total
3,661.0
(2,948.5)
712.5
\n
1
Group items comprise central management and other items.
\n
2
Adjusted revenue is revenue excluding DfT TOC revenue, and related intercompany eliminations, where the Group takes substantially no revenue risk.
\n
3
EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n
4
Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n
5
Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances, net debt and taxation.
\n
The segment results for the 53 weeks ended 30 March 2024 were as follows:
Continuing Operations
Discontinued Operations
Group items/
Continuing
First Bus
First Rail
Greyhound
eliminations
1
Operations
Greyhound
Group items
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Passenger revenue
769.1
3,030.1
\u2013
\u2013
3,799.2
\u2013
\u2013
3,799.2
Contract revenue
188.4
\u2013
\u2013
(35.5)
152.9
\u2013
\u2013
152.9
Rail contract subsidy receipts
\u2013
456.8
\u2013
\u2013
456.8
\u2013
\u2013
456.8
Other revenues
54.7
251.5
\u2013
\u2013
306.2
\u2013
\u2013
306.2
Revenue
1,012.2
3,738.4
\u2013
(35.5)
4,715.1
\u2013
\u2013
4,715.1
Rail TOC revenue adjustments
\u2013
(3,470.6)
\u2013
35.1
(3,435.5)
\u2013
\u2013
(3,435.5)
Adjusted revenue
2
1,012.2
267.8
\u2013
(0.4)
1,279.6
\u2013
\u2013
1,279.6
EBITDA
3
148.1
620.5
\u2013
(20.0)
748.6
(1.8)
\u2013
746.8
Depreciation
(73.9)
(513.8)
\u2013
(2.0)
(589.7)
(0.1)
\u2013
(589.8)
Software amortisation
(1.0)
(1.7)
\u2013
(0.6)
(3.3)
\u2013
\u2013
(3.3)
Capital grant amortisation
10.4
38.3
\u2013
\u2013
48.7
\u2013
\u2013
48.7
Segment results
83.6
143.3
\u2013
(22.6)
204.3
(1.9)
\u2013
202.4
Other adjustments (note 4)
(146.9)
\u2013
(0.4)
(10.5)
(157.8)
(1.1)
(2.3)
(161.2)
Operating profit/(loss)
4
(63.3)
143.3
(0.4)
(33.1)
46.5
(3.0)
(2.3)
41.2
Investment income
1.7
1.6
\u2013
13.4
16.7
0.1
\u2013
16.8
Finance costs
(4.2)
(61.5)
\u2013
(16.3)
(82.0)
(0.4)
\u2013
(82.4)
(Loss)/profit before tax
(65.8)
83.4
(0.4)
(36.0)
(18.8)
(3.3)
(2.3)
(24.4)
Tax
15.0
Loss after tax
(9.4)
Continuing Operations
Discontinued Operations
Group items/
Continuing
First Bus
First Rail
Greyhound
eliminations
1
Operations
Greyhound
Group items
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital additions
200.8
45.5
\u2013
0.3
246.6
\u2013
\u2013
246.6
\n
Capital additions comprises intangible asset additions and acquisitions (note 12) and property, plant and equipment acquisitions and additions (note 13).
Total
Total
Net assets/
assets
liabilities
(liabilities)
Balance sheet
5
\u00a3m
\u00a3m
\u00a3m
Greyhound retained
54.2
(78.9)
(24.7)
First Bus
895.5
(315.3)
580.2
First Rail
2,164.1
(994.9)
1,169.2
3,113.8
(1,389.1)
1,724.7
Group items
152.5
(91.8)
60.7
Borrowings and cash
496.5
(1,644.8)
(1,148.3)
Taxation
44.0
(40.0)
4.0
Total
3,806.8
(3,165.7)
641.1
Greyhound (held for sale)
0.6
\u2013
0.6
Total
3,807.4
(3,165.7)
641.7
1
Group items comprise central management and other items.
2
Adjusted revenue is revenue excluding DfT TOC revenue, and related intercompany eliminations, where the Group takes substantially no revenue risk.
3
EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
4
Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
5
Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances, net debt and taxation.
Geographical information
The Group\u2019s operations are located predominantly in the United Kingdom, with the prior year also including residual United States of America and Canada segment assets.
The following table provides an\u00a0analysis of the Group\u2019s revenue by geographical market:
2025
2024
Revenue
\u00a3m
\u00a3m
United Kingdom/Republic of Ireland
5,066.3
4,715.1
Total continuing operations
5,066.3
4,715.1
United States of America \u2013 discontinued operations
\u2013
\u2013
Total discontinued operations
\u2013
\u2013
Total revenue
5,066.3
4,715.1
The following is an analysis of non\u2011current assets excluding financial instruments, deferred tax and pensions, the carrying amount of segment assets, and additions to property, plant and equipment and intangible
assets, analysed by the geographical area in which the assets are located:
Non\u2011current assets excluding
Additions to property,
financial instruments deferred
plant and equipment and
Carrying amount of
tax and pensions
intangible assets
segment total assets
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom/Republic of Ireland
2,296.5
2,376.4
290.0
246.6
3,572.1
3,708.6
Canada \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.5
1.1
Unallocated corporate items
\u2013
\u2013
\u2013
\u2013
54.6
44.0
Total \u2013 continuing operations
2,296.5
2,376.4
290.0
246.6
3,627.2
3,753.7
United States of America \u2013 discontinued operations
2.6
2.6
\u2013
\u2013
33.8
53.7
Total \u2013 discontinued operations
2.6
2.6
\u2013
\u2013
33.8
53.7
2,299.1
2,379.0
290.0
246.6
3,661.0
3,807.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
113.8
98.6
Depreciation \u2013 right of use assets
506.4
491.1
Operating commitments
505.8
496.6
Other intangible asset amortisation charges
2.7
3.3
Capital grant amortisation
(65.3)
(48.7)
Cost of inventories recognised as an expense
236.0
261.4
Employee costs (note 7)
1,710.7
1,572.0
Gain on disposal of property, plant and equipment
(0.2)
(5.7)
Impairment charges
\u2013
3.8
Auditor\u2019s remuneration (see below)
3.6
3.4
Rail franchise payments
0.6
1.1
LGPS pension settlement and related charges
\u2013
146.9
Foreign exchange
0.3
2.8
Other operating costs
1
1,829.3
1,642.0
Operating costs \u2013 continuing operations
4,843.7
4,668.6
Operating (income)/costs \u2013 discontinued operations
(4.9)
5.3
Operating costs \u2013 continuing and discontinued operations
4,838.8
4,673.9
1
Other operating costs includes \u00a340.9m (2024: \u00a346.4m) received or receivable from government bodies in respect of bus service
operator grants and fuel duty rebates.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary
undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are
shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
0.2
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit
of\u00a0the Company\u2019s subsidiaries pursuant to legislation
3.2
3.0
Total audit fees
3.4
3.2
Audit\u2011related assurance services
0.1
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.2
0.2
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company
are not required to be disclosed because the consolidated financial statements are required to disclose
such fees on a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was
used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded
are set out in the Corporate Governance report on page 89. No services were provided pursuant to
contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other
regulatory\u00a0reporting.30 Net cash from operating activities
2025
2024
\u00a3m
\u00a3m
Operating profit from:
Continuing operations
222.6
46.5
Discontinued operations
4.9
(5.3)
Total operations
227.5
41.2
Adjustments for:
Depreciation charges
620.2
589.7
Capital grant amortisation
(65.3)
(48.7)
Software amortisation charges
2.7
3.4
Impairment
\u2013
3.8
Share\u2011based payments
10.5
15.6
Profit on disposal of property, plant and equipment
(0.2)
(5.7)
Operating cash flows before working capital and pensions
795.4
599.3
(Increase)/decrease in inventories
(2.4)
0.1
Decrease/(increase) in receivables
109.4
(3.1)
Decrease in payables due within one year
(31.3)
(103.1)
(Increase)/decrease in financial assets
(1.0)
23.7
Decrease in provisions due within one year
(13.9)
(12.4)
Decrease in provisions due over one year
(14.0)
(15.5)
Settlement of foreign exchange hedge
\u2013
(1.1)
Local Government Pension Scheme refund
\u2013
23.1
Defined benefit pension payments (greater)/lower than income statement charge
(14.0)
115.6
Cash generated by operations
828.2
626.6
Tax paid
(6.0)
(2.2)
Interest paid\u00b9
(68.0)
(81.1)
Net cash from operating activities
2
754.2
543.3
1
Interest paid includes \u00a349.6m relating to lease liabilities (2024: \u00a362.1m).
2
Net cash from operating activities is stated after an outflow of \u00a33.2m (2024: inflow of \u00a35.1m) in relation to financial derivative settlement.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
113.8
98.6
Depreciation \u2013 right of use assets
506.4
491.1
Operating commitments
505.8
496.6
Other intangible asset amortisation charges
2.7
3.3
Capital grant amortisation
(65.3)
(48.7)
Cost of inventories recognised as an expense
236.0
261.4
Employee costs (note 7)
1,710.7
1,572.0
Gain on disposal of property, plant and equipment
(0.2)
(5.7)
Impairment charges
\u2013
3.8
Auditor\u2019s remuneration (see below)
3.6
3.4
Rail franchise payments
0.6
1.1
LGPS pension settlement and related charges
\u2013
146.9
Foreign exchange
0.3
2.8
Other operating costs
1
1,829.3
1,642.0
Operating costs \u2013 continuing operations
4,843.7
4,668.6
Operating (income)/costs \u2013 discontinued operations
(4.9)
5.3
Operating costs \u2013 continuing and discontinued operations
4,838.8
4,673.9
1
Other operating costs includes \u00a340.9m (2024: \u00a346.4m) received or receivable from government bodies in respect of bus service
operator grants and fuel duty rebates.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary
undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are
shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
0.2
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit
of\u00a0the Company\u2019s subsidiaries pursuant to legislation
3.2
3.0
Total audit fees
3.4
3.2
Audit\u2011related assurance services
0.1
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.2
0.2
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company
are not required to be disclosed because the consolidated financial statements are required to disclose
such fees on a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was
used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded
are set out in the Corporate Governance report on page 89. No services were provided pursuant to
contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other
regulatory\u00a0reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
113.8
98.6
Depreciation \u2013 right of use assets
506.4
491.1
Operating commitments
505.8
496.6
Other intangible asset amortisation charges
2.7
3.3
Capital grant amortisation
(65.3)
(48.7)
Cost of inventories recognised as an expense
236.0
261.4
Employee costs (note 7)
1,710.7
1,572.0
Gain on disposal of property, plant and equipment
(0.2)
(5.7)
Impairment charges
\u2013
3.8
Auditor\u2019s remuneration (see below)
3.6
3.4
Rail franchise payments
0.6
1.1
LGPS pension settlement and related charges
\u2013
146.9
Foreign exchange
0.3
2.8
Other operating costs
1
1,829.3
1,642.0
Operating costs \u2013 continuing operations
4,843.7
4,668.6
Operating (income)/costs \u2013 discontinued operations
(4.9)
5.3
Operating costs \u2013 continuing and discontinued operations
4,838.8
4,673.9
1
Other operating costs includes \u00a340.9m (2024: \u00a346.4m) received or receivable from government bodies in respect of bus service
operator grants and fuel duty rebates.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary
undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are
shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
0.2
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit
of\u00a0the Company\u2019s subsidiaries pursuant to legislation
3.2
3.0
Total audit fees
3.4
3.2
Audit\u2011related assurance services
0.1
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.2
0.2
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company
are not required to be disclosed because the consolidated financial statements are required to disclose
such fees on a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was
used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded
are set out in the Corporate Governance report on page 89. No services were provided pursuant to
contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other
regulatory\u00a0reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n \n
2025
2024
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
113.8
98.6
Depreciation \u2013 right of use assets
506.4
491.1
Operating commitments
505.8
496.6
Other intangible asset amortisation charges
2.7
3.3
Capital grant amortisation
(65.3)
(48.7)
Cost of inventories recognised as an expense
236.0
261.4
Employee costs (note 7)
1,710.7
1,572.0
Gain on disposal of property, plant and equipment
(0.2)
(5.7)
Impairment charges
\u2013
3.8
Auditor\u2019s remuneration (see below)
3.6
3.4
Rail franchise payments
0.6
1.1
LGPS pension settlement and related charges
\u2013
146.9
Foreign exchange
0.3
2.8
Other operating costs
1
1,829.3
1,642.0
Operating costs \u2013 continuing operations
4,843.7
4,668.6
Operating (income)/costs \u2013 discontinued operations
(4.9)
5.3
Operating costs \u2013 continuing and discontinued operations
4,838.8
4,673.9
1
Other operating costs includes \u00a340.9m (2024: \u00a346.4m) received or receivable from government bodies in respect of bus service
operator grants and fuel duty rebates.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary
undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are
shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
0.2
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit
of\u00a0the Company\u2019s subsidiaries pursuant to legislation
3.2
3.0
Total audit fees
3.4
3.2
Audit\u2011related assurance services
0.1
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.2
0.2
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company
are not required to be disclosed because the consolidated financial statements are required to disclose
such fees on a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was
used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded
are set out in the Corporate Governance report on page 89. No services were provided pursuant to
contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other
regulatory\u00a0reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Other operating costs includes \u00a340.9m (2024: \u00a346.4m) received or receivable from government bodies in respect of bus service operator grants and fuel duty rebates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary
undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are
shown below:
\n \n
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s
annual accounts
0.2
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit
of\u00a0the Company\u2019s subsidiaries pursuant to legislation
3.2
3.0
Total audit fees
3.4
3.2
Audit\u2011related assurance services
0.1
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.2
0.2
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company
are not required to be disclosed because the consolidated financial statements are required to disclose
such fees on a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was
used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded
are set out in the Corporate Governance report on page 89. No services were provided pursuant to
contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other
regulatory\u00a0reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "7 Employee costs
The average monthly number of employees including discontinued operations (including Executive
Directors) was:
\n \n
2025
2024
Number
Number
Operational
27,698
25,913
Administration
3,065
3,426
30,763
29,339
The aggregate remuneration including discontinued operations (including Executive Directors) comprised:
\n \n
2025
2024
\u00a3m
\u00a3m
Wages and salaries
1,486.4
1,354.9
Social security costs
149.1
136.0
Pension costs (note 35)
75.2
81.1
1,710.7
1,572.0
Wages and salaries include a charge in respect of share\u2011based payments of \u00a310.5m (2024: \u00a315.6m).
Disclosures on Directors\u2019 remuneration, share options, long\u2011term incentive schemes and pension
entitlements required by the Companies Act 2006 and those specified for audit by the Financial Conduct
Authority (FCA) are contained in the tables/notes within the Annual report on remuneration on pages 96 to
108. Directors\u2019 emoluments in aggregate were \u00a36.1m (2024: \u00a35.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "8 Investment income and finance costs \n \n
2025
2024
\u00a3m
\u00a3m
Bank interest receivable
(7.2)
(14.7)
Interest on pensions
(0.6)
(2.1)
Total investment income (including discontinued operations)
(7.8)
(16.8)
Bonds
3.1
11.9
Bank interest and facility fees
8.2
5.8
Finance charges payable in respect of lease liabilities
49.6
62.1
Finance charges payable in respect of asset backed financial liabilities
3.7
1.4
Interest on long\u2011term provisions
1.0
0.8
Interest on pensions
0.1
0.4
Total finance costs (including discontinued operations)
65.7
82.4
Finance costs are stated after charging fee expenses of \u00a31.1m (2024: \u00a30.7m). There was no interest
capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a30.1m (2024: \u00a30.1m) and finance costs of \u00a30.3m (2024: \u00a30.4m) relate to discontinued
operations (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "9 Tax on profit/(loss) on ordinary activities \n \n
2025
2024
\u00a3m
\u00a3m
Current tax charge
6.6
1.3
Adjustments with respect to prior years
(2.8)
(3.0)
Total current tax charge/(credit) (including discontinued operations)
3.8
(1.7)
Origination and reversal of temporary differences
36.2
(11.0)
Adjustment in respect of prior years
(1.9)
2.3
Writing down of previously recognised deferred tax assets
\u2013
0.7
Write back of previously unrecognised deferred tax assets
(6.8)
(5.3)
Total deferred tax charge/(credit) (note 24)
27.5
(13.3)
Total tax charge/(credit) (including discontinued operations)
31.3
(15.0)
Tax charge/(credit) attributable to:
Profit/(loss) from continuing operations
31.3
(15.1)
Profit from discontinued operations
\u2013
0.1
UK corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year. Tax for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Deferred tax has been
provided at 25% on temporary differences at the balance sheet date.
As the Group\u2019s parent company is domiciled and listed in the UK, the Group uses the UK corporation tax rate to reconcile its effective tax rate. The tax charge for the year can be reconciled to the UK\u00a0corporation tax
rate as follows:
2025
2025
2024
2024
\u00a3m
%
\u00a3m
%
Profit/(loss) from continuing operations before income tax expense
164.9
N/A
(18.8)
N/A
Profit/(loss) from discontinued operations before income tax expense
4.7
N/A
(5.6)
N/A
Profit(loss) from total operations
169.6
100.0
(24.4)
100.0
Tax at the UK corporation tax rate of 25% (2024: 25%)
42.4
(25.0)
(6.1)
25.0
Non\u2011deductible expenditure
\u2013
\u2013
0.7
(2.9)
Non\u2011taxable income
\u2013
\u2013
(5.8)
23.8
Tax rates outside of the UK
0.1
(0.1)
0.5
(2.0)
Unrecognised losses
0.3
(0.2)
0.9
(3.7)
Non\u2011recurring historical tax refund
(3.0)
1.8
\u2013
\u2013
Other adjustments in relation to prior years
(1.7)
1.0
(0.6)
2.5
Writing\u2011down of previously recognised deferred tax assets
\u2013
\u2013
0.7
(2.9)
Write\u2011back of previously unrecognised deferred tax assets
(6.8)
4.0
(5.3)
21.7
Tax charge/(credit) and effective tax rate for the year
31.3
(18.5)
(15.0)
61.5
Future years\u2019 tax charges would be impacted if the final liability for currently open years is different from the amount currently provided for. The future tax charge may also be affected by the levels and mix\u00a0of profits in
the countries in which we operate including differing foreign exchange rates that apply to those profits. Changes to the prevailing tax rates and tax rules in any of the countries in which we\u00a0operate may also impact
future tax charges.
The UK\u2019s enactment on 11 July 2023 of the Organisation for Economic Co\u2011operation and Development\u2019s Global Anti\u2011Base Erosion Model Rules (Pillar Two) became effective for the Group for the first time in 2025 and
the Group is within the scope of these rules. Management has performed an assessment of the Group\u2019s exposure to Pillar Two income taxes in the jurisdictions in which it operates and no material exposure to Pillar
Two taxes is expected.
A current tax expense of \u00a3nil has been recognised in the income statement in respect of Pillar Two income taxes. The Group has applied the mandatory exception to recognising and disclosing information about
deferred tax assets and liabilities relating to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
In addition to the amount charged/(credited) to the income statement, deferred tax relating to actuarial gains/(losses) on defined benefit pension schemes of \u00a37.5m (2024: \u00a320.2m) and cash flow hedges of
\u00a3(1.0)m\u00a0(2024: \u00a30.5m) have been (credited)/charged) to comprehensive income together with a further \u00a30.8m (2024: \u00a3(1.0)m) on cash flow hedges and \u00a30.1m (2024: \u00a30.3m) on share\u2011based payments taken\u00a0directly\u00a0to
equity. These amount to a total charge of \u00a37.2m (2024: \u00a320.0m) recognised in other comprehensive income and equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "10 Earnings per share (EPS)
EPS is calculated by dividing the profit/loss attributable to equity shareholders of \u00a3127.5m (2024: loss of \u00a3(15.9)m) by the weighted average number of ordinary shares of 597.7m (2024: 662.9m). The number of\u00a0ordinary
shares used for the basic and diluted calculations is shown in the table below.
The difference in the number of shares between the basic calculation and the diluted calculation represents the weighted average number of potentially dilutive ordinary share options.
\n \n
2025
2024
Number
Number
m
m
Weighted average number of shares used in basic calculation
597.7
662.9
Executive share options
25.0
26.2
Weighted average number of shares used in the diluted calculation
622.7
689.1
The adjusted EPS is intended to highlight the recurring operating results of the Group before certain other adjustments as set out in note 4, and before IFRS 16 charges relating to the Group\u2019s management fee\u2011based
Rail operations. A reconciliation is set out below:
\n \n
2025
2024
EPS
EPS
\u00a3m
(pence)
\u00a3m
(pence)
Basic profit/(loss)/EPS
127.5
21.3
(15.9)
(2.4)
Management fee\u2011based Rail operations \u2013 IFRS 16 adjustments
0.5
0.1
10.2
1.5
Other adjustments (note 4)
(5.3)
(0.9)
161.2
24.3
Non\u2011controlling interest
2.1
0.4
\u2013
\u2013
Tax effect of other adjustments
\u2013
\u2013
(42.5)
(6.4)
Non\u2011recurring historical tax refund
(3.0)
(0.5)
\u2013
\u2013
Write down of previously recognised deferred tax assets
\u2013
\u2013
0.7
0.1
Write back of previously unrecognised deferred tax assets
(6.8)
(1.1)
(5.3)
(0.8)
Adjusted profit and EPS attributable to the ordinary equity holders of the Company
115.0
19.3
108.4
16.4
Adjusted (loss)/EPS from discontinued operations
(0.8)
(0.1)
(2.3)
(0.3)
Adjusted profit/EPS from continuing operations
115.8
19.4
110.7
16.7
\n \n
2025
2024
pence
pence
Diluted EPS
20.5
(2.4)
Adjusted diluted EPS
18.5
15.7
The adjusted EPS on a continuing basis is set out below:
2025
2024
EPS
EPS
\u00a3m
(pence)
\u00a3m
(pence)
Basic profit/(loss)/EPS
122.8
20.5
(10.2)
(1.5)
Management fee\u2011based Rail operations \u2013 IFRS 16 adjustments
0.5
0.1
10.2
1.5
Other adjustments (note 4)
0.2
\u2013
157.8
23.7
Non\u2011controlling interest
2.1
0.4
\u2013
\u2013
Tax effect of other adjustments
\u2013
\u2013
(42.5)
(6.3)
Non\u2011recurring historical tax refund
(3.0)
(0.5)
\u2013
\u2013
Write\u2011down of previously recognised deferred tax assets
\u2013
\u2013
0.7
0.1
Write back of previously unrecognised deferred tax assets
(6.8)
(1.1)
(5.3)
(0.8)
Adjusted profit/EPS from continuing operations
115.8
19.4
110.7
16.7
2025
2024
pence
pence
Diluted EPS
19.7
(1.5)
Adjusted diluted EPS
18.6
16.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "11 Goodwill \n \n
2025
\u00a3m
Cost
At 31 March 2024
111.0
Additions (note 29)
37.2
At 29 March 2025
148.2
Accumulated impairment losses
At 31 March 2024
\u2013
At 29 March 2025
\u2013
Carrying amount
At 29 March 2025
148.2
At 31 March 2024
111.0
Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS\u00a036
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This\u00a0work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2025 to FY 2029.
Transition risks included potential impacts from increased carbon prices and route constraints due\u00a0to\u00a0new
zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet and
the\u00a0impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the most
material impact. Key findings are outlined on pages 48 to 52 of\u00a0this\u00a0Report and focus on direct risks
to\u00a0FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used,
which\u00a0identified technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next
four\u00a0years.
Full detailed impairment testing has been performed on a value in use basis on First Bus. The value of
the\u00a0Franchised TOC asset base is protected by the passthrough and termination arrangements of the
respective EMA/ERMAs or NRCs, such that no impairment is expected to arise on these assets.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2024/25 to 2026/27
which takes account of both past performance and expectations for future developments. Cash flows
beyond the plan period are extrapolated using estimated long\u2011term growth rates which do not exceed
the\u00a0long\u2011term average growth rate for the market. Cash flows are discounted using a\u00a0pre\u2011tax discount
rate\u00a0derived from a market participant\u2019s weighted average cost of capital, benchmarked to externally
available data.
Impairment testing \u2013 First Bus
First Bus value in use has been assessed based on the projected cash flows for 2025/26 to 2027/28 from
the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and discounted to
a\u00a0net present value based on the following assumptions.
First Bus has \u00a3277m of positive headroom at 29 March 2025 (30 March 2024: \u00a3412m) based on a\u00a011.2%
discount rate (2024: 10.3%) and 9.8% terminal margin (2024: 10.8%), which reflects the\u00a0impact of expected
future passenger volumes and yields, as well as planned resizing of the\u00a0network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.5% terminal margin (applying the cap to just the final year/terminal value) using a 11.2% discount rate;
or
\ue001
7.6% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at
7.6%, not just in the terminal years) using a 11.2% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.
12 Other intangible assets
\n \n
Customers
contracts
Software
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
\u2013
39.8
39.8
Additions
\u2013
2.4
2.4
Disposals
\u2013
(5.2)
(5.2)
Transfers
\u2013
4.0
4.0
At 30 March 2024
\u2013
41.0
41.0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
3.6
0.3
3.9
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
3.6
43.1
46.7
Accumulated amortisation and impairment
At 26 March 2023
\u2013
29.0
29.0
Charge for year
\u2013
3.3
3.3
Disposals
\u2013
(4.2)
(4.2)
Transfers
\u2013
2.5
2.5
At 30 March 2024
\u2013
30.6
30.6
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
Carrying amount
At 29 March 2025
3.6
12.5
16.1
At 30 March 2024
\u2013
10.4
10.4
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a32.7m had been incorrectly classified between cost and accumulated amortisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "11 Goodwill \n \n
2025
\u00a3m
Cost
At 31 March 2024
111.0
Additions (note 29)
37.2
At 29 March 2025
148.2
Accumulated impairment losses
At 31 March 2024
\u2013
At 29 March 2025
\u2013
Carrying amount
At 29 March 2025
148.2
At 31 March 2024
111.0
Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS\u00a036
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This\u00a0work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2025 to FY 2029.
Transition risks included potential impacts from increased carbon prices and route constraints due\u00a0to\u00a0new
zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet and
the\u00a0impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the most
material impact. Key findings are outlined on pages 48 to 52 of\u00a0this\u00a0Report and focus on direct risks
to\u00a0FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used,
which\u00a0identified technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next
four\u00a0years.
Full detailed impairment testing has been performed on a value in use basis on First Bus. The value of
the\u00a0Franchised TOC asset base is protected by the passthrough and termination arrangements of the
respective EMA/ERMAs or NRCs, such that no impairment is expected to arise on these assets.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2024/25 to 2026/27
which takes account of both past performance and expectations for future developments. Cash flows
beyond the plan period are extrapolated using estimated long\u2011term growth rates which do not exceed
the\u00a0long\u2011term average growth rate for the market. Cash flows are discounted using a\u00a0pre\u2011tax discount
rate\u00a0derived from a market participant\u2019s weighted average cost of capital, benchmarked to externally
available data.
Impairment testing \u2013 First Bus
First Bus value in use has been assessed based on the projected cash flows for 2025/26 to 2027/28 from
the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and discounted to
a\u00a0net present value based on the following assumptions.
First Bus has \u00a3277m of positive headroom at 29 March 2025 (30 March 2024: \u00a3412m) based on a\u00a011.2%
discount rate (2024: 10.3%) and 9.8% terminal margin (2024: 10.8%), which reflects the\u00a0impact of expected
future passenger volumes and yields, as well as planned resizing of the\u00a0network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.5% terminal margin (applying the cap to just the final year/terminal value) using a 11.2% discount rate;
or
\ue001
7.6% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at
7.6%, not just in the terminal years) using a 11.2% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.
12 Other intangible assets
\n \n
Customers
contracts
Software
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
\u2013
39.8
39.8
Additions
\u2013
2.4
2.4
Disposals
\u2013
(5.2)
(5.2)
Transfers
\u2013
4.0
4.0
At 30 March 2024
\u2013
41.0
41.0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
3.6
0.3
3.9
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
3.6
43.1
46.7
Accumulated amortisation and impairment
At 26 March 2023
\u2013
29.0
29.0
Charge for year
\u2013
3.3
3.3
Disposals
\u2013
(4.2)
(4.2)
Transfers
\u2013
2.5
2.5
At 30 March 2024
\u2013
30.6
30.6
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
Carrying amount
At 29 March 2025
3.6
12.5
16.1
At 30 March 2024
\u2013
10.4
10.4
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a32.7m had been incorrectly classified between cost and accumulated amortisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS\u00a036
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This\u00a0work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2025 to FY 2029.
Transition risks included potential impacts from increased carbon prices and route constraints due\u00a0to\u00a0new
zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet and
the\u00a0impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the most
material impact. Key findings are outlined on pages 48 to 52 of\u00a0this\u00a0Report and focus on direct risks
to\u00a0FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used,
which\u00a0identified technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next
four\u00a0years.
Full detailed impairment testing has been performed on a value in use basis on First Bus. The value of
the\u00a0Franchised TOC asset base is protected by the passthrough and termination arrangements of the
respective EMA/ERMAs or NRCs, such that no impairment is expected to arise on these assets.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2024/25 to 2026/27
which takes account of both past performance and expectations for future developments. Cash flows
beyond the plan period are extrapolated using estimated long\u2011term growth rates which do not exceed
the\u00a0long\u2011term average growth rate for the market. Cash flows are discounted using a\u00a0pre\u2011tax discount
rate\u00a0derived from a market participant\u2019s weighted average cost of capital, benchmarked to externally
available data.
Impairment testing \u2013 First Bus
First Bus value in use has been assessed based on the projected cash flows for 2025/26 to 2027/28 from
the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and discounted to
a\u00a0net present value based on the following assumptions.
First Bus has \u00a3277m of positive headroom at 29 March 2025 (30 March 2024: \u00a3412m) based on a\u00a011.2%
discount rate (2024: 10.3%) and 9.8% terminal margin (2024: 10.8%), which reflects the\u00a0impact of expected
future passenger volumes and yields, as well as planned resizing of the\u00a0network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.5% terminal margin (applying the cap to just the final year/terminal value) using a 11.2% discount rate;
or
\ue001
7.6% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at
7.6%, not just in the terminal years) using a 11.2% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "12 Other intangible assets \n \n
Customers
contracts
Software
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
\u2013
39.8
39.8
Additions
\u2013
2.4
2.4
Disposals
\u2013
(5.2)
(5.2)
Transfers
\u2013
4.0
4.0
At 30 March 2024
\u2013
41.0
41.0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
3.6
0.3
3.9
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
3.6
43.1
46.7
Accumulated amortisation and impairment
At 26 March 2023
\u2013
29.0
29.0
Charge for year
\u2013
3.3
3.3
Disposals
\u2013
(4.2)
(4.2)
Transfers
\u2013
2.5
2.5
At 30 March 2024
\u2013
30.6
30.6
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
Carrying amount
At 29 March 2025
3.6
12.5
16.1
At 30 March 2024
\u2013
10.4
10.4
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a32.7m had been incorrectly classified between cost and accumulated amortisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "\n \n
Customers
contracts
Software
Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
\u2013
39.8
39.8
Additions
\u2013
2.4
2.4
Disposals
\u2013
(5.2)
(5.2)
Transfers
\u2013
4.0
4.0
At 30 March 2024
\u2013
41.0
41.0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
3.6
0.3
3.9
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
3.6
43.1
46.7
Accumulated amortisation and impairment
At 26 March 2023
\u2013
29.0
29.0
Charge for year
\u2013
3.3
3.3
Disposals
\u2013
(4.2)
(4.2)
Transfers
\u2013
2.5
2.5
At 30 March 2024
\u2013
30.6
30.6
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
Carrying amount
At 29 March 2025
3.6
12.5
16.1
At 30 March 2024
\u2013
10.4
10.4
\n \n
Passenger carrying
Other plant and
Land and buildings
vehicle fleet
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
213.1
753.5
711.6
1,678.2
Acquisitions
\u2013
3.1
0.1
3.2
Additions
31.1
135.5
74.4
241.0
Disposals
(7.3)
(74.5)
(76.1)
(157.9)
Reclassifications
(1.8)
13.4
(5.7)
5.9
Transfers to right of use assets
\u2013
(2.7)
(14.7)
(17.4)
At 30 March 2024
235.1
828.3
689.6
1,753.0
At 31 March 2024
235.1
828.3
689.6
1,753.0
Acquisitions (note 29)
49.5
56.4
14.0
119.9
Additions
31.4
60.0
69.1
160.5
Disposals
(1.4)
(44.1)
(10.9)
(56.4)
Reclassifications
1
16.3
\u2013
(13.6)
2.7
Transfers to right of use assets
\u2013
(2.3)
(8.4)
(10.7)
Foreign exchange movements
\u2013
(0.3)
\u2013
(0.3)
At 29 March 2025
330.9
898.0
739.8
1,968.7
Accumulated depreciation and impairment
At 26 March 2023
60.5
432.9
546.1
1,039.5
Charge for year
11.5
53.2
33.9
98.6
Disposals
(3.2)
(67.6)
(59.7)
(130.5)
Impairment
2
\u2013
\u2013
2.6
2.6
Reclassifications
(5.9)
8.3
(7.7)
(5.3)
At 30 March 2024
62.9
426.8
515.2
1,004.9
At 31 March 2024
62.9
426.8
515.2
1,004.9
Charge for year
10.8
53.4
49.6
113.8
Disposals
(0.6)
(41.1)
(7.4)
(49.1)
Reclassifications
1
\u2013
\u2013
2.7
2.7
Foreign exchange movements
\u2013
(0.1)
\u2013
(0.1)
At 29 March 2025
73.1
439.0
560.1
1,072.2
Carrying amount
At 29 March 2025
257.8
459.0
179.7
896.5
At 30 March 2024
172.2
401.5
174.4
748.1
Passenger carrying
Other plant and
Rolling stock
Land and buildings
vehicle fleet
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
3,781.7
71.4
51.7
8.5
3,913.3
Additions
183.3
4.3
6.5
2.8
196.9
Disposals
(221.6)
(10.6)
(0.5)
(0.4)
(233.1)
Transfers from owned assets
\u2013
\u2013
2.7
14.7
17.4
At 30 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
At 31 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
Additions
6.5
6.2
8.0
1.2
21.9
Acquisitions
\u2013
19.5
53.3
\u2013
72.8
Disposals
(75.5)
(3.3)
(10.0)
(1.5)
(90.3)
Reassessment
124.6
1.0
\u2013
\u2013
125.6
Transfers from owned assets
\u2013
\u2013
2.3
8.4
10.7
At 29 March 2025
3,799.0
88.5
114.0
33.7
4,035.2
Accumulated depreciation and impairment
At 26 March 2023
2,144.7
30.9
40.3
6.4
2,222.3
Charge for period
470.3
8.7
10.2
1.9
491.1
Lease impairment
1.2
\u2013
\u2013
\u2013
1.2
Disposals
(220.6)
(6.4)
(0.3)
(0.1)
(227.4)
At 30 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
At 31 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
Charge for period
485.4
8.8
8.3
3.9
506.4
Disposals
(75.2)
(3.3)
(9.9)
(1.5)
(89.9)
At 29 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
Carrying amount
At 29 March 2025
993.2
49.8
65.4
23.1
1,131.5
At 30 March 2024
1,347.8
31.9
10.2
17.4
1,407.3
2025
2024
Amounts recognised in income statement (including discontinued operations)
\u00a3m
\u00a3m
Depreciation expense on right of use assets
506.4
491.1
Interest expense on lease liabilities
49.6
62.1
Impairment charge
\u2013
1.2
Expense relating to leases of low\u2011value assets
\u2013
0.1
556.0
554.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "13 Property, plant and equipment
Owned assets
\n \n
Passenger carrying
Other plant and
Land and buildings
vehicle fleet
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
213.1
753.5
711.6
1,678.2
Acquisitions
\u2013
3.1
0.1
3.2
Additions
31.1
135.5
74.4
241.0
Disposals
(7.3)
(74.5)
(76.1)
(157.9)
Reclassifications
(1.8)
13.4
(5.7)
5.9
Transfers to right of use assets
\u2013
(2.7)
(14.7)
(17.4)
At 30 March 2024
235.1
828.3
689.6
1,753.0
At 31 March 2024
235.1
828.3
689.6
1,753.0
Acquisitions (note 29)
49.5
56.4
14.0
119.9
Additions
31.4
60.0
69.1
160.5
Disposals
(1.4)
(44.1)
(10.9)
(56.4)
Reclassifications
1
16.3
\u2013
(13.6)
2.7
Transfers to right of use assets
\u2013
(2.3)
(8.4)
(10.7)
Foreign exchange movements
\u2013
(0.3)
\u2013
(0.3)
At 29 March 2025
330.9
898.0
739.8
1,968.7
Accumulated depreciation and impairment
At 26 March 2023
60.5
432.9
546.1
1,039.5
Charge for year
11.5
53.2
33.9
98.6
Disposals
(3.2)
(67.6)
(59.7)
(130.5)
Impairment
2
\u2013
\u2013
2.6
2.6
Reclassifications
(5.9)
8.3
(7.7)
(5.3)
At 30 March 2024
62.9
426.8
515.2
1,004.9
At 31 March 2024
62.9
426.8
515.2
1,004.9
Charge for year
10.8
53.4
49.6
113.8
Disposals
(0.6)
(41.1)
(7.4)
(49.1)
Reclassifications
1
\u2013
\u2013
2.7
2.7
Foreign exchange movements
\u2013
(0.1)
\u2013
(0.1)
At 29 March 2025
73.1
439.0
560.1
1,072.2
Carrying amount
At 29 March 2025
257.8
459.0
179.7
896.5
At 30 March 2024
172.2
401.5
174.4
748.1
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a316.3m of assets had been incorrectly classified between Land and buildings, and Other plant and equipment, and that \u00a32.7m had been incorrectly classified between cost
and accumulated depreciation.
2
The impairment charge in the prior year of \u00a32.6m relates to Rail contracts.
An amount of \u00a358.0m (2024: \u00a30.8m) in respect of assets under construction is included in the carrying amount of land and buildings and other plant and equipment, mainly relating to development of electric charging
infrastructure in First Bus.
At 29 March 2025 the Group had entered into contractual capital commitments amounting to \u00a3341.5m (2024: \u00a361.8m), principally representing purchase of passenger carrying vehicles, electrical infrastructure and TOC
and open access operation commitments.
Right of use assets
Passenger carrying
Other plant and
Rolling stock
Land and buildings
vehicle fleet
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 26 March 2023
3,781.7
71.4
51.7
8.5
3,913.3
Additions
183.3
4.3
6.5
2.8
196.9
Disposals
(221.6)
(10.6)
(0.5)
(0.4)
(233.1)
Transfers from owned assets
\u2013
\u2013
2.7
14.7
17.4
At 30 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
At 31 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
Additions
6.5
6.2
8.0
1.2
21.9
Acquisitions
\u2013
19.5
53.3
\u2013
72.8
Disposals
(75.5)
(3.3)
(10.0)
(1.5)
(90.3)
Reassessment
124.6
1.0
\u2013
\u2013
125.6
Transfers from owned assets
\u2013
\u2013
2.3
8.4
10.7
At 29 March 2025
3,799.0
88.5
114.0
33.7
4,035.2
Accumulated depreciation and impairment
At 26 March 2023
2,144.7
30.9
40.3
6.4
2,222.3
Charge for period
470.3
8.7
10.2
1.9
491.1
Lease impairment
1.2
\u2013
\u2013
\u2013
1.2
Disposals
(220.6)
(6.4)
(0.3)
(0.1)
(227.4)
At 30 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
At 31 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
Charge for period
485.4
8.8
8.3
3.9
506.4
Disposals
(75.2)
(3.3)
(9.9)
(1.5)
(89.9)
At 29 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
Carrying amount
At 29 March 2025
993.2
49.8
65.4
23.1
1,131.5
At 30 March 2024
1,347.8
31.9
10.2
17.4
1,407.3
The discounted lease liability relating to the right of use assets included above is shown in note 22.
Passenger carrying
Other plant and
Rolling stock
Land and buildings
vehicle fleet
equipment
Total
Owned assets and right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying amount
At 29 March 2025
993.2
307.6
524.4
202.8
2,028.0
At 30 March 2024
1,347.8
204.1
411.7
191.8
2,155.4
The maturity analysis of lease liabilities is presented in note 22.
2025
2024
Amounts recognised in income statement (including discontinued operations)
\u00a3m
\u00a3m
Depreciation expense on right of use assets
506.4
491.1
Interest expense on lease liabilities
49.6
62.1
Impairment charge
\u2013
1.2
Expense relating to leases of low\u2011value assets
\u2013
0.1
556.0
554.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "14 Investments
2025
2024
\u00a3m
\u00a3m
Other investments
2.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "15 Inventories \n \n
2025
2024
\u00a3m
\u00a3m
Spare parts and consumables from continuing operations
30.8
25.9
In the opinion of the Directors there is no material difference between the balance sheet value of inventories and their replacement cost. There was no material write\u2011down of inventories during the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "16 Trade and other receivables
Amounts due within one year (from continuing operations)
\n \n
2025
2024
\u00a3m
\u00a3m
Trade receivables
364.1
400.1
Loss allowance
(10.6)
(41.7)
Trade receivables net
353.5
358.4
Other receivables
171.0
187.6
Amounts recoverable on contracts
57.5
38.9
Prepayments
37.2
38.7
Accrued income
142.4
229.0
761.6
852.6
Movement in accrued income:
\n \n
2025
2024
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
229.0
187.6
Additions
382.1
222.5
Accrued income invoiced during the year
(468.7)
(181.1)
Balance as at 29 March 2025/30 March 2024
142.4
229.0
The loss allowance relates solely to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a360.4m (2024: \u00a364.5m) of VAT receivables, \u00a313.8m (2024: \u00a314.1m) of receivables from government bodies for fuel duty rebates, and \u00a331.0m (2024: \u00a350.8m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it
is invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its
obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts
recoverable on contracts and accrued income of \u00a3564.0m (2024: \u00a3668.0m), cash and cash equivalents
of\u00a0\u00a3487.1m (2024: \u00a3496.5m) and derivative financial instruments of \u00a30.5m (2024: \u00a32.4m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was
\u00a31,051.6m (2024: \u00a31,166.9m). The exposure is spread over a large number of unconnected counterparties
and\u00a0the maximum single concentration with any one counterparty was \u00a3228.0m (2024: \u00a3215.0m) at the
balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts
and accrued income. The amounts presented in the balance sheet are net of credit loss allowances,
estimated by the Group\u2019s management based on prior experience and their assessment of the current
economic environment. The credit loss allowance at the balance sheet date was \u00a310.6m\u00a0(2024: \u00a341.7m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or
quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not
consider any of these counterparties to be a significant risk. Each division within the Group has a policy
governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by
lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit
rating\u00a0agencies. These counterparties are subject to approval by the Board. Group Treasury policy limits
the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three\u00a0months.
Impairment of trade receivables amounts recoverable on contracts and
accrued\u00a0income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade
receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past
due\u00a0for groupings of various customer segments with similar loss patterns, such as geographical region,
service type, and customer type and rating. The calculation reflects the probability\u2011weighted outcome and
reasonable and supportable information that is available at the reporting date about past\u00a0events, current
conditions and forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no
reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit.
Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not
considered to be any issues with the recoverability of these receivables. Further there have not been
any\u00a0significant issues with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
Days past due: 2025
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
Days past due: 2024
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
6.2%
\u2013
0.4%
1.0%
1.2%
84.9%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
668.0
478.7
103.5
28.9
8.7
48.2
Loss allowance (from continuing operations)
41.7
\u2013
0.4
0.3
0.1
40.9
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate
across these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the\u00a0expected credit losses
are negligible, resulting in the application of a close to 0% loss rate.
2025
2024
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 31 March 2024/26 March 2023
41.7
49.0
Amounts written\u2011off during the year
\u2013
(1.2)
Increase in allowance recognised in the income statement
2.5
13.6
Amounts recovered during the year
(1.6)
(0.6)
Reversal of provision
(32.0)
(19.1)
At 29 March 2025/30 March 2024
10.6
41.7
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "16 Trade and other receivables
Amounts due within one year (from continuing operations)
\n \n
2025
2024
\u00a3m
\u00a3m
Trade receivables
364.1
400.1
Loss allowance
(10.6)
(41.7)
Trade receivables net
353.5
358.4
Other receivables
171.0
187.6
Amounts recoverable on contracts
57.5
38.9
Prepayments
37.2
38.7
Accrued income
142.4
229.0
761.6
852.6
Movement in accrued income:
\n \n
2025
2024
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
229.0
187.6
Additions
382.1
222.5
Accrued income invoiced during the year
(468.7)
(181.1)
Balance as at 29 March 2025/30 March 2024
142.4
229.0
The loss allowance relates solely to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a360.4m (2024: \u00a364.5m) of VAT receivables, \u00a313.8m (2024: \u00a314.1m) of receivables from government bodies for fuel duty rebates, and \u00a331.0m (2024: \u00a350.8m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it
is invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its
obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts
recoverable on contracts and accrued income of \u00a3564.0m (2024: \u00a3668.0m), cash and cash equivalents
of\u00a0\u00a3487.1m (2024: \u00a3496.5m) and derivative financial instruments of \u00a30.5m (2024: \u00a32.4m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was
\u00a31,051.6m (2024: \u00a31,166.9m). The exposure is spread over a large number of unconnected counterparties
and\u00a0the maximum single concentration with any one counterparty was \u00a3228.0m (2024: \u00a3215.0m) at the
balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts
and accrued income. The amounts presented in the balance sheet are net of credit loss allowances,
estimated by the Group\u2019s management based on prior experience and their assessment of the current
economic environment. The credit loss allowance at the balance sheet date was \u00a310.6m\u00a0(2024: \u00a341.7m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or
quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not
consider any of these counterparties to be a significant risk. Each division within the Group has a policy
governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by
lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit
rating\u00a0agencies. These counterparties are subject to approval by the Board. Group Treasury policy limits
the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three\u00a0months.
Impairment of trade receivables amounts recoverable on contracts and
accrued\u00a0income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade
receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past
due\u00a0for groupings of various customer segments with similar loss patterns, such as geographical region,
service type, and customer type and rating. The calculation reflects the probability\u2011weighted outcome and
reasonable and supportable information that is available at the reporting date about past\u00a0events, current
conditions and forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no
reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit.
Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not
considered to be any issues with the recoverability of these receivables. Further there have not been
any\u00a0significant issues with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
Days past due: 2025
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
Days past due: 2024
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
6.2%
\u2013
0.4%
1.0%
1.2%
84.9%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
668.0
478.7
103.5
28.9
8.7
48.2
Loss allowance (from continuing operations)
41.7
\u2013
0.4
0.3
0.1
40.9
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate
across these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the\u00a0expected credit losses
are negligible, resulting in the application of a close to 0% loss rate.
2025
2024
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 31 March 2024/26 March 2023
41.7
49.0
Amounts written\u2011off during the year
\u2013
(1.2)
Increase in allowance recognised in the income statement
2.5
13.6
Amounts recovered during the year
(1.6)
(0.6)
Reversal of provision
(32.0)
(19.1)
At 29 March 2025/30 March 2024
10.6
41.7
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "\n \n
2025
2024
\u00a3m
\u00a3m
Trade receivables
364.1
400.1
Loss allowance
(10.6)
(41.7)
Trade receivables net
353.5
358.4
Other receivables
171.0
187.6
Amounts recoverable on contracts
57.5
38.9
Prepayments
37.2
38.7
Accrued income
142.4
229.0
761.6
852.6
Movement in accrued income:
\n \n
2025
2024
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
229.0
187.6
Additions
382.1
222.5
Accrued income invoiced during the year
(468.7)
(181.1)
Balance as at 29 March 2025/30 March 2024
142.4
229.0
The loss allowance relates solely to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a360.4m (2024: \u00a364.5m) of VAT receivables, \u00a313.8m (2024: \u00a314.1m) of receivables from government bodies for fuel duty rebates, and \u00a331.0m (2024: \u00a350.8m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it
is invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its
obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts
recoverable on contracts and accrued income of \u00a3564.0m (2024: \u00a3668.0m), cash and cash equivalents
of\u00a0\u00a3487.1m (2024: \u00a3496.5m) and derivative financial instruments of \u00a30.5m (2024: \u00a32.4m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was
\u00a31,051.6m (2024: \u00a31,166.9m). The exposure is spread over a large number of unconnected counterparties
and\u00a0the maximum single concentration with any one counterparty was \u00a3228.0m (2024: \u00a3215.0m) at the
balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts
and accrued income. The amounts presented in the balance sheet are net of credit loss allowances,
estimated by the Group\u2019s management based on prior experience and their assessment of the current
economic environment. The credit loss allowance at the balance sheet date was \u00a310.6m\u00a0(2024: \u00a341.7m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or
quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not
consider any of these counterparties to be a significant risk. Each division within the Group has a policy
governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by
lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit
rating\u00a0agencies. These counterparties are subject to approval by the Board. Group Treasury policy limits
the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three\u00a0months.
Impairment of trade receivables amounts recoverable on contracts and
accrued\u00a0income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade
receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past
due\u00a0for groupings of various customer segments with similar loss patterns, such as geographical region,
service type, and customer type and rating. The calculation reflects the probability\u2011weighted outcome and
reasonable and supportable information that is available at the reporting date about past\u00a0events, current
conditions and forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no
reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit.
Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not
considered to be any issues with the recoverability of these receivables. Further there have not been
any\u00a0significant issues with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
Days past due: 2025
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
Days past due: 2024
Carrying
Less than
Over
amount
Current
30 days
30\u201190 days
90\u2011180 days
180 days
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
6.2%
\u2013
0.4%
1.0%
1.2%
84.9%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
668.0
478.7
103.5
28.9
8.7
48.2
Loss allowance (from continuing operations)
41.7
\u2013
0.4
0.3
0.1
40.9
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate
across these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the\u00a0expected credit losses
are negligible, resulting in the application of a close to 0% loss rate.
2025
2024
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 31 March 2024/26 March 2023
41.7
49.0
Amounts written\u2011off during the year
\u2013
(1.2)
Increase in allowance recognised in the income statement
2.5
13.6
Amounts recovered during the year
(1.6)
(0.6)
Reversal of provision
(32.0)
(19.1)
At 29 March 2025/30 March 2024
10.6
41.7
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "\n \n
2025
2024
\u00a3m
\u00a3m
Trade receivables
364.1
400.1
Loss allowance
(10.6)
(41.7)
Trade receivables net
353.5
358.4
Other receivables
171.0
187.6
Amounts recoverable on contracts
57.5
38.9
Prepayments
37.2
38.7
Accrued income
142.4
229.0
761.6
852.6
The loss allowance relates solely to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a360.4m (2024: \u00a364.5m) of VAT receivables, \u00a313.8m (2024: \u00a314.1m) of receivables from government bodies for fuel duty rebates, and \u00a331.0m (2024: \u00a350.8m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it
is invoiced to the customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "The loss allowance relates solely to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a360.4m (2024: \u00a364.5m) of VAT receivables, \u00a313.8m (2024: \u00a314.1m) of receivables from government bodies for fuel duty rebates, and \u00a331.0m (2024: \u00a350.8m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it
is invoiced to the customer.Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts with customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its
obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts
recoverable on contracts and accrued income of \u00a3564.0m (2024: \u00a3668.0m), cash and cash equivalents
of\u00a0\u00a3487.1m (2024: \u00a3496.5m) and derivative financial instruments of \u00a30.5m (2024: \u00a32.4m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was
\u00a31,051.6m (2024: \u00a31,166.9m). The exposure is spread over a large number of unconnected counterparties
and\u00a0the maximum single concentration with any one counterparty was \u00a3228.0m (2024: \u00a3215.0m) at the
balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts
and accrued income. The amounts presented in the balance sheet are net of credit loss allowances,
estimated by the Group\u2019s management based on prior experience and their assessment of the current
economic environment. The credit loss allowance at the balance sheet date was \u00a310.6m\u00a0(2024: \u00a341.7m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or
quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not
consider any of these counterparties to be a significant risk. Each division within the Group has a policy
governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by
lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit
rating\u00a0agencies. These counterparties are subject to approval by the Board. Group Treasury policy limits
the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three\u00a0months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "17 Assets held for sale \n \n
Movement in assets held for sale
\u00a3m
At 31 March 2024
0.6
Net book value of disposals
(0.6)
At 29 March 2025
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "17 Assets held for sale \n \n
Movement in assets held for sale
\u00a3m
At 31 March 2024
0.6
Net book value of disposals
(0.6)
At 29 March 2025
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "17 Assets held for sale \n \n
Movement in assets held for sale
\u00a3m
At 31 March 2024
0.6
Net book value of disposals
(0.6)
At 29 March 2025
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "18 Trade and other payables \n \n
2025
2024
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
352.2
277.4
Other payables
210.9
291.2
Accruals
480.1
539.9
Deferred income
140.2
129.0
Season ticket deferred income \u2013 Rail
24.8
21.1
1,208.2
1,258.6
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a332.0m (2024: \u00a321.7m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other\u00a0payables
also include deferred capital grants from government or other public bodies of \u00a3163.4m (2024: \u00a3162.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "18 Trade and other payables \n \n
2025
2024
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
352.2
277.4
Other payables
210.9
291.2
Accruals
480.1
539.9
Deferred income
140.2
129.0
Season ticket deferred income \u2013 Rail
24.8
21.1
1,208.2
1,258.6
\n \n
2025
2024
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
129.0
125.5
Additions
208.2
177.2
Recognised during the period
(198.4)
(162.9)
Business acquisitions
1.4
\u2013
Loss of TPE operations
\u2013
(10.8)
Balance as at 29 March 2025/30 March 2024
140.2
129.0
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a332.0m (2024: \u00a321.7m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other\u00a0payables
also include deferred capital grants from government or other public bodies of \u00a3163.4m (2024: \u00a3162.2m).
The average credit period taken for trade purchases is 39 days (2024: 41 days). The Group has controls in place to ensure that all payments are paid within the appropriate credit timeframe. The Directors consider that
the carrying amount of trade and other payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "18 Trade and other payables \n \n
2025
2024
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
352.2
277.4
Other payables
210.9
291.2
Accruals
480.1
539.9
Deferred income
140.2
129.0
Season ticket deferred income \u2013 Rail
24.8
21.1
1,208.2
1,258.6
\n \n
2025
2024
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
129.0
125.5
Additions
208.2
177.2
Recognised during the period
(198.4)
(162.9)
Business acquisitions
1.4
\u2013
Loss of TPE operations
\u2013
(10.8)
Balance as at 29 March 2025/30 March 2024
140.2
129.0
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a332.0m (2024: \u00a321.7m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other\u00a0payables
also include deferred capital grants from government or other public bodies of \u00a3163.4m (2024: \u00a3162.2m).
The average credit period taken for trade purchases is 39 days (2024: 41 days). The Group has controls in place to ensure that all payments are paid within the appropriate credit timeframe. The Directors consider that
the carrying amount of trade and other payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "\n \n
2025
2024
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
352.2
277.4
Other payables
210.9
291.2
Accruals
480.1
539.9
Deferred income
140.2
129.0
Season ticket deferred income \u2013 Rail
24.8
21.1
1,208.2
1,258.6
\n \n
2025
2024
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 31 March 2024/26 March 2023
129.0
125.5
Additions
208.2
177.2
Recognised during the period
(198.4)
(162.9)
Business acquisitions
1.4
\u2013
Loss of TPE operations
\u2013
(10.8)
Balance as at 29 March 2025/30 March 2024
140.2
129.0
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "19 Cash and cash equivalents \n \n
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
487.1
496.5
The fair value of cash and cash equivalents approximates to the carrying value. Cash and cash equivalents includes ring\u2011fenced cash of \u00a3315.7m (2024: \u00a3249.6m). Ring\u2011fenced cash is cash held in the Group which
has\u00a0restrictions around its use or distribution. The most significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail subsidiaries is considered
ring\u2011fenced under the terms of the National Rail Contract. Ring\u2011fenced cash balances of \u00a36.9m (2024: \u00a34.0m) are held outside the First Rail subsidiaries. These balances primarily reflect funds withheld from the
de\u2011risking insurer as permitted under the de\u2011risking agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "ring\u2011fenced cash of \u00a3315.7m (2024: \u00a3249.6m). Ring\u2011fenced cash is cash held in the Group which
has\u00a0restrictions around its use or distribution. The most significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail subsidiaries is considered
ring\u2011fenced under the terms of the National Rail Contract. Ring\u2011fenced cash balances of \u00a36.9m (2024: \u00a34.0m) are held outside the First Rail subsidiaries. These balances primarily reflect funds withheld from the
de\u2011risking insurer as permitted under the de\u2011risking agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "20 Discontinued operations \n \n
2025
2024
Discontinued operations
\u00a3m
\u00a3m
Revenue
\u2013
\u2013
Operating income/(costs)
4.9
(5.3)
Operating profit/(loss)
4.9
(5.3)
Investment income
0.1
0.1
Finance costs
(0.3)
(0.4)
Profit/(loss) before tax
4.7
(5.6)
Tax
\u2013
(0.1)
Profit/(loss) for the year after tax
4.7
(5.7)
Attributable to:
Equity holders of the parent
4.7
(5.7)
Non\u2011controlling interests
\u2013
\u2013
4.7
(5.7)
\n \n
2025
2024
EPS
pence
pence
Basic EPS
0.8
(0.9)
Diluted EPS
0.8
(0.9)
2025
2024
Cash flow
\u00a3m
\u00a3m
Net cash outflow from operating activities
(8.0)
(4.2)
Net cash inflow from investing activities
0.7
74.7
Net cash flow from financing activities
\u2013
\u2013
Net (decrease)/increase in cash generated
(7.3)
70.5
2025
2024
Other comprehensive income/(loss)
\u00a3m
\u00a3m
Actuarial gain/(loss) on defined benefit pension schemes
1.9
(1.2)
Hedging instrument movements
\u2013
0.4
Exchange differences on translation of discontinued operations
3.1
(6.6)
Total
5.0
(7.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "21 Borrowings \n \n
2025
2024
\u00a3m
\u00a3m
On demand or within one year
Lease liabilities (note 22)
1,2
410.3
492.8
Asset backed financial liabilities (note 22)
2
16.2
6.2
Bank overdraft
56.4
27.8
Bond 6.875% (repayable 2024)
\u2013
99.7
Total current liabilities
482.9
626.5
Within one to two years
Lease liabilities (note 22)
1,2
393.6
385.0
Asset backed financial liabilities (note 22)
2
12.9
7.9
Syndicated loan facilities
64.3
\u2013
470.8
392.9
Within two to five years
Lease liabilities (note 22)
1,2
352.1
546.2
NextGen battery debt
15.0
3.0
Asset backed financial liabilities (note 22)
2
39.8
13.6
Syndicated loan facilities
2.4
\u2013
409.3
562.8
Over five years
Lease liabilities (note 22)
1,2
47.6
34.5
NextGen battery debt
4.9
10.2
Asset backed financial liabilities (note 22)
2
46.4
17.9
98.9
62.6
Total non\u2011current liabilities at amortised cost
979.0
1,018.3
1
The right of use assets relating to lease liabilities are shown in note 13.
2
The maturity analysis of lease liabilities and asset backed financial liabilities is presented in note 22.
Fair value of bonds issued
2025
2024
Par value
Interest
Fair value
Fair value
Cash flow
\u00a3m
payable
Month
\u00a3m
\u00a3m
Bond 6.875% (repayable 2024)
nil
Annually
September
nil
100.1
The 6.875% bond matured in September 2024 and was repaid.
Effective interest rates
The effective interest rates at the balance sheet dates were as follows:
2025
Maturity
2024
Maturity
Bank overdraft
SONIA +1%
\u2013
SONIA + 1%
\u2013
Revolving credit facility
SONIA + 0.75%
January 2030
SONIA + 0.73%
August 2026
Term loan facility
SONIA + 1.35%
March 2027
\u2013
\u2013
Bond 2024
\u2013
\u2013
6.94%
September 2024
Asset backed financial liabilities
Average fixed rate of
Various
Average fixed
Various
4.6%
rate of 4.1%
2025
2024
\u00a3m
\u00a3m
Pounds sterling
916.6
1,644.7
Euro
0.2
\u2013
916.8
1,644.7
Borrowing facilities
The Group had \u00a3295.0m (2024: \u00a3300.0m) of undrawn committed borrowing available under its Revolving
Credit facility as at March 2025. In addition there was \u00a392.4m (2024: \u00a3129.8m) committed headroom
available under the Husk Financer facility and \u00a340.9m (2024: \u00a354.9m) under the NextGen Battery facility,
and \u00a385.0m (2024: \u00a3nil) under the term loan facility. Total undrawn bank borrowing facilities at year
end\u00a0stood at \u00a3523.3m (2024: \u00a3501.0m) of which \u00a3513.3m (2024: \u00a3484.7m) was committed and \u00a310.0m
(2024: \u00a316.3m) was uncommitted.
Capital management
The Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity
headroom. The Group has a net debt to EBITDA ratio of 1.2 times as at March 2025 for the continuing
Group (2024: 1.5 times).
Liquidity within the Group has remained strong. At year end there was \u00a3628.3m (2024: \u00a3705.2m) of
committed headroom and free cash. The Group\u2019s Treasury policy requires a minimum of \u00a3250m of
committed headroom at the year end and half year for the budget year, and \u00a3200m for year two of
the\u00a0three\u2011year plan. The Group\u2019s net debt, excluding accrued bond interest, at 29 March 2025,
was\u00a0\u00a3974.8m\u00a0(2024: \u00a31,144.8m) as\u00a0set out in the Financial review on page 29.
The Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as
a\u00a0going concern, to maintain an optimal capital structure and adequate liquidity headroom to deliver on
shareholder and stakeholder expectations. The Group\u2019s capital structure consists of equity and net debt.
The Group actively manages its capital structure and will adjust it when appropriate should economic
conditions change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided
by EBITDA, further details of which are provided in the Chief Financial Officer\u2019s review.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Capital management
The Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity
headroom. The Group has a net debt to EBITDA ratio of 1.2 times as at March 2025 for the continuing
Group (2024: 1.5 times).
Liquidity within the Group has remained strong. At year end there was \u00a3628.3m (2024: \u00a3705.2m) of
committed headroom and free cash. The Group\u2019s Treasury policy requires a minimum of \u00a3250m of
committed headroom at the year end and half year for the budget year, and \u00a3200m for year two of
the\u00a0three\u2011year plan. The Group\u2019s net debt, excluding accrued bond interest, at 29 March 2025,
was\u00a0\u00a3974.8m\u00a0(2024: \u00a31,144.8m) as\u00a0set out in the Financial review on page 29.
The Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as
a\u00a0going concern, to maintain an optimal capital structure and adequate liquidity headroom to deliver on
shareholder and stakeholder expectations. The Group\u2019s capital structure consists of equity and net debt.
The Group actively manages its capital structure and will adjust it when appropriate should economic
conditions change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided
by EBITDA, further details of which are provided in the Chief Financial Officer\u2019s review.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "22 Lease liabilities and asset backed financial liabilities
The Group had the following lease liabilities and asset backed financial liabilities at the balance sheet dates, excluding liabilities relating to the discontinued operations:
\n \n
Asset backed
Lease liabilities
financial liabilities
2025
2024
2025
2024
Maturity analysis
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due in less than one year
450.9
539.4
16.9
6.5
Due in more than one year but not more than two years
418.5
414.1
14.2
8.5
Due in more than two years but not more than five years
370.0
574.6
47.8
16.2
Due in more than five years
64.4
44.9
68.7
23.7
1,303.8
1,573.0
147.6
54.9
Less future financing charges
(100.2)
(114.5)
(32.2)
(9.3)
1,203.6
1,458.5
115.4
45.6
The total cash outflow for the lease liabilities and asset backed financial liabilities recorded on the balance sheet amounted to \u00a3553.3m and \u00a313.8m respectively (2024: \u00a3506.9m and \u00a319.3m).
The right of use assets related to the lease liabilities is presented in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "23 Financial instruments
Non\u2011derivative financial assets
\n \n
2025
2024
\u00a3m
\u00a3m
Total non\u2011derivatives
Total non\u2011current assets
104.2
99.6
Total assets
104.2
99.6
Certain pension partnership structures were implemented during 2022. These structures involved the creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if\u00a0required
based on a designated funding mechanism. Management have concluded that these amounts represent financial assets under IAS 32. During the year, FirstGroup Energy Limited purchased a \u00a31.0m fixed rate
unsecured convertible loan note in KleanDrive Limited. Management have concluded that this represents a financial asset under IAS 32.
Derivative financial instruments
\n \n
2025
2024
\u00a3m
\u00a3m
Total derivatives
Total non\u2011current assets
0.3
0.4
Total current assets
0.2
2.0
Total assets from continuing operations
0.5
2.4
Total current liabilities
3.0
3.4
Total non\u2011current liabilities
1.0
1.3
Total liabilities from continuing operations
4.0
4.7
Derivatives designated and effective as hedging instruments carried at fair value
Non\u2011current assets
Fuel derivatives (cash flow hedge)
0.3
0.4
Current assets
Fuel derivatives (cash flow hedge)
0.2
2.0
Current liabilities
Fuel derivatives (cash flow hedge)
2.1
2.7
Currency forwards (cash flow hedge)
0.9
0.7
3.0
3.4
Non\u2011current liabilities
Currency forwards (cash flow hedge)
0.3
0.2
Interest rate swaps (NextGen)
0.3
0.5
Fuel derivatives (cash flow hedge)
0.4
0.6
1.0
1.3
The Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the related amounts to be set\u2011off in certain circumstances. The\u00a0amounts set out
as Fuel derivatives and Currency forwards in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and\u00a0are\u00a0presented on a gross basis.
Derivative liabilities of \u00a3nil (2024: \u00a3nil) were subject to netting arrangements. Total cash flow hedges are a liability of \u00a33.5m (2024: \u00a32.3m asset).
The following losses/(profits) were transferred from equity into inventory as basis adjustments during the year:
2025
2024
\u00a3m
\u00a3m
Operating losses/(profits)
3.3
(4.0)
Fair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a continuing basis:
2025
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
564.0
\u2013
564.0
564.0
Derivative financial instruments
\u2013
0.5
\u2013
0.5
0.5
Financial liabilities and derivatives
Borrowings
2
\u2013
214.9
\u2013
214.9
201.9
Trade and other payables
3
\u2013
1,044.8
\u2013
1,044.8
1,044.8
Derivative financial instruments
\u2013
4.0
\u2013
4.0
4.0
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
2024
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
668.0
\u2013
668.0
668.0
Derivative financial instruments
\u2013
2.4
\u2013
2.4
2.4
Financial liabilities and derivatives
Borrowings
2
\u2013
162.5
\u2013
162.5
158.4
Trade and other payables
3
\u2013
1,096.4
\u2013
1,096.4
1,096.4
Derivative financial instruments
\u2013
4.7
\u2013
4.7
4.7
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
Level 1:
Quoted prices in active markets for identical assets and liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
Level 3:
Inputs for the asset or liability that are not based on observable market data.
\n
The estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these items.
Fair values
Fair values
at 29 March
at 30 March
2025
2024
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
(2.0)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices
and\u00a0contract rates and then discounted at a rate that reflects the credit risk of the
various\u00a0counterparties.
2) Currency forwards
(1.2)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange
rates and contract rates and then discounted at a rate that reflects the credit\u00a0risk of the
various counterparties.
3) Interest rate swaps
(0.3)
(0.5)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that
reflects the credit risk of the various counterparties.
\n
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
2025
Assets and
liabilities at
At fair value
Derivatives
amortised
through profit
At fair value
used for
costs
and loss
through OCI
hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,461.9
\u2013
\u2013
\u2013
1,461.9
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
2,506.7
\u2013
\u2013
4.0
2,510.7
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
2024
Assets and
liabilities at
At fair value
amortised
through profit
At fair value
costs
and loss
through OCI
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
496.5
\u2013
\u2013
496.5
Trade receivables, amounts recoverable under contracts and accrued income
668.0
\u2013
\u2013
668.0
Non\u2011derivative financial instruments
99.6
\u2013
\u2013
99.6
Derivative financial instruments
\u2013
\u2013
2.4
2.4
1,264.1
\u2013
2.4
1,266.5
Financial liabilities and derivatives
Interest bearing loans and borrowings
1,621.0
\u2013
\u2013
1,621.0
Trade and other payables
1,096.4
\u2013
\u2013
1,096.4
Derivative financial instruments
\u2013
\u2013
4.7
4.7
2,717.4
\u2013
4.7
2,722.1
Foreign
Commodity
Electricity
exchange
As at 29 March 2025
price risk
price risk
price risk
Nominal amount of hedging
0.74m bbls
70,104 MWh
$69.3m
< 1 year
0.46m bbls
43,800 MWh
$44.4m
1 \u2013 2 years
0.28m bbls
26,304 MWh
$24.9m
2 \u2013 5 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$92.85/bbl
\u00a381.7/MWh
1.267
Maturity
Apr25\u2011Mar27
Apr25\u2011Mar27
Apr25\u2011Mar27
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
0.5
\u2013
\u2013
Liabilities \u2013 Derivatives (\u00a3m)
(2.2)
(0.3)
(1.2)
(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge effectiveness
4.3
(1.2)
1.1
Changes in fair value of hedging instrument used in calculating hedge effectiveness
(4.3)
1.2
(1.1)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
(2.6)
2.0
(0.2)
No gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.
Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks
principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The\u00a0Group
manages these risks within the context of a set of formal policies established by the Board. Certain risk
management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the
Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee
comprises the Chief Financial Officer and certain senior finance employees and\u00a0is\u00a0responsible for
approving hedging transactions permitted under Board\u2011approved policies, monitoring compliance
against\u00a0policy and recommending changes to existing policies.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with
financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed
liquidity resources exist. The Group has a diversified debt structure largely represented by medium\u2011term
unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond\u00a0debt and finance
leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end
and\u00a0half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the\u00a0total
amount\u00a0of these facilities stood at \u00a3682.4m (2024: \u00a3532.4m), and committed headroom was \u00a3513.3m
(2024: \u00a3484.7m), in addition to free cash balances of \u00a3115.3m (2024: \u00a3220.5m). The next material
contractual expiry of revolver bank facilities is in January 2030.
The average duration of net debt (excluding ring\u2011fenced cash) at 29 March 2025 was 4.1 years
(2024: 2.4 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its
borrowings, derivative financial instruments and trade and other payables. The amounts shown in these
tables are prepared on an undiscounted cash flow basis and include future interest payments in the years
in which they fall due for payment.
2025
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
524.2
497.0
435.2
138.9
1,595.3
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
1,572.0
498.0
435.2
138.9
2,644.1
2024
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
677.4
423.5
596.7
79.7
1,777.3
Fuel derivatives
2.7
0.6
\u2013
\u2013
3.3
FX forwards
0.7
0.2
\u2013
\u2013
0.9
Interest rate derivatives
\u2013
0.5
\u2013
\u2013
0.5
Trade and other payables
1,096.4
\u2013
\u2013
\u2013
1,096.4
1,777.2
424.8
596.7
79.7
2,878.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.
\n
Currency risk
\n
Currency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported
\n
in pounds sterling due to movements in exchange rates.
\n
\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the
\n
exposure arises for up to two years at specified levels, or longer if there is a very high degree of certainty.
\n
The Group is also exposed to currency risk relating to its UK fuel costs which are denominated in US
\n
dollars. This is hedged through entering a series of average rate forward contracts on a similar profile to
\n
our fuel hedging programme. Forward currency risk is designated in the cash flow hedges, however
\n
valuation movements arising from changes in currency\u2011basis spreads are excluded from the relationships
\n
as costs of hedging. At the balance sheet date the value to be recorded in a separate component of equity
\n
was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
IFRS 7 requires the Group to show the impact on profit after tax and hedging reserve on financial
\n
instruments from a movement in exchange rates. The following analysis details the Group\u2019s sensitivity
\n
to\u00a0a\u00a010% strengthening in pounds sterling against the US dollar. A 10% weakening in pounds sterling
\n
against\u00a0the US dollar would have an equal but opposite effect to that shown below. The analysis has been
\n
prepared based on the change taking place at the beginning of the financial year and being held constant
\n
throughout the reporting period. A positive number indicates an increase in earnings or equity where
\n
pounds sterling strengthens against the US dollar.
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
0.4
0.4
Impact on hedging reserve
0.2
(0.1)
\n
Interest rate risk
\n
The Group has variable rate debt and cash and therefore net income is exposed to the effects of changes
\n
to interest rates. The Group Treasury policy objective is to maintain fixed interest rates at a minimum of
\n
50% of on\u2011balance sheet net debt over the medium term, so that volatility is substantially reduced
\n
year\u2011on\u2011year to EPS. The policy objective is primarily achieved through fixed rate debt. The\u00a0policy on
\n
interest rate risk within operating leases is to hedge 100% by agreeing fixed rentals with the lessors.
\n
The\u00a0main floating rate benchmarks on variable rate debt are US dollar SONIA and sterling\u00a0SONIA.
\n
At 29 March 2025, 87% (2024: 100%) of gross debt (pre\u2011IFRS 16 and overdraft) was fixed. This fixed rate
\n
protection had an average duration of 4.0 years (2024: 2.3 years).
\n
Interest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to
\n
inception of the lease contracts.
\n
The following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in
\n
interest rates throughout the reporting period with all other variables held constant.
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
1.2
4.8
\n
Diesel fuel price risk
\n
The Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices,
\n
primarily in relation to First Bus operations. The Group\u2019s policy objective is to maintain a significant degree
\n
of\u00a0fixed price protection in the short term with lower levels of protection in the medium term, so that the
\n
businesses affected are protected from any sudden and significant increases and\u00a0have time to prepare
\n
for\u00a0potentially higher costs, whilst retaining some access for potentially lower costs over the medium term.
\n
To\u00a0achieve this the Group operates a progressive hedging policy. The\u00a0policy hedge target levels differ by
\n
division but are monitored monthly and appropriate actions taken to maintain satisfactory hedge levels.
\n
Diesel derivatives are used to hedge UK exposure. Risk\u00a0component hedging has been adopted under IFRS\u00a09,
\n
meaning that the hedged price risk component of the purchased diesel matches that of the underlying
\n
derivative commodity. The hedged risk\u00a0component is considered to be separately identifiable and reliably
\n
measurable. Variances in pricing of the derivative commodities and the purchased fuel are primarily driven
\n
by\u00a0further refinement of the fuel or the associated transportation costs which were excluded from the hedge
\n
relationship. Currently First Bus diesel exposure is hedged 90% to March 2026 and 60% to March\u00a02027.
The Group has entered into swaps for periods from April 2025 to March 2027 with the majority of these
swaps relating to the 52 weeks ending 31 March 2026. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a
deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory on qualifying
hedges to achieve fixed rate fuel costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel
had been $10 per barrel higher during the 53 weeks ending 30 March 2024 and at the year end:
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
(0.4)
(0.5)
Impact on hedging reserve
4.3
2.7
Electricity price risk
The Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity
prices, primarily in relation to First Bus and Group operations. The Group\u2019s policy objective is to\u00a0maintain a
significant degree of fixed price protection in the short term, so that the businesses affected have time to
prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow hedge
financial instruments to achieve significant fixed price certainty.
The Group has entered into swaps for periods from April 2025 to March 2027, with the majority of these
swaps relating to the 52 weeks ending 31 March 2026. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a
deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income
statement on qualifying hedges to achieve fixed rate electricity costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity
had\u00a0been \u00a350 per MWh higher during the 52 weeks ending 29 March 2025 and at the year end:
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
(0.4)
(0.2)
Impact on hedging reserve
2.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "Derivative financial instruments \n \n
2025
2024
\u00a3m
\u00a3m
Total derivatives
Total non\u2011current assets
0.3
0.4
Total current assets
0.2
2.0
Total assets from continuing operations
0.5
2.4
Total current liabilities
3.0
3.4
Total non\u2011current liabilities
1.0
1.3
Total liabilities from continuing operations
4.0
4.7
Derivatives designated and effective as hedging instruments carried at fair value
Non\u2011current assets
Fuel derivatives (cash flow hedge)
0.3
0.4
Current assets
Fuel derivatives (cash flow hedge)
0.2
2.0
Current liabilities
Fuel derivatives (cash flow hedge)
2.1
2.7
Currency forwards (cash flow hedge)
0.9
0.7
3.0
3.4
Non\u2011current liabilities
Currency forwards (cash flow hedge)
0.3
0.2
Interest rate swaps (NextGen)
0.3
0.5
Fuel derivatives (cash flow hedge)
0.4
0.6
1.0
1.3
The Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the related amounts to be set\u2011off in certain circumstances. The\u00a0amounts set out
as Fuel derivatives and Currency forwards in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and\u00a0are\u00a0presented on a gross basis.
Derivative liabilities of \u00a3nil (2024: \u00a3nil) were subject to netting arrangements. Total cash flow hedges are a liability of \u00a33.5m (2024: \u00a32.3m asset).
The following losses/(profits) were transferred from equity into inventory as basis adjustments during the year:
2025
2024
\u00a3m
\u00a3m
Operating losses/(profits)
3.3
(4.0)
Fair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a continuing basis:
2025
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
564.0
\u2013
564.0
564.0
Derivative financial instruments
\u2013
0.5
\u2013
0.5
0.5
Financial liabilities and derivatives
Borrowings
2
\u2013
214.9
\u2013
214.9
201.9
Trade and other payables
3
\u2013
1,044.8
\u2013
1,044.8
1,044.8
Derivative financial instruments
\u2013
4.0
\u2013
4.0
4.0
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
2024
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
668.0
\u2013
668.0
668.0
Derivative financial instruments
\u2013
2.4
\u2013
2.4
2.4
Financial liabilities and derivatives
Borrowings
2
\u2013
162.5
\u2013
162.5
158.4
Trade and other payables
3
\u2013
1,096.4
\u2013
1,096.4
1,096.4
Derivative financial instruments
\u2013
4.7
\u2013
4.7
4.7
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
Level 1:
Quoted prices in active markets for identical assets and liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
Level 3:
Inputs for the asset or liability that are not based on observable market data.
\n
The estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these items.
Fair values
Fair values
at 29 March
at 30 March
2025
2024
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
(2.0)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices
and\u00a0contract rates and then discounted at a rate that reflects the credit risk of the
various\u00a0counterparties.
2) Currency forwards
(1.2)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange
rates and contract rates and then discounted at a rate that reflects the credit\u00a0risk of the
various counterparties.
3) Interest rate swaps
(0.3)
(0.5)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that
reflects the credit risk of the various counterparties.
\n
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
2025
Assets and
liabilities at
At fair value
Derivatives
amortised
through profit
At fair value
used for
costs
and loss
through OCI
hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,461.9
\u2013
\u2013
\u2013
1,461.9
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
2,506.7
\u2013
\u2013
4.0
2,510.7
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
2024
Assets and
liabilities at
At fair value
amortised
through profit
At fair value
costs
and loss
through OCI
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
496.5
\u2013
\u2013
496.5
Trade receivables, amounts recoverable under contracts and accrued income
668.0
\u2013
\u2013
668.0
Non\u2011derivative financial instruments
99.6
\u2013
\u2013
99.6
Derivative financial instruments
\u2013
\u2013
2.4
2.4
1,264.1
\u2013
2.4
1,266.5
Financial liabilities and derivatives
Interest bearing loans and borrowings
1,621.0
\u2013
\u2013
1,621.0
Trade and other payables
1,096.4
\u2013
\u2013
1,096.4
Derivative financial instruments
\u2013
\u2013
4.7
4.7
2,717.4
\u2013
4.7
2,722.1
Foreign
Commodity
Electricity
exchange
As at 29 March 2025
price risk
price risk
price risk
Nominal amount of hedging
0.74m bbls
70,104 MWh
$69.3m
< 1 year
0.46m bbls
43,800 MWh
$44.4m
1 \u2013 2 years
0.28m bbls
26,304 MWh
$24.9m
2 \u2013 5 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$92.85/bbl
\u00a381.7/MWh
1.267
Maturity
Apr25\u2011Mar27
Apr25\u2011Mar27
Apr25\u2011Mar27
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
0.5
\u2013
\u2013
Liabilities \u2013 Derivatives (\u00a3m)
(2.2)
(0.3)
(1.2)
(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge effectiveness
4.3
(1.2)
1.1
Changes in fair value of hedging instrument used in calculating hedge effectiveness
(4.3)
1.2
(1.1)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
(2.6)
2.0
(0.2)
No gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Fair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a continuing basis:
2025
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
564.0
\u2013
564.0
564.0
Derivative financial instruments
\u2013
0.5
\u2013
0.5
0.5
Financial liabilities and derivatives
Borrowings
2
\u2013
214.9
\u2013
214.9
201.9
Trade and other payables
3
\u2013
1,044.8
\u2013
1,044.8
1,044.8
Derivative financial instruments
\u2013
4.0
\u2013
4.0
4.0
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
2024
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
668.0
\u2013
668.0
668.0
Derivative financial instruments
\u2013
2.4
\u2013
2.4
2.4
Financial liabilities and derivatives
Borrowings
2
\u2013
162.5
\u2013
162.5
158.4
Trade and other payables
3
\u2013
1,096.4
\u2013
1,096.4
1,096.4
Derivative financial instruments
\u2013
4.7
\u2013
4.7
4.7
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
Level 1:
Quoted prices in active markets for identical assets and liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
Level 3:
Inputs for the asset or liability that are not based on observable market data.
\n
The estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these items.
Fair values
Fair values
at 29 March
at 30 March
2025
2024
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
(2.0)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices
and\u00a0contract rates and then discounted at a rate that reflects the credit risk of the
various\u00a0counterparties.
2) Currency forwards
(1.2)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange
rates and contract rates and then discounted at a rate that reflects the credit\u00a0risk of the
various counterparties.
3) Interest rate swaps
(0.3)
(0.5)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that
reflects the credit risk of the various counterparties.
\n
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
2025
Assets and
liabilities at
At fair value
Derivatives
amortised
through profit
At fair value
used for
costs
and loss
through OCI
hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,461.9
\u2013
\u2013
\u2013
1,461.9
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
2,506.7
\u2013
\u2013
4.0
2,510.7
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
2024
Assets and
liabilities at
At fair value
amortised
through profit
At fair value
costs
and loss
through OCI
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
496.5
\u2013
\u2013
496.5
Trade receivables, amounts recoverable under contracts and accrued income
668.0
\u2013
\u2013
668.0
Non\u2011derivative financial instruments
99.6
\u2013
\u2013
99.6
Derivative financial instruments
\u2013
\u2013
2.4
2.4
1,264.1
\u2013
2.4
1,266.5
Financial liabilities and derivatives
Interest bearing loans and borrowings
1,621.0
\u2013
\u2013
1,621.0
Trade and other payables
1,096.4
\u2013
\u2013
1,096.4
Derivative financial instruments
\u2013
\u2013
4.7
4.7
2,717.4
\u2013
4.7
2,722.1
Foreign
Commodity
Electricity
exchange
As at 29 March 2025
price risk
price risk
price risk
Nominal amount of hedging
0.74m bbls
70,104 MWh
$69.3m
< 1 year
0.46m bbls
43,800 MWh
$44.4m
1 \u2013 2 years
0.28m bbls
26,304 MWh
$24.9m
2 \u2013 5 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$92.85/bbl
\u00a381.7/MWh
1.267
Maturity
Apr25\u2011Mar27
Apr25\u2011Mar27
Apr25\u2011Mar27
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
0.5
\u2013
\u2013
Liabilities \u2013 Derivatives (\u00a3m)
(2.2)
(0.3)
(1.2)
(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge effectiveness
4.3
(1.2)
1.1
Changes in fair value of hedging instrument used in calculating hedge effectiveness
(4.3)
1.2
(1.1)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
(2.6)
2.0
(0.2)
No gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Fair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a continuing basis:
2025
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
564.0
\u2013
564.0
564.0
Derivative financial instruments
\u2013
0.5
\u2013
0.5
0.5
Financial liabilities and derivatives
Borrowings
2
\u2013
214.9
\u2013
214.9
201.9
Trade and other payables
3
\u2013
1,044.8
\u2013
1,044.8
1,044.8
Derivative financial instruments
\u2013
4.0
\u2013
4.0
4.0
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
2024
Fair value
Carrying
value
Level 1
Level 2
Level 3
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Trade and other receivables
1
\u2013
668.0
\u2013
668.0
668.0
Derivative financial instruments
\u2013
2.4
\u2013
2.4
2.4
Financial liabilities and derivatives
Borrowings
2
\u2013
162.5
\u2013
162.5
158.4
Trade and other payables
3
\u2013
1,096.4
\u2013
1,096.4
1,096.4
Derivative financial instruments
\u2013
4.7
\u2013
4.7
4.7
1
Trade receivables, amounts recoverable under contracts and accrued income (note 16).
2
Includes asset backed financial liabilities as set out in note 22. Excludes lease liabilities.
3
Excludes deferred capital grants (note 18).
Level 1:
Quoted prices in active markets for identical assets and liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
Level 3:
Inputs for the asset or liability that are not based on observable market data.
\n
The estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these items.
Fair values
Fair values
at 29 March
at 30 March
2025
2024
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
(2.0)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices
and\u00a0contract rates and then discounted at a rate that reflects the credit risk of the
various\u00a0counterparties.
2) Currency forwards
(1.2)
(0.9)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange
rates and contract rates and then discounted at a rate that reflects the credit\u00a0risk of the
various counterparties.
3) Interest rate swaps
(0.3)
(0.5)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that
reflects the credit risk of the various counterparties.
\n
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
2025
Assets and
liabilities at
At fair value
Derivatives
amortised
through profit
At fair value
used for
costs
and loss
through OCI
hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,461.9
\u2013
\u2013
\u2013
1,461.9
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
2,506.7
\u2013
\u2013
4.0
2,510.7
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
2024
Assets and
liabilities at
At fair value
amortised
through profit
At fair value
costs
and loss
through OCI
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
496.5
\u2013
\u2013
496.5
Trade receivables, amounts recoverable under contracts and accrued income
668.0
\u2013
\u2013
668.0
Non\u2011derivative financial instruments
99.6
\u2013
\u2013
99.6
Derivative financial instruments
\u2013
\u2013
2.4
2.4
1,264.1
\u2013
2.4
1,266.5
Financial liabilities and derivatives
Interest bearing loans and borrowings
1,621.0
\u2013
\u2013
1,621.0
Trade and other payables
1,096.4
\u2013
\u2013
1,096.4
Derivative financial instruments
\u2013
\u2013
4.7
4.7
2,717.4
\u2013
4.7
2,722.1
Foreign
Commodity
Electricity
exchange
As at 29 March 2025
price risk
price risk
price risk
Nominal amount of hedging
0.74m bbls
70,104 MWh
$69.3m
< 1 year
0.46m bbls
43,800 MWh
$44.4m
1 \u2013 2 years
0.28m bbls
26,304 MWh
$24.9m
2 \u2013 5 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$92.85/bbl
\u00a381.7/MWh
1.267
Maturity
Apr25\u2011Mar27
Apr25\u2011Mar27
Apr25\u2011Mar27
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
0.5
\u2013
\u2013
Liabilities \u2013 Derivatives (\u00a3m)
(2.2)
(0.3)
(1.2)
(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge effectiveness
4.3
(1.2)
1.1
Changes in fair value of hedging instrument used in calculating hedge effectiveness
(4.3)
1.2
(1.1)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
(2.6)
2.0
(0.2)
No gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks
principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The\u00a0Group
manages these risks within the context of a set of formal policies established by the Board. Certain risk
management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the
Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee
comprises the Chief Financial Officer and certain senior finance employees and\u00a0is\u00a0responsible for
approving hedging transactions permitted under Board\u2011approved policies, monitoring compliance
against\u00a0policy and recommending changes to existing policies.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with
financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed
liquidity resources exist. The Group has a diversified debt structure largely represented by medium\u2011term
unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond\u00a0debt and finance
leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end
and\u00a0half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the\u00a0total
amount\u00a0of these facilities stood at \u00a3682.4m (2024: \u00a3532.4m), and committed headroom was \u00a3513.3m
(2024: \u00a3484.7m), in addition to free cash balances of \u00a3115.3m (2024: \u00a3220.5m). The next material
contractual expiry of revolver bank facilities is in January 2030.
The average duration of net debt (excluding ring\u2011fenced cash) at 29 March 2025 was 4.1 years
(2024: 2.4 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its
borrowings, derivative financial instruments and trade and other payables. The amounts shown in these
tables are prepared on an undiscounted cash flow basis and include future interest payments in the years
in which they fall due for payment.
2025
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
524.2
497.0
435.2
138.9
1,595.3
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
1,572.0
498.0
435.2
138.9
2,644.1
2024
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
677.4
423.5
596.7
79.7
1,777.3
Fuel derivatives
2.7
0.6
\u2013
\u2013
3.3
FX forwards
0.7
0.2
\u2013
\u2013
0.9
Interest rate derivatives
\u2013
0.5
\u2013
\u2013
0.5
Trade and other payables
1,096.4
\u2013
\u2013
\u2013
1,096.4
1,777.2
424.8
596.7
79.7
2,878.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.
\n
Currency risk
\n
Currency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported
\n
in pounds sterling due to movements in exchange rates.
\n
\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the
\n
exposure arises for up to two years at specified levels, or longer if there is a very high degree of certainty.
\n
The Group is also exposed to currency risk relating to its UK fuel costs which are denominated in US
\n
dollars. This is hedged through entering a series of average rate forward contracts on a similar profile to
\n
our fuel hedging programme. Forward currency risk is designated in the cash flow hedges, however
\n
valuation movements arising from changes in currency\u2011basis spreads are excluded from the relationships
\n
as costs of hedging. At the balance sheet date the value to be recorded in a separate component of equity
\n
was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
IFRS 7 requires the Group to show the impact on profit after tax and hedging reserve on financial
\n
instruments from a movement in exchange rates. The following analysis details the Group\u2019s sensitivity
\n
to\u00a0a\u00a010% strengthening in pounds sterling against the US dollar. A 10% weakening in pounds sterling
\n
against\u00a0the US dollar would have an equal but opposite effect to that shown below. The analysis has been
\n
prepared based on the change taking place at the beginning of the financial year and being held constant
\n
throughout the reporting period. A positive number indicates an increase in earnings or equity where
\n
pounds sterling strengthens against the US dollar.
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
0.4
0.4
Impact on hedging reserve
0.2
(0.1)
\n
Interest rate risk
\n
The Group has variable rate debt and cash and therefore net income is exposed to the effects of changes
\n
to interest rates. The Group Treasury policy objective is to maintain fixed interest rates at a minimum of
\n
50% of on\u2011balance sheet net debt over the medium term, so that volatility is substantially reduced
\n
year\u2011on\u2011year to EPS. The policy objective is primarily achieved through fixed rate debt. The\u00a0policy on
\n
interest rate risk within operating leases is to hedge 100% by agreeing fixed rentals with the lessors.
\n
The\u00a0main floating rate benchmarks on variable rate debt are US dollar SONIA and sterling\u00a0SONIA.
\n
At 29 March 2025, 87% (2024: 100%) of gross debt (pre\u2011IFRS 16 and overdraft) was fixed. This fixed rate
\n
protection had an average duration of 4.0 years (2024: 2.3 years).
\n
Interest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to
\n
inception of the lease contracts.
\n
The following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in
\n
interest rates throughout the reporting period with all other variables held constant.
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
1.2
4.8
\n
Diesel fuel price risk
\n
The Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices,
\n
primarily in relation to First Bus operations. The Group\u2019s policy objective is to maintain a significant degree
\n
of\u00a0fixed price protection in the short term with lower levels of protection in the medium term, so that the
\n
businesses affected are protected from any sudden and significant increases and\u00a0have time to prepare
\n
for\u00a0potentially higher costs, whilst retaining some access for potentially lower costs over the medium term.
\n
To\u00a0achieve this the Group operates a progressive hedging policy. The\u00a0policy hedge target levels differ by
\n
division but are monitored monthly and appropriate actions taken to maintain satisfactory hedge levels.
\n
Diesel derivatives are used to hedge UK exposure. Risk\u00a0component hedging has been adopted under IFRS\u00a09,
\n
meaning that the hedged price risk component of the purchased diesel matches that of the underlying
\n
derivative commodity. The hedged risk\u00a0component is considered to be separately identifiable and reliably
\n
measurable. Variances in pricing of the derivative commodities and the purchased fuel are primarily driven
\n
by\u00a0further refinement of the fuel or the associated transportation costs which were excluded from the hedge
\n
relationship. Currently First Bus diesel exposure is hedged 90% to March 2026 and 60% to March\u00a02027.
The Group has entered into swaps for periods from April 2025 to March 2027 with the majority of these
swaps relating to the 52 weeks ending 31 March 2026. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a
deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory on qualifying
hedges to achieve fixed rate fuel costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel
had been $10 per barrel higher during the 53 weeks ending 30 March 2024 and at the year end:
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
(0.4)
(0.5)
Impact on hedging reserve
4.3
2.7
Electricity price risk
The Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity
prices, primarily in relation to First Bus and Group operations. The Group\u2019s policy objective is to\u00a0maintain a
significant degree of fixed price protection in the short term, so that the businesses affected have time to
prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow hedge
financial instruments to achieve significant fixed price certainty.
The Group has entered into swaps for periods from April 2025 to March 2027, with the majority of these
swaps relating to the 52 weeks ending 31 March 2026. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a
deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income
statement on qualifying hedges to achieve fixed rate electricity costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity
had\u00a0been \u00a350 per MWh higher during the 52 weeks ending 29 March 2025 and at the year end:
2025
2024
\u00a3m
\u00a3m
Impact on profit after tax
(0.4)
(0.2)
Impact on hedging reserve
2.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks
principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The\u00a0Group
manages these risks within the context of a set of formal policies established by the Board. Certain risk
management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the
Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee
comprises the Chief Financial Officer and certain senior finance employees and\u00a0is\u00a0responsible for
approving hedging transactions permitted under Board\u2011approved policies, monitoring compliance
against\u00a0policy and recommending changes to existing policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with
financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed
liquidity resources exist. The Group has a diversified debt structure largely represented by medium\u2011term
unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond\u00a0debt and finance
leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end
and\u00a0half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the\u00a0total
amount\u00a0of these facilities stood at \u00a3682.4m (2024: \u00a3532.4m), and committed headroom was \u00a3513.3m
(2024: \u00a3484.7m), in addition to free cash balances of \u00a3115.3m (2024: \u00a3220.5m). The next material
contractual expiry of revolver bank facilities is in January 2030.
The average duration of net debt (excluding ring\u2011fenced cash) at 29 March 2025 was 4.1 years
(2024: 2.4 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its
borrowings, derivative financial instruments and trade and other payables. The amounts shown in these
tables are prepared on an undiscounted cash flow basis and include future interest payments in the years
in which they fall due for payment.
2025
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
524.2
497.0
435.2
138.9
1,595.3
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
1,044.8
\u2013
\u2013
\u2013
1,044.8
1,572.0
498.0
435.2
138.9
2,644.1
2024
< 1 year
1\u20112 years
2\u20115 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings
1
677.4
423.5
596.7
79.7
1,777.3
Fuel derivatives
2.7
0.6
\u2013
\u2013
3.3
FX forwards
0.7
0.2
\u2013
\u2013
0.9
Interest rate derivatives
\u2013
0.5
\u2013
\u2013
0.5
Trade and other payables
1,096.4
\u2013
\u2013
\u2013
1,096.4
1,777.2
424.8
596.7
79.7
2,878.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 22.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "24 Deferred tax
The major deferred tax (assets)/liabilities recognised by the Group and movements thereon during the current and prior reporting periods are as follows:
\n \n
Other
Accelerated
Retirement
temporary
tax depreciation
benefit schemes
differences
Tax losses
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 March 2023
24.7
8.6
(41.4)
(38.9)
(47.0)
Charge/(credit) to income statement
7.0
(33.4)
14.2
(1.1)
(13.3)
Charge/(credit) to other comprehensive income and equity
\u2013
20.2
(0.2)
\u2013
20.0
Acquisitions and disposals of subsidiaries
0.7
\u2013
\u2013
\u2013
0.7
At 30 March 2024
32.4
(4.6)
(27.4)
(40.0)
(39.6)
Charge/(credit) to income statement
(0.1)
1.9
16.6
9.1
27.5
Charge/(credit) to other comprehensive income and equity
\u2013
7.5
(0.3)
\u2013
7.2
Acquisitions and disposals of subsidiaries
11.1
\u2013
(4.0)
(49.4)
(42.3)
At 29 March 2025
43.4
4.8
(15.1)
(80.3)
(47.2)
With respect to the total net deferred tax asset of \u00a347.2m, UK net deferred tax assets of \u00a346.3m have been recognised as the Group forecasts sufficient taxable profits in future periods and a deferred tax\u00a0asset of
\u00a30.9m relating to the US is recognised because it is probable that book gains will arise on the remaining US property portfolio.
No deferred tax has been recognised on tax losses of \u00a3413.9m (2024: tax losses of \u00a3457.9m) as there are insufficient future profits forecast in North America and some UK entities may cease to trade before their tax
losses can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "25 Provisions \n \n
Onerous
Insurance
Legal and
contracts
claims
other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 March 2024
\u2013
100.2
85.7
185.9
Charged/(credited) to the income statement
\u2013
14.7
(1.4)
13.3
Utilised in the year
(1.5)
(34.9)
(4.5)
(40.9)
Business acquisitions
38.0
16.0
0.2
54.2
Notional interest
\u2013
(0.2)
\u2013
(0.2)
Foreign exchange movements
\u2013
(1.5)
(0.6)
(2.1)
At 29 March 2025
36.5
94.3
79.4
210.2
Current liabilities
20.8
32.6
42.8
96.2
Non\u2011current liabilities
15.7
61.7
36.6
114.0
At 29 March 2025
36.5
94.3
79.4
210.2
Current liabilities
\u2013
35.7
38.9
74.6
Non\u2011current liabilities
\u2013
64.5
46.8
111.3
At 30 March 2024
\u2013
100.2
85.7
185.9
The insurance claims provision arises from estimated exposures for incidents occurring prior to the balance sheet date. It is anticipated that the majority of such claims will be settled within the next four\u00a0years although
certain liabilities in respect of lifetime obligations of \u00a31.0m (2024: \u00a31.1m) can extend for\u00a0more than 25 years. The utilisation of \u00a334.9m (2024: \u00a337.0m) represents payments made against the\u00a0current liability of\u00a0the
preceding year as well as the settlement of claims resulting from incidents occurring in the current year.
The insurance claims provisions, of which \u00a334.7m (2024: \u00a355.7m) relates to legacy Greyhound claims, includes \u00a331.0m (2024: \u00a350.8m) which is recoverable from insurance companies and a receivable is\u00a0included within
other receivables in note 16.
Legal and other provisions relate to estimated exposures for cases filed or thought highly likely to be filed for incidents that occurred prior to the balance sheet date. It is anticipated that most of these items will
be\u00a0settled within ten years. Also included are provisions in respect of costs anticipated on the exit of surplus properties which are expected to be settled over the remaining terms of the respective\u00a0leases and
dilapidation, other provisions in respect of contractual obligations under rail franchises and restructuring costs. The dilapidation provisions are expected to be settled at the end\u00a0of\u00a0the\u00a0respective franchise.
The onerous contract provision of \u00a338.0m was recognised on acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries. The provision recognises that a number of contracts between the
acquired business and TfL are loss making and therefore the Group has provided for the expected shortfall in these contracts, where the unavoidable costs of fulfilling these contracts outweigh the expected benefits.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "The utilisation of \u00a334.9m (2024: \u00a337.0m) represents payments made against the\u00a0current liability of\u00a0the
preceding year as well as the settlement of claims resulting from incidents occurring in the current year.
The insurance claims provisions, of which \u00a334.7m (2024: \u00a355.7m) relates to legacy Greyhound claims, includes \u00a331.0m (2024: \u00a350.8m) which is recoverable from insurance companies and a receivable is\u00a0included within
other receivables in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "26 Called up share capital \n \n
Number
of shares
million
\u00a3m
Allotted, called up and fully paid (ordinary shares of 5p each)
Balance as at 31 March 2024
750.7
37.5
Balance as at 29 March 2025 (ordinary shares of 5p each)
750.7
37.5
The Company has one class of ordinary shares which carries no right to fixed income.
On 8 June 2023, the Company announced a share buyback programme to purchase up to \u00a3115m of ordinary shares. This buyback programme completed on 5 August 2024 having repurchased 71,200,278 shares for a
total consideration of \u00a3115.8m including transaction costs.
On 14 November 2024, the Company announced a share buyback programme to purchase up to \u00a350m or ordinary shares. This buyback programme completed on 21 March 2025 having repurchased 30,498,221
shares for a total consideration of \u00a350.4m including transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "26 Called up share capital \n \n
Number
of shares
million
\u00a3m
Allotted, called up and fully paid (ordinary shares of 5p each)
Balance as at 31 March 2024
750.7
37.5
Balance as at 29 March 2025 (ordinary shares of 5p each)
750.7
37.5
The Company has one class of ordinary shares which carries no right to fixed income.
On 8 June 2023, the Company announced a share buyback programme to purchase up to \u00a3115m of ordinary shares. This buyback programme completed on 5 August 2024 having repurchased 71,200,278 shares for a
total consideration of \u00a3115.8m including transaction costs.
On 14 November 2024, the Company announced a share buyback programme to purchase up to \u00a350m or ordinary shares. This buyback programme completed on 21 March 2025 having repurchased 30,498,221
shares for a total consideration of \u00a350.4m including transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "27 Reserves
The share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder acquisition in 1999 and the share placings in 2007 and 2008. The\u00a0reserve is
non\u2011distributable. The hedging reserve records the movement on designated hedging items. The own shares reserve represents the cost\u00a0of shares in FirstGroup plc purchased in the market and either held as treasury
shares or held in trust to satisfy the exercise of share options.
Hedging reserve
The movements in the hedging reserve were as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Balance at 30 March 2024/25 March 2023
(1.8)
(0.7)
Transfer to hedging reserve through consolidated statement of comprehensive income
Diesel derivatives
(4.3)
8.1
Electricity derivatives
1.2
(3.8)
Interest rate swaps \u2013 NextGen
0.2
(0.5)
Currency forwards
(1.1)
1.3
(4.0)
5.1
Tax on derivative hedging instrument movements through statement of comprehensive income
1.0
(0.5)
Transfer from hedging reserve to the balance sheet:
Diesel derivatives
0.9
(5.5)
Electricity derivatives
1.6
2.1
Currency forwards
0.9
(0.6)
3.4
(4.0)
Tax on derivative hedging instrument movements to the balance sheet
(0.8)
1.0
(2.2)
0.9
Cumulative loss on hedging instruments reclassified to the income statement
\u2013
(2.7)
Balance at 29 March 2025/30 March 2024
(2.2)
(1.8)
Own shares
The number of own shares held by the Group at the end of the year was 185,125,956 (2024: 125,292,999) FirstGroup plc ordinary shares of 5p each. Of these, 19,401,442 (2024: 14,379,907) were held by the\u00a0FirstGroup
plc Employee Benefit Trust, nil (2024: 32,520) by the FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2024: 157,229) were held as treasury shares, with a further 165,567,285 (2024: 110,723,343
held\u00a0as\u00a0treasury shares as part of the share buyback programmes. Both trusts and treasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of\u00a0the shares at
29 March 2025 was \u00a3303.6m (2024: \u00a3226.0m).
\n \n
Capital
redemption
Capital
Total other
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
Balance at 29 March 2025/30 March 2024
19.7
2.7
22.4
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in
2000. Neither reserve is distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "27 Reserves
The share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder acquisition in 1999 and the share placings in 2007 and 2008. The\u00a0reserve is
non\u2011distributable. The hedging reserve records the movement on designated hedging items. The own shares reserve represents the cost\u00a0of shares in FirstGroup plc purchased in the market and either held as treasury
shares or held in trust to satisfy the exercise of share options.
Hedging reserve
The movements in the hedging reserve were as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Balance at 30 March 2024/25 March 2023
(1.8)
(0.7)
Transfer to hedging reserve through consolidated statement of comprehensive income
Diesel derivatives
(4.3)
8.1
Electricity derivatives
1.2
(3.8)
Interest rate swaps \u2013 NextGen
0.2
(0.5)
Currency forwards
(1.1)
1.3
(4.0)
5.1
Tax on derivative hedging instrument movements through statement of comprehensive income
1.0
(0.5)
Transfer from hedging reserve to the balance sheet:
Diesel derivatives
0.9
(5.5)
Electricity derivatives
1.6
2.1
Currency forwards
0.9
(0.6)
3.4
(4.0)
Tax on derivative hedging instrument movements to the balance sheet
(0.8)
1.0
(2.2)
0.9
Cumulative loss on hedging instruments reclassified to the income statement
\u2013
(2.7)
Balance at 29 March 2025/30 March 2024
(2.2)
(1.8)
Own shares
The number of own shares held by the Group at the end of the year was 185,125,956 (2024: 125,292,999) FirstGroup plc ordinary shares of 5p each. Of these, 19,401,442 (2024: 14,379,907) were held by the\u00a0FirstGroup
plc Employee Benefit Trust, nil (2024: 32,520) by the FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2024: 157,229) were held as treasury shares, with a further 165,567,285 (2024: 110,723,343
held\u00a0as\u00a0treasury shares as part of the share buyback programmes. Both trusts and treasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of\u00a0the shares at
29 March 2025 was \u00a3303.6m (2024: \u00a3226.0m).
\n \n
Capital
redemption
Capital
Total other
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
Balance at 29 March 2025/30 March 2024
19.7
2.7
22.4
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in
2000. Neither reserve is distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Own shares
The number of own shares held by the Group at the end of the year was 185,125,956 (2024: 125,292,999) FirstGroup plc ordinary shares of 5p each. Of these, 19,401,442 (2024: 14,379,907) were held by the\u00a0FirstGroup
plc Employee Benefit Trust, nil (2024: 32,520) by the FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2024: 157,229) were held as treasury shares, with a further 165,567,285 (2024: 110,723,343
held\u00a0as\u00a0treasury shares as part of the share buyback programmes. Both trusts and treasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of\u00a0the shares at
29 March 2025 was \u00a3303.6m (2024: \u00a3226.0m).
\n \n
Capital
redemption
Capital
Total other
reserve
reserve
reserves
\u00a3m
\u00a3m
\u00a3m
Balance at 29 March 2025/30 March 2024
19.7
2.7
22.4
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in
2000. Neither reserve is distributable.", "dimensions": { "concept": "fgp:DisclosureOfOwnSharesExplanatoryTextBlock", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "28 Translation reserve \n \n
2025
2024
\u00a3m
\u00a3m
At 30 March 2024/25 March 2023
(22.9)
(16.3)
Movement for the financial year
1.0
(6.6)
At 29 March 2025/30 March 2024
(21.9)
(22.9)
The translation reserve records exchange differences arising from the translation of the balance sheets of foreign currency denominated subsidiaries offset by movements on loans used to hedge the net investment in
those foreign subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "29 Acquisition of businesses and subsidiary undertakings \n \n
Matthews Coach
Open access \u2013
Open access \u2013
Total
RATP London
Andersons Travel
Lakeside Group
Hire
Stirling
Carmarthen
\u00a3m
Provisional fair value of net assets acquired
Intangible assets
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Property, plant and equipment
169.9
10.0
8.1
4.7
\u2013
\u2013
192.7
Deferred tax
44.3
(0.9)
(1.1)
\u2013
\u2013
\u2013
42.3
Inventories
2.0
0.1
0.2
0.2
\u2013
\u2013
2.5
Trade and other receivables
12.0
5.1
1.7
0.6
\u2013
\u2013
19.4
Cash and cash equivalents
0.4
0.6
2.0
1.1
\u2013
\u2013
4.1
Trade and other payables
(24.7)
(4.9)
(0.6)
(0.7)
\u2013
\u2013
(30.9)
Taxation
(3.9)
(0.3)
0.1
(0.5)
\u2013
\u2013
(4.6)
Provisions
(54.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(54.2)
Lease liabilities
(69.9)
(2.9)
\u2013
\u2013
\u2013
\u2013
(72.8)
Asset backed financial liabilities
(43.3)
(3.6)
(2.1)
\u2013
\u2013
\u2013
(49.0)
Net identifiable assets acquired
36.5
3.2
8.3
5.4
\u2013
\u2013
53.4
Goodwill
10.8
3.9
7.5
6.5
1.5
7.0
37.2
Net assets acquired
47.3
7.1
15.8
11.9
1.5
7.0
90.6
Satisfied by:
Cash consideration
47.3
7.1
15.8
11.9
1.5
7.0
90.6
Less: cash and cash equivalents acquired
(0.4)
(0.6)
(2.0)
(1.1)
\u2013
\u2013
(4.1)
Net cash outflow in respect of acquisitions
46.9
6.5
13.8
10.8
1.5
7.0
86.5
Acquisitions in 52 weeks to 29 March 2025
On 21 October 2024, the Group announced its acquisition of Anderson Travel, a coach operator providing contracted school, private hire, mini coach and tour services in and around London. The acquisition will extend
First Bus\u2019s operational footprint and forms part of the Group\u2019s strategy of targeted acquisitions to grow its share of the UK Adjacent services market.
On 25 October 2024, the Group announced its acquisition of Lakeside Group, a Shropshire and Cheshire\u2011based company that provides school, B2B and B2C private hire services, with a fleet of around 145 buses and
coaches. The acquisition will grow the Group\u2019s coaching business and offers the potential to increase our presence in the West Midlands.
On 4 February 2025, the Group announced its acquisition of Matthews Coach Hire Limited, a coach and bus operator in Ireland with a fleet of more than 40 vehicles. The acquisition will allow the Group to expand its
presence in non\u2011airport commuter and B2B markets in Ireland.
On 28 February 2025, the Group acquired the acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries (\u2018First Bus London\u2019). The acquisition facilitated the Group\u2019s entry into the London
bus market and supports the Group\u2019s strategy of growing and diversifying its revenue base.
On 19 August 2024, the Group acquired Grand Union Trains WCML Holdings Limited and its subsidiary companies, which owns the open access track access rights for the London Euston \u2013 Stirling route. On 4 December
2024, the Group acquired Grand Union Trains GWML Holdings Limited and its subsidiary companies, which owns the open access track access right for the London Paddington \u2013 Carmarthen route.
The businesses acquired during the year contributed \u00a334.6m to Group revenue and \u00a32.2m profit to Group operating profit from the date of acquisition.
If the acquisitions had been completed on the first day of the financial year, revenue from the acquisitions for the year would have been \u00a3315.7m and operating losses from the acquisitions would have been \u00a3(17.7)m.
The Group is currently undertaking the purchase price allocation exercise for First Bus London, and this has identified a number of adjustments to reflect the fair value of the assets and liabilities acquired. IFRS 3 Business
Combinations allows the Group 12 months from the date of acquisition to finalise this exercise, and the standard acknowledges that it will be necessary to estimate certain acquisition adjustments and fair values. Owing to
the proximity of the acquisition to the reporting date, the acquisition adjustments and closing fair values are therefore disclosed in the financial statements as provisional. These will be finalised within the timeframe
permitted by IFRS 3.
Acquisitions in 53 weeks to 30 March 2024
On 23 February 2024, the Group completed the acquisition of York Pullman Bus Company Ltd for total consideration of \u00a315.5m, which operates five coach services brands providing home\u2011to\u2011school and college contracted
services, private hire operations including rail replacement services, and a small number of local bus routes on behalf of several local authorities. Net assets acquired were \u00a34.2m, with goodwill arising of \u00a311.3m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "30 Net cash from operating activities
2025
2024
\u00a3m
\u00a3m
Operating profit from:
Continuing operations
222.6
46.5
Discontinued operations
4.9
(5.3)
Total operations
227.5
41.2
Adjustments for:
Depreciation charges
620.2
589.7
Capital grant amortisation
(65.3)
(48.7)
Software amortisation charges
2.7
3.4
Impairment
\u2013
3.8
Share\u2011based payments
10.5
15.6
Profit on disposal of property, plant and equipment
(0.2)
(5.7)
Operating cash flows before working capital and pensions
795.4
599.3
(Increase)/decrease in inventories
(2.4)
0.1
Decrease/(increase) in receivables
109.4
(3.1)
Decrease in payables due within one year
(31.3)
(103.1)
(Increase)/decrease in financial assets
(1.0)
23.7
Decrease in provisions due within one year
(13.9)
(12.4)
Decrease in provisions due over one year
(14.0)
(15.5)
Settlement of foreign exchange hedge
\u2013
(1.1)
Local Government Pension Scheme refund
\u2013
23.1
Defined benefit pension payments (greater)/lower than income statement charge
(14.0)
115.6
Cash generated by operations
828.2
626.6
Tax paid
(6.0)
(2.2)
Interest paid\u00b9
(68.0)
(81.1)
Net cash from operating activities
2
754.2
543.3
1
Interest paid includes \u00a349.6m relating to lease liabilities (2024: \u00a362.1m).
2
Net cash from operating activities is stated after an outflow of \u00a33.2m (2024: inflow of \u00a35.1m) in relation to financial derivative settlement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "31 Analysis of changes in net debt \n \n
At
Foreign
At
30 March
exchange
29 March
2024
Cash flow
movements
Other
3
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of financing activities:
Bank loans
\u2013
(70.0)
\u2013
3.3
(66.7)
Bonds
(96.2)
102.8
\u2013
(6.6)
\u2013
Lease liabilities
1
(1,458.5)
553.3
\u2013
(298.4)
(1,203.6)
Asset backed financial liabilities
2
(45.6)
(22.9)
\u2013
(46.8)
(115.3)
Share of NextGen battery debt
(13.2)
(6.8)
\u2013
0.1
(19.9)
Total components of financing activities
(1,613.5)
556.4
\u2013
(348.4)
(1,405.5)
Cash
246.9
(75.7)
0.2
\u2013
171.4
Bank overdrafts
(27.8)
(28.1)
\u2013
(0.5)
(56.4)
Ring\u2011fenced cash
249.6
66.1
\u2013
\u2013
315.7
Cash and cash equivalents
468.7
(37.7)
0.2
(0.5)
430.7
Net debt (including held for sale \u2013 discontinued operations)
(1,144.8)
518.7
0.2
(348.9)
(974.8)
1
Lease liabilities \u2018other\u2019 of \u00a3298.4m comprises \u00a3125.6m from lease term reassessments and \u00a30.4m termination of leases. In addition there is \u00a350.8m inception of new leases, being \u00a324.7m of rolling stock leases, \u00a310.3m of passenger carrying vehicle leases and \u00a315.8m of
property and other leases, and interest charges of \u00a349.6m. A further \u00a369.9m of lease liabilities were recognised as a result of the First Bus London acquisition and \u00a32.9m as a result of other acquisitions.
2
Asset backed financial liabilities \u2018other\u2019 of \u00a346.8m comprises \u00a343.3m passenger carrying vehicle asset backed financial liabilities on acquisition of First Bus London, and interest charges of \u00a33.5m.
3
The \u2018other\u2019 column for debt items consists of the net inception/acquisition of new leases, as well as interest charges. The \u2018cash flow\u2019 column consists of repayments of principal and interest (financing activities and operating activities respectively in the consolidated cash flow statement).
\n \n
At
Foreign
At
25 March
exchange
30 March
2023
Cash flow
movements
Other
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of financing activities:
Bonds
(184.2)
102.9
\u2013
(14.9)
(96.2)
Lease liabilities
1
(1,748.6)
569.0
\u2013
(278.9)
(1,458.5)
Asset backed financial liabilities
(44.2)
20.7
\u2013
(22.1)
(45.6)
Share of NextGen battery debt
\u2013
(13.1)
\u2013
(0.1)
(13.2)
Other debt
(0.6)
0.6
\u2013
\u2013
\u2013
Total components of financing activities
(1,977.6)
680.1
\u2013
(316.0)
(1,613.5)
Cash
421.8
(178.3)
3.4
\u2013
246.9
Bank overdrafts
(82.9)
56.0
\u2013
(0.9)
(27.8)
Ring\u2011fenced cash
369.6
(120.0)
\u2013
\u2013
249.6
Cash and cash equivalents
708.5
(242.3)
3.4
(0.9)
468.7
Net debt (including held for sale \u2013 discontinued operations)
(1,269.1)
437.8
3.4
(316.9)
(1,144.8)
1
Lease liabilities \u2018other\u2019 in the prior year included \u00a3216.8m net inception of new leases. This comprised \u00a3222.5m inception of new leases, being \u00a3191.7m of rolling stock leases, \u00a39.2m of passenger carrying vehicle leases and \u00a321.6m of property and other leases, offset by \u00a35.7m
termination of leases.
2
The \u2018other\u2019 column for debt items consists of the net inception/acquisition of new leases, as well as interest charges. The \u2018cash flow\u2019 column consists of repayments of principal and interest (financing activities and operating activities respectively in the consolidated cash flow
statement). Interest charges have been reclassified from the \u2018cash flow\u2019 column to the \u2018other\u2019 column in this table compared to the 2024 Annual Report.
Accrued interest of \u00a3nil (2024: \u00a33.5m) is excluded from the values above and derivative valuations are presented as the clean values.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "32 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and
certain\u00a0subsidiaries have indemnified certain banks and insurance companies who have issued
performance bonds for \u00a347.2m (2024: \u00a359.8m) and letters of credit for \u00a3123.3m (2024: \u00a3164.3m).
The\u00a0performance bonds primarily relate to First Rail franchise operations of \u00a347.1m and residual North
American obligations of\u00a0\u00a30.1m (2024: \u00a33.2m). The letters of credit relate substantially to insurance
arrangements in\u00a0the UK and North America. The parent company has committed further support facilities
of up\u00a0to\u00a0\u00a3100.9m to First Rail Train Operating Companies of which \u00a376.0m remains undrawn. Letters of
credit remain in place to provide collateral for legacy Greyhound insurance and\u00a0pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management
facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured
guarantees for the liabilities of its subsidiary undertakings arising under certain operating arrangements,
HP contracts, finance leases, operating leases and certain pension scheme arrangements. It\u00a0also\u00a0provides
unsecured cross guarantees to certain subsidiary undertakings as required by VAT\u00a0legislation. First Bus
subsidiaries have provided unsecured guarantees on a joint and several basis\u00a0to\u00a0the FirstGroup Pension
Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with Government and
other organisations. The Group is party to legal proceedings and claims which arise in the normal course
of business, including but not limited to employment and safety claims. The Group takes legal advice as
to\u00a0the likelihood of success of claims and counterclaims. No provision is made where due to\u00a0inherent
uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of
the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental
and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty
being imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.
First MTR South Western Trains Limited (FSWT), a subsidiary of the Company and the former operator
of\u00a0the South Western railway contract, is a defendant to collective proceedings before the UK\u00a0Competition
Appeal Tribunal (the CAT) in respect of alleged breaches of UK competition law. Stagecoach South
Western Trains Limited (SSWT) (the former operator of the South Western network) is also a defendant to
these proceedings, but agreed a settlement of the claim against it with the class representative (CR) which
was approved by the CAT in May 2024 and, as a result, the claim that was originally brought against it is
not proceeding. Separate sets of proceedings have been issued against London & South Eastern Railway
Limited and related entities (LSER) and against Govia Thameslink Railway Limited and related entities
(GTR) in respect of the operation of\u00a0other rail services. The three sets of proceedings are being heard
together. The CR alleges that FSWT, LSER and GTR breached their obligations under UK competition
law\u00a0by not making boundary fares sufficiently available for sale, and/or by failing to ensure that customers
were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being
charged twice for part of a journey. A collective proceedings order (CPO) has been made by the CAT in
respect of the proceedings. The proceedings have been split into three trials, the first of which took place
in June/July 2024. As at 10 June 2025, the CAT had not issued its judgment in relation to the first trial.
The\u00a0proceedings are currently stayed pending the decision in the first trial, meaning that no dates are
yet\u00a0set for the second and third trials. In March 2022, FSWT, the Company and the CR executed an
undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
which FSWT fails to pay, and which FSWT is legally liable to pay to the CR\u00a0in\u00a0respect of the claims
(pursuant to any judgment, order or award of a court or tribunal), including any sum in relation to any
settlement of the claims.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "32 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and
certain\u00a0subsidiaries have indemnified certain banks and insurance companies who have issued
performance bonds for \u00a347.2m (2024: \u00a359.8m) and letters of credit for \u00a3123.3m (2024: \u00a3164.3m).
The\u00a0performance bonds primarily relate to First Rail franchise operations of \u00a347.1m and residual North
American obligations of\u00a0\u00a30.1m (2024: \u00a33.2m). The letters of credit relate substantially to insurance
arrangements in\u00a0the UK and North America. The parent company has committed further support facilities
of up\u00a0to\u00a0\u00a3100.9m to First Rail Train Operating Companies of which \u00a376.0m remains undrawn. Letters of
credit remain in place to provide collateral for legacy Greyhound insurance and\u00a0pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management
facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured
guarantees for the liabilities of its subsidiary undertakings arising under certain operating arrangements,
HP contracts, finance leases, operating leases and certain pension scheme arrangements. It\u00a0also\u00a0provides
unsecured cross guarantees to certain subsidiary undertakings as required by VAT\u00a0legislation. First Bus
subsidiaries have provided unsecured guarantees on a joint and several basis\u00a0to\u00a0the FirstGroup Pension
Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with Government and
other organisations. The Group is party to legal proceedings and claims which arise in the normal course
of business, including but not limited to employment and safety claims. The Group takes legal advice as
to\u00a0the likelihood of success of claims and counterclaims. No provision is made where due to\u00a0inherent
uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of
the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental
and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty
being imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.
First MTR South Western Trains Limited (FSWT), a subsidiary of the Company and the former operator
of\u00a0the South Western railway contract, is a defendant to collective proceedings before the UK\u00a0Competition
Appeal Tribunal (the CAT) in respect of alleged breaches of UK competition law. Stagecoach South
Western Trains Limited (SSWT) (the former operator of the South Western network) is also a defendant to
these proceedings, but agreed a settlement of the claim against it with the class representative (CR) which
was approved by the CAT in May 2024 and, as a result, the claim that was originally brought against it is
not proceeding. Separate sets of proceedings have been issued against London & South Eastern Railway
Limited and related entities (LSER) and against Govia Thameslink Railway Limited and related entities
(GTR) in respect of the operation of\u00a0other rail services. The three sets of proceedings are being heard
together. The CR alleges that FSWT, LSER and GTR breached their obligations under UK competition
law\u00a0by not making boundary fares sufficiently available for sale, and/or by failing to ensure that customers
were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being
charged twice for part of a journey. A collective proceedings order (CPO) has been made by the CAT in
respect of the proceedings. The proceedings have been split into three trials, the first of which took place
in June/July 2024. As at 10 June 2025, the CAT had not issued its judgment in relation to the first trial.
The\u00a0proceedings are currently stayed pending the decision in the first trial, meaning that no dates are
yet\u00a0set for the second and third trials. In March 2022, FSWT, the Company and the CR executed an
undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
which FSWT fails to pay, and which FSWT is legally liable to pay to the CR\u00a0in\u00a0respect of the claims
(pursuant to any judgment, order or award of a court or tribunal), including any sum in relation to any
settlement of the claims.
33 Operating commitments
\n \n
2025
2024
\u00a3m
\u00a3m
Minimum payments made under contractual terms recognised in the income statement for the year:
Plant and machinery
5.6
5.5
Track and station access
481.3
473.1
Other assets
18.9
18.0
505.8
496.6
At the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which fall due as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Within one year
355.6
484.1
In the second to fifth years inclusive
175.3
747.8
After five years
198.1
1.1
729.0
1,233.0
Included in the above commitments are contracts held by the First Rail businesses with Network Rail for access to the railway infrastructure, track, stations and depots of \u00a3481.0m (2024: \u00a31,206.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "32 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and
certain\u00a0subsidiaries have indemnified certain banks and insurance companies who have issued
performance bonds for \u00a347.2m (2024: \u00a359.8m) and letters of credit for \u00a3123.3m (2024: \u00a3164.3m).
The\u00a0performance bonds primarily relate to First Rail franchise operations of \u00a347.1m and residual North
American obligations of\u00a0\u00a30.1m (2024: \u00a33.2m). The letters of credit relate substantially to insurance
arrangements in\u00a0the UK and North America. The parent company has committed further support facilities
of up\u00a0to\u00a0\u00a3100.9m to First Rail Train Operating Companies of which \u00a376.0m remains undrawn. Letters of
credit remain in place to provide collateral for legacy Greyhound insurance and\u00a0pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management
facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured
guarantees for the liabilities of its subsidiary undertakings arising under certain operating arrangements,
HP contracts, finance leases, operating leases and certain pension scheme arrangements. It\u00a0also\u00a0provides
unsecured cross guarantees to certain subsidiary undertakings as required by VAT\u00a0legislation. First Bus
subsidiaries have provided unsecured guarantees on a joint and several basis\u00a0to\u00a0the FirstGroup Pension
Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with Government and
other organisations. The Group is party to legal proceedings and claims which arise in the normal course
of business, including but not limited to employment and safety claims. The Group takes legal advice as
to\u00a0the likelihood of success of claims and counterclaims. No provision is made where due to\u00a0inherent
uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of
the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental
and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty
being imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.
First MTR South Western Trains Limited (FSWT), a subsidiary of the Company and the former operator
of\u00a0the South Western railway contract, is a defendant to collective proceedings before the UK\u00a0Competition
Appeal Tribunal (the CAT) in respect of alleged breaches of UK competition law. Stagecoach South
Western Trains Limited (SSWT) (the former operator of the South Western network) is also a defendant to
these proceedings, but agreed a settlement of the claim against it with the class representative (CR) which
was approved by the CAT in May 2024 and, as a result, the claim that was originally brought against it is
not proceeding. Separate sets of proceedings have been issued against London & South Eastern Railway
Limited and related entities (LSER) and against Govia Thameslink Railway Limited and related entities
(GTR) in respect of the operation of\u00a0other rail services. The three sets of proceedings are being heard
together. The CR alleges that FSWT, LSER and GTR breached their obligations under UK competition
law\u00a0by not making boundary fares sufficiently available for sale, and/or by failing to ensure that customers
were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being
charged twice for part of a journey. A collective proceedings order (CPO) has been made by the CAT in
respect of the proceedings. The proceedings have been split into three trials, the first of which took place
in June/July 2024. As at 10 June 2025, the CAT had not issued its judgment in relation to the first trial.
The\u00a0proceedings are currently stayed pending the decision in the first trial, meaning that no dates are
yet\u00a0set for the second and third trials. In March 2022, FSWT, the Company and the CR executed an
undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
which FSWT fails to pay, and which FSWT is legally liable to pay to the CR\u00a0in\u00a0respect of the claims
(pursuant to any judgment, order or award of a court or tribunal), including any sum in relation to any
settlement of the claims.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Letters of credit remain in place to provide collateral for legacy Greyhound insurance and\u00a0pension obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "33 Operating commitments \n \n
2025
2024
\u00a3m
\u00a3m
Minimum payments made under contractual terms recognised in the income statement for the year:
Plant and machinery
5.6
5.5
Track and station access
481.3
473.1
Other assets
18.9
18.0
505.8
496.6
At the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which fall due as follows:
\n \n
2025
2024
\u00a3m
\u00a3m
Within one year
355.6
484.1
In the second to fifth years inclusive
175.3
747.8
After five years
198.1
1.1
729.0
1,233.0
Included in the above commitments are contracts held by the First Rail businesses with Network Rail for access to the railway infrastructure, track, stations and depots of \u00a3481.0m (2024: \u00a31,206.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "34 Share\u2011based payments
Equity\u2011settled share option plans
The Group recognised total expenses of \u00a310.5m (2024: \u00a315.6m) related to equity\u2011settled share\u2011based
payment transactions.
All Employee Plans
(a) Save as you earn (SAYE)
The Group operates an HMRC\u2011approved savings\u2011related share option scheme. The scheme is based on
eligible employees being granted options and their agreement to opening a sharesave account with a
nominated savings carrier and to save weekly or monthly over a three\u2011year period. Sharesave accounts
are\u00a0held with Computershare. The\u00a0right to exercise the option is at the employee\u2019s discretion in the six
months following the end of the three\u2011year period. The plan rules set out the treatment of those who leave
employment before the end of the savings contract. The scheme was offered in FY 2024 and FY 2025.
During the current year, 2,980 employees accepted the invitation to join the scheme and just less than\u00a010m
options were granted at a price of 123 pence per share. Further information is provided in the table below.
\n \n
SAYE 2024
SAYE 2023
Options
Options
Number
Number
Outstanding at the beginning of the year
\u2013
14,439,530
Granted during the year
9,905,123
\u2013
Exercised during the year
(755)
(42,503)
Lapsed during the year
(577,411)
(1,032,398)
Outstanding at the end of the year
9,326,957
13,364,629
Exercisable at the end of the year
3,351
15,958
Weighted average exercise price (pence)
123
111
Weighted average share price at date of exercise (pence)
161.7
154.8
(b) Buy as you earn (BAYE)
BAYE enables eligible employees to purchase shares from their gross income. Until August 2023, the
Company provided two matching shares for every three shares bought by employees, subject to a
maximum Company contribution of shares to the value of \u00a320 per month. If the shares are held in trust
for\u00a0five years or more, no income tax and national insurance will be payable. The matching shares will
be\u00a0forfeited if the corresponding partnership shares are removed from trust within three years of award.
Since August 2023 no matching shares have been offered with the Company preferring to allocate the cost
to support a larger number of options under the SAYE plan.
In March 2025 there were 2,655 (March 2024: 2,681) participants who purchased share during the month
through the BAYE scheme. During the year, scheme participants have purchased 1,252,133 shares.
Discretionary plans
Prior to FY 2022 the discretionary awards were structured as nil cost options. Since that date the awards
have been granted as conditional shares, there is no economic difference for the Company or participants
following this change.
\n
(c) Deferred bonus shares (DBS)
\n
DBS awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
DBS 2022
DBS 2023
DBS 2024
DBS 2014
DBS 2015
DBS 2016
DBS 2017
DBS 2018
DBS 2019
DBS 2020
DBS 2021
Conditional
Conditional
Conditional
Options
Options
Options
Options
Options
Options
Options
Options
shares
shares
shares
Number
Number
Number
Number
Number
Number
Number
Number
Number
Number
Number
Outstanding at the beginning of the year
66,171
52,621
37,538
12,333
14,779
68,548
148,801
639,710
1,696,455
831,260
\u2013
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
795,978
Forfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercised/released during the year
(50,722)
(16,075)
(10,742)
(5,795)
(525)
(39,257)
(111,770)
(507,765)
(317,527)
\u2013
\u2013
Lapsed during the year
(15,449)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2,677)
(18,402)
\u2013
\u2013
Outstanding at the end of the year
nil
36,546
26,796
6,538
14,254
29,291
37,031
129,268
1,360,526
831,260
795,978
Exercisable at the end of the year
nil
36,546
26,796
6,538
14,254
29,291
37,031
129,268
\u2013
\u2013
\u2013
Weighted average share price at date of exercise
(pence)
172.7
171.8
168.1
173.4
163.9
166.8
161.9
155.3
156.6
N/A
N/A
\n
(d) Long\u2011Term Incentive Plan (LTIP)
\n
The LTIP awards granted in 2021, 2022, 2023 and 2024 have relative TSR, EPS and sustainability targets. Where the threshold measures are exceeded, the awards are settled by equity.
LTIP 2021
LTIP 2022
LTIP 2023
LTIP 2024
Options
Options
Options
Options
Number
Number
Number
Number
Outstanding at the beginning of the year
2,588,698
7,440,071
7,355,892
\u2013
Granted during the year
\u2013
\u2013
\u2013
6,851,347
Forfeited during the year
\u2013
\u2013
\u2013
(139,483)
Lapsed during the year
\u2013
(216,751)
(265,454)
\u2013
Exercised during the year
(2,557,457)
\u2013
\u2013
\u2013
Outstanding at the end of the year
31,241
7,223,320
7,090,438
6,711,864
Exercisable at the end of the year
31,241
\u2013
\u2013
\u2013
Weighted average share price at date of exercise (pence)
155.1
N/A
N/A
N/A
\n
(e) Executive Share Plan (ESP)
\n
ESP awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
ESP 2022
ESP 2023
ESP 2024
ESP 2015
ESP 2016
ESP 2017
ESP 2018
ESP 2019
ESP 2020
ESP 2021
Conditional
Conditional
Conditional
Options
Options
Options
Options
Options
Options
Options
shares
shares
shares
Number
Number
Number
Number
Number
Number
Number
Number
Number
Number
Outstanding at the beginning of the year
41,391
44,889
57,140
152,540
425,621
283,956
1,126,197
199,358
11,959
\u2013
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
467,304
Forfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lapsed during the year
\u2013
\u2013
\u2013
(4,387)
(4,130)
\u2013
(33,031)
\u2013
\u2013
\u2013
Exercised/released during the year
(3,224)
(3,445)
(39,832)
(84,496)
(170,610)
(269,238)
(742,334)
(183,357)
(3,987)
\u2013
Outstanding at the end of the year
38,167
41,444
17,308
63,657
250,881
14,718
350,832
16,001
7,972
467,304
Exercisable at the end of the year
38,167
41,444
17,308
63,657
250,881
14,718
350,832
16,001
\u2013
\u2013
Weighted average share price at date of exercise/release
(pence)
175.4
175.4
171.2
168.8
166.6
167.6
161.8
154.5
152.9
N/A
The fair values of the awards granted during the last two years were measured using a Black\u2011Scholes
model except for the TSR element of the LTIPs which were measured using a Monte Carlo model.
The\u00a0inputs into the models were as follows:
2025
2024
pence
pence
Weighted average share price at grant date (pence)
\u2013 DBS
164.8
135.8
\u2013 LTIP
164.5
136.2
\u2013 ESP
164.4
138.8
Weighted average exercise price at grant date (pence)
\u2013 DBS
\u2013
\u2013
\u2013 LTIP
\u2013
\u2013
\u2013 ESP
\u2013
\u2013
Expected volatility (%)
\u2013 DBS
N/A
N/A
\u2013 LTIP
59
59
\u2013 ESP
N/A
N/A
Expected life (years)
\u2013 DBS
3.0
3.0
\u2013 SAYE schemes
N/A
N/A
\u2013 LTIP
3.0
3.0
\u2013 ESP
3.0
3.0
Rate of interest (%)
\u2013 DBS
N/A
N/A
\u2013 LTIP
\u2013
\u2013
\u2013 ESP
\u2013
\u2013
Expected dividend yield (%)
\u2013 DBS
3.3%
\u2013
\u2013 LTIP
3.3%
\u2013
\u2013 ESP
3.3%
\u2013
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the
previous five years. The expected life used in the model has been adjusted based on management\u2019s best
estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.
Allowances have been made for the SAYE schemes for the fact that, amongst a group of recipients some
are expected to leave before an entitlement vests. The accounting charge is then adjusted over the\u00a0vesting
period to take account of actual forfeitures, so although the total charge is unaffected by the pre\u2011vesting
forfeiture assumption, the timing of the recognition of the expense will be sensitive to\u00a0it. Fair values for the
SAYE include a 10% per annum pre\u2011vesting leaver assumption whereas the\u00a0Executive, LTIP and deferred
share plans exclude any allowance for pre\u2011vesting forfeitures.
2025
2024
pence
pence
Weighted average fair value of options at grant date
\u2013 DBS
154.4
135.2
\u2013 LTIP
116.3
100.5
\u2013 ESP
154.3
128.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "35 Retirement benefit schemes
The Group supports defined contribution (DC) and defined benefit (DB) schemes for the benefit
of\u00a0employees across the following business areas:
First Bus
DB schemes: The First UK Bus Pension Scheme and The FirstGroup Pension Scheme. The First UK Bus
Pension Scheme is currently being wound up.
DC schemes: The First Bus Retirement Savings Plan and the Enhanced Lifetime Savings Plan.
In the prior year, the Group terminated its participation in two Local Government Pension Schemes, with
affected employees enrolled into The First Bus Retirement Savings Plan.
Employees in Group corporate functions participate in the First Bus pension arrangements.
First Rail
DB schemes: Railways Pension Scheme (RPS) Shared Cost Sections. As at the balance sheet date, the
Group sponsored four sections of the RPS in respect of TOCs operating under NRCs. Following the
expiry\u00a0of the SWR contract after the balance sheet date, the number of TOCs sections sponsored by the
Group reduced to two. Since the obligations to the TOC arrangements are considered to be limited to
contributions during the period of the contract, these are fundamentally different to the obligations to the
other pension arrangements. Additionally, the Group sponsors a section for its open access Hull Trains
business, which closed to new entrants in March 2024.
DC schemes: RPS Industry\u2011Wide Defined Contribution (IWDC) Section. Hull Trains employees who are not
eligible for the DB section, and Tram Operations employees, are enrolled into the IWDC Section.
North America
The Group is winding up legacy schemes from operations which have now been sold. During the year, the
remaining liabilities in the US were bought out in July 2024, and winding up of the legacy Greyhound US
pension plan was completed in December 2024. In Canada, the liabilities of the Greyhound Canada
Retirement Income Plan have been secured with a group annuity contract. As the winding up of the plan
progresses, this will convert to a buyout.
Each of these groups of arrangements have therefore been shown separately.
Overall, the duration of the Company\u2019s obligations is approximately 16 years although the durations of the
individual schemes tend to vary.
The pension schemes in the UK are operated independently of the Group by the relevant pension
scheme\u2019s trustee. All pension scheme assets are held separately from FirstGroup\u2019s assets. The managers
or trustees (as appropriate) of the pension schemes are responsible for the investment policy, although the
sponsor is consulted.
The market value of the assets as at 29 March 2025 for all non\u2011contract rail operation DB schemes totalled
\u00a31,135m (2024: \u00a31,413m). The present value of scheme liabilities for all non\u2011contract rail operation defined
benefit schemes totalled \u00a31,112m (2024: \u00a31,438m).
Virgin Media case
In June 2023, the High Court made a significant ruling in Virgin Media Ltd vs NTL Pension Trustees
regarding the validity of amendments to benefits in DB schemes that were contracted\u2011out between 1997
and 2016 based on meeting the reference scheme test. In July 2024, the Court of Appeal upheld the High
Court\u2019s decision. Legal analysis of the Group\u2019s DB schemes did not locate any evidence to suggest that
a\u00a0confirmation by the scheme actuary for relevant benefit amendments was required but not obtained.
Furthermore, it is understood that legislation is being developed that allow the appropriate retrospective
confirmations, thereby reducing or removing any potential impact.
(a) First Bus and Group (including open access rail operators)
DC plans (shown on a continuing basis)
Payments to DC plans are charged as an expense as they fall due. There is no further obligation to pay
contributions into a DC plan once the contributions specified in the plan rules have been paid. The total
expense recognised in the consolidated income statement of \u00a336.0m (2024: \u00a331.6m) represents
contributions payable to these plans by the Group at rates specified in the rules of the plans.
The Group operates DC plans for all Group and First Bus employees, and First Rail employees who are not
eligible to join a DB arrangement. They receive a company match to their contributions, which varies by
salary and/or service.
DB plans (shown on a continuing basis)
The Group has full responsibility for the retirement benefits for former and current employees of Group,
First Bus and Hull Trains who are members of the schemes described in the following paragraphs, bearing
all the risks and responsibilities of sponsorship of these schemes. These comprise three funded DB plans
across its First Bus and Group operations (including Hull Trains which, unlike the majority of First Rail
operations, is operated under open access), covering approximately 22,200 former and current employees.
All of these schemes are closed to new entrants.
Triennial valuations assess the cost of future service (where relevant) and the funding position. The
employer and trustees are required to agree on assumptions for the valuations and to agree the
contributions that result from these. Deficit recovery contributions may be required in addition to future
service contributions. In agreeing contribution rates, reference must be made to the affordability of
contributions by the employer.
At their last valuations, the DB schemes had funding levels between 74% and 94% (2024: 74% and 94%).
Surplus after benefits have been paid/secured, can be repaid to the employer, in line with the rules of
the\u00a0schemes.
The First UK Bus Pension Scheme
During the year, the majority of the assets and liabilities of The First UK Bus Pension Scheme were
transferred to a newly created Bus Section of the FirstGroup Pension Scheme. Winding up of The First UK
Bus Pension Scheme started in September 2024 with a number of small benefits having now been settled
with payment of winding\u2011up lump sums. Members\u2019 winding\u2011up benefits have been paid out over the
course of the year in two tranches, with a total \u00a321.3m of winding\u2011up lump sums paid, extinguishing
obligations valued at \u00a324.1m. The resulting gain of \u00a32.8m has been recognised in income for curtailment
gains. After the lump sums exercise is completed, and remaining assets and liabilities will be transferred to
The FirstGroup Pension Scheme, The First UK Bus Pension Scheme will be wound up.
The FirstGroup Pension Scheme
The FirstGroup Pension Scheme is a legacy DB scheme that is closed to benefit accrual. It now comprises
two sections \u2013 a Group Section (members already of the FirstGroup Pension Scheme prior to merging with
The First UK Bus Pension Scheme) and a Bus Section (members transferring from The First UK Bus
Pension Scheme).
The rules governing both these schemes grant the employer influence over the allocation of any residual
surplus once the beneficiaries\u2019 rights have been secured. Accordingly, the net surplus/deficit is recognised
in full for these schemes.
\n
Local Government Pension Schemes
\n
The Group no longer participates in the LGPS after terminating in the prior year. An adjusting income statement expense for settlement charges and related costs of \u00a3146.9m was recognised in the prior year, with gains
\n
of \u00a35.0m recognised in income for curtailment gains and \u00a3161.0m recognised in Other comprehensive income in relation to the restricted accounting surplus in FY 2024. The termination of participation removed
\n
\u00a3543.3m and \u00a3153.9m of obligations and \u00a3679.8m and \u00a3159.5m of assets from the Group\u2019s balance sheet for the Greater Manchester Pension Fund and North East Scotland Pension Fund respectively during the prior
\n
year. From a cash perspective, there were no payments required in relation to the exit from the Greater Manchester Pension Fund, while a payment of \u00a323.1m was made from the North East Scotland Pension Fund to
\n
the Group.
\n
The Hull Trains Shared Cost Section of the Railways Pension Scheme
\n
Hull Trains participates in its own Section of the Railways Pension Scheme. This scheme closed to new entrants in March 2024, but remains open to the accrual of salary\u2011related benefits employees who became
\n
members before March 2024. Costs relating to accrual and to any deficit are shared with members. Any deficit is now fully borne by the sponsor \u2013 the impact of this currently has a negligible impact on the accounting
\n
balance sheet.
\n
The table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present value of Defined Benefit Obligations (DBO) (Liabilities) for the DB schemes
\n
described above:
2025
2024
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of period
1,147.8
1,161.8
2,166.9
1,972.5
Income statement
Operating
\u2013 Current service cost
\u2013
5.9
\u2013
5.8
\u2013 Past service gain including curtailments
\u2013
\u2013
\u2013
(5.0)
\u2013 Settlement in relation to winding\u2011up lump sums
(21.3)
(24.1)
\u2013
\u2013
\u2013 Settlement in relation to LGPS participation termination
\u2013
\u2013
(839.3)
(697.2)
Total operating
(21.3)
(18.2)
(839.3)
(696.4)
Interest income/cost
54.8
53.8
81.2
74.8
Total income statement
1
33.5
35.6
(758.1)
(621.6)
Amounts paid to/(from) scheme
Employer contributions
8.6
\u2013
6.0
\u2013
Employee contributions
0.4
0.4
0.7
0.7
Benefits paid
(70.6)
(70.6)
(100.2)
(100.2)
Total
(61.6)
(70.2)
(93.5)
(99.5)
Expected closing position
1,119.7
1,127.2
1,315.3
1,251.4
Change in financial assumptions
\u2013
(108.9)
\u2013
(87.4)
Change in demographic assumptions
\u2013
(2.5)
\u2013
(14.3)
Employee share of changes
\u2013
\u2013
\u2013
0.2
Return on assets in excess of discount rate
(127.2)
\u2013
(167.5)
\u2013
Experience
\u2013
(45.7)
\u2013
11.9
Total
(127.2)
(157.1)
(167.5)
(89.6)
At end of period
992.5
970.1
1,147.8
1,161.8
2025
2024
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Surplus/(deficit) before adjustment
22.4
(14.0)
Impact of shared cost
\u2013
\u2013
Adjustment for irrecoverable surplus
\u2013
\u2013
Surplus/(deficit) in schemes
22.4
(14.0)
The amount is presented in the consolidated balance sheet as follows:
Non\u2011current assets
27.0
6.0
Non\u2011current liabilities
(4.6)
(20.0)
22.4
(14.0)
\n
1
In the prior year there was a financing charge of \u00a34.3m relating to the interest on the asset ceiling as shown in the table below.
\n
Adjustment for First Bus irrecoverable surplus
\n
Movements in the adjustment for the First Bus irrecoverable surplus in the prior year were as follows:
2025
2024
\u00a3m
\u00a3m
At beginning of period
\u2013
(156.7)
Interest on irrecoverable surplus
\u2013
(4.3)
Gain on settlement of LGPS arrangements
\u2013
161.0
Actuarial gain on irrecoverable surplus
\u2013
\u2013
At end of period
\u2013
\u2013
\n
Asset Allocation
Quoted
Unquoted
Total
At March 2025
\u00a3m
\u00a3m
\u00a3m
Equity
17.0
159.3
176.3
Other return seeking assets
\u2013
20.1
20.1
Real estate
\u2013
1.6
1.6
Fixed income/liability driven
553.9
219.9
773.8
Other income generating
\u2013
0.8
0.8
Cash and cash equivalents
19.9
\u2013
19.9
590.8
401.7
992.5
Quoted
Unquoted
Total
At March 2024
\u00a3m
\u00a3m
\u00a3m
Equity
16.1
163.6
179.7
Other return seeking assets
\u2013
27.2
27.2
Real estate
\u2013
3.5
3.5
Fixed income/liability driven
680.0
243.7
923.7
Other income generating
\u2013
1.0
1.0
Cash and cash equivalents
12.7
\u2013
12.7
708.8
439.0
1,147.8
\n
(b) North America
\n
Greyhound pension arrangements
\n
The Group has retained certain responsibilities for the provision of retirement benefits for some legacy schemes.
\n
The Group no longer operates a pension plan in the US (2024: one), while in Canada, there is a legacy plan (2024: one) with a DB and a DC section that is currently being wound up, and a small unfunded supplementary
\n
executive retirement plan (SERP) with a single beneficiary.
\n
On 18 July 2024, the Group agreed terms with an insurance company to buy out the remaining liabilities of the legacy Greyhound US pension plan, with the plan being terminated thereafter. Following a Group net
\n
contribution of $5.3m, gross liabilities of $155m (\u00a3123m) at the FY 2024 year\u2011end were removed from the Group\u2019s balance sheet and the Group recognised a net settlement gain after related costs of \u00a35.1m in the
\n
Group\u2019s income statement as an adjusting item.
\n
The table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present value of DBO (Liabilities) for the North American DB schemes:
2025
2024
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of period (including held for sale)
264.8
276.1
366.8
369.5
Income statement
Operating
\u2013 Current service cost
\u2013
1.8
\u2013
3.4
\u2013 Past service gain including curtailments and settlements
(106.7)
(113.2)
(57.7)
(58.9)
Total operating
(106.7)
(111.4)
(57.7)
(55.5)
Interest income/cost
8.4
8.6
15.1
15.2
Total income statement
(98.3)
(102.8)
(42.6)
(40.3)
Amounts paid to/(from) scheme
Employer contributions
4.1
\u2013
0.6
\u2013
Employee contributions
\u2013
\u2013
\u2013
\u2013
Benefits paid
(23.4)
(23.4)
(43.2)
(43.2)
Total
(19.3)
(23.4)
(42.6)
(43.2)
Expected closing position
147.2
149.9
281.6
286.0
Change in financial assumptions
\u2013
4.8
\u2013
(5.1)
Change in demographic assumptions
\u2013
2.0
\u2013
4.7
Return on assets in excess of discount rate
9.8
\u2013
(7.5)
\u2013
Experience
\u2013
0.3
\u2013
\u2013
Total
9.8
7.1
(7.5)
(0.4)
Currency gain/loss
(14.4)
(14.7)
(9.3)
(9.5)
At end of period
142.6
142.3
264.8
276.1
2025
2024
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Surplus/(deficit)
Calculated as at 30 March
0.3
(11.3)
Opening irrecoverable surplus
\u2013
(6.8)
Change in irrecoverable surplus
\u2013
6.8
Presented in the consolidated balance sheet as Non\u2011current assets/(liabilities)
0.3
(11.3)
\n
Asset Allocation
Quoted
Unquoted
Total
At March 2025
\u00a3m
\u00a3m
\u00a3m
Annuities
\u2013
135.7
135.7
Cash and cash equivalents
6.9
\u2013
6.9
6.9
135.7
142.6
Quoted
Unquoted
Total
At March 2024
\u00a3m
\u00a3m
\u00a3m
Fixed income/liability driven
109.4
\u2013
109.4
Annuities
\u2013
148.2
148.2
Cash and cash equivalents
7.2
\u2013
7.2
116.6
148.2
264.8
\n
(c) Rail contracts
\n
The Railways Pension Scheme (RPS)
\n
The Group is responsible for collecting and paying contributions for a number of sections of the RPS
\n
as\u00a0part of its obligations under the contracts which it holds for its TOCs. These responsibilities continue
\n
for\u00a0the periods of the TOCs and are passed to future contract holders when those TOCs terminate.
\n
Management of the RPS is not the responsibility of the Group, nor is it liable to benefit from any future
\n
surplus or fund any deficit of those funds. The RPS is managed by the Railways Pension Trustee
\n
Company\u00a0Limited and is subject to regulation from The Pensions Regulator and relevant UK legislation.
\n
The RPS is a shared cost arrangement. All costs, and any deficit or surplus, are shared 60% by the
\n
employer and 40% by the members.
\n
As at the balance sheet date, the Group sponsored four sections of the RPS, relating to its contracting
\n
obligations for its TOCs. Following the expiry of the SWR contract after the balance sheet date, the number
\n
of TOC sections sponsored by the Group reduced to two. In line with Government policy to take TOCs
\n
into\u00a0public ownership, sponsorship of these remaining sections is expected to transfer to new ownership
\n
in\u00a0due course.
\n
For the TOC sections, under the contractual arrangements with the DfT, the employer\u2019s responsibility is
\n
to\u00a0pay the contributions following triennial funding valuations while it operates the contracted services.
\n
These contributions are subject to change on consideration of future statutory valuations, though the
\n
Group is fully protected from any such changes through its contracts with the DfT. At the end of the
\n
contract, any deficit or surplus in the scheme section passes to the subsequent train operating company
\n
with no compensating payments from or to the outgoing TOC.
\n
The statutory funding valuations of the various Rail Pension Scheme sections in which the Group is
\n
involved (last finalised with an effective date of 31 December 2022) and the IAS 19 actuarial valuations
\n
are\u00a0carried out for different purposes and may result in materially different results. The IAS 19 valuation
\n
is\u00a0set out in the disclosures below.
\n
The accounting treatment for the time\u2011based risk\u2011sharing feature of the Group\u2019s participation in the RPS
\n
is\u00a0not explicitly considered by IAS 19 Employee Benefits (Revised). The contributions currently committed
\n
to being paid to each TOC section are lower than the share of the service cost (for current and future
\n
service)\u00a0that would normally be calculated under IAS 19 (Revised) and the Group does not account for
\n
uncommitted contributions towards the sections\u2019 current or expected future deficits. Therefore, the
\n
Group\u00a0does not need to reflect any deficit on its balance sheet. A TOC adjustment (asset) exists that
\n
exactly offsets any section deficit that would otherwise remain after reflecting the cost sharing with the
\n
members. This reflects the legal position that some of the existing deficit and some of the\u00a0service costs
\n
in\u00a0the current\u00a0year will be funded in future years beyond the term of the current contract and committed
\n
contributions. The TOC adjustment on the balance sheet date reflects the extent to\u00a0which the Group is not
\n
currently committed to fund the deficit.
\n
Movements in the TOC contract adjustment in a period arise from and are accounted for as follows:
\n
Any service cost for the period for which the contribution schedule requires no contributions from the
\n
entity are reflected as an adjustment to the service cost in the income statement, which is considered to
\n
be in line with paragraphs 92\u201194 of IAS 19 (Revised).
\n
Under circumstances where contributions are renegotiated, such as following a statutory valuation,
\n
any\u00a0adjustment necessary to reflect an obligation to fund past service cost will be recognised in the
\n
income statement.
\n
The disclosed information has been set out to illustrate the effect of this on the costs borne by FirstGroup. In particular, 40% of the costs, gains or losses and any deficit are attributed to the members. In\u00a0addition, the
\n
total surplus or deficit is adjusted by way of a \u2018contract adjustment\u2019 which includes an assessment of the changes that will arise from contracted future contributions and which is the portion\u00a0of the deficit or surplus
\n
projected to exist at the end of the contract which the Group will not be required to fund or benefit from.
Adjustment
for employee
share of RPS
Contract
Assets
Liabilities
deficits (40%)
adjustment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2024
3,722.4
(3,588.7)
(53.4)
(80.3)
\u2013
Income statement
Operating
\u2013 Service cost
\u2013
(135.2)
54.1
34.4
(46.7)
\u2013 Admin cost
\u2013
(6.5)
2.6
\u2013
(3.9)
Total operating
\u2013
(141.7)
56.7
34.4
(50.6)
Financing
180.6
(169.6)
(4.4)
(6.6)
\u2013
Total income statement
180.6
(311.3)
52.3
27.8
(50.6)
Amounts paid to/(from) scheme
Employer contributions
50.6
\u2013
(20.2)
20.2
50.6
Employee contributions
33.4
\u2013
(13.4)
(20.0)
\u2013
Benefits paid
(157.1)
157.1
\u2013
\u2013
\u2013
Total
(73.1)
157.1
(33.6)
0.2
50.6
Expected closing position
3,829.9
(3,742.9)
(34.7)
(52.3)
\u2013
Change in financial assumptions
\u2013
604.0
(241.6)
(362.4)
\u2013
Change in demographic assumptions
\u2013
9.7
(3.9)
(5.8)
\u2013
Return on assets in excess of discount rate
(171.9)
\u2013
68.7
103.2
\u2013
Experience
\u2013
58.8
(23.5)
(35.3)
\u2013
Total
(171.9)
672.5
(200.3)
(300.3)
\u2013
At 31 March 2025
3,658.0
(3,070.4)
(235.0)
(352.6)
\u2013
Adjustment
for employee
share of RPS
Contract
Assets
Liabilities
deficits (40%)
adjustment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2023
3,684.3
(3,814.5)
52.1
78.1
\u2013
Impact from non\u2011renewal of TPE contract
(239.2)
267.7
(11.4)
(17.1)
\u2013
Revised opening position, excluding TPE
3,445.1
(3,546.8)
40.7
61.0
\u2013
Income statement
Operating
\u2013 Service cost
\u2013
(128.7)
51.5
24.9
(52.3)
\u2013 Admin cost
\u2013
(5.8)
2.3
\u2013
(3.5)
Total operating
\u2013
(134.5)
53.8
24.9
(55.8)
Financing
166.1
(165.4)
(0.3)
(0.4)
\u2013
Total income statement
166.1
(299.9)
53.5
24.5
(55.8)
Amounts paid to/(from) scheme
Employer contributions
55.8
\u2013
(22.3)
22.3
55.8
Employee contributions
36.7
\u2013
(14.7)
(22.0)
\u2013
Benefits paid
(141.7)
141.7
\u2013
\u2013
\u2013
Total
(49.2)
141.7
(37.0)
0.3
55.8
Expected closing position
3,562.0
(3,705.0)
57.1
85.8
\u2013
Change in financial assumptions
\u2013
30.7
(12.3)
(18.4)
\u2013
Change in demographic assumptions
74.6
(29.8)
(44.8)
\u2013
Return on assets in excess of discount rate
160.4
\u2013
(64.1)
(96.3)
\u2013
Experience
\u2013
11.0
(4.4)
(6.6)
\u2013
Total
160.4
116.3
(110.6)
(166.1)
\u2013
At 31 March 2024
3,722.4
(3,588.7)
(53.4)
(80.3)
\u2013
\n
During the year \u00a36.5m (2024: \u00a35.8m) of gross administrative expenses were incurred, included in benefits paid above.
\n
Finance costs above include interest income of \u00a3108.4m (2024: \u00a399.7m) and employee share of interest on assets of \u00a372.2m (2024: \u00a366.4m).
\n
Income statement charges on liabilities above of \u00a3311.3m (2024: \u00a3299.9m) represent:
2025
2024
\u00a3m
\u00a3m
Current service costs
85.0
80.7
Interest costs
101.8
99.2
Employee share of change in DBO (not attributable to contract adjustment)
124.5
120.0
311.3
299.9
\n
Asset Allocation
Quoted
Unquoted
Total
At 29 March 2025/31 March 2025
\u00a3m
\u00a3m
\u00a3m
Equity
\u2013
1,630.1
1,630.1
Other return seeking assets
\u2013
1,027.2
1,027.2
Real estate
\u2013
335.0
335.0
Fixed income/liability driven
\u2013
654.1
654.1
Cash and cash equivalents
11.6
\u2013
11.6
11.6
3,646.4
3,658.0
Quoted
Unquoted
Total
At 30 March 2024/31 March 2024
\u00a3m
\u00a3m
\u00a3m
Equity
\u2013
2,106.4
2,106.4
Other return seeking assets
\u2013
1,166.0
1,166.0
Real estate
\u2013
440.1
440.1
Cash and cash equivalents
9.9
\u2013
9.9
9.9
3,712.5
3,722.4
\n
The Rail contracts\u2019 assets are invested in pooled funds created specifically for the Rail schemes. As such, these assets have been categorised as unquoted.
\n
(d) Valuation assumptions
\n
The valuation assumptions used for accounting purposes have been made uniform to Group standards, as appropriate, when each scheme is actuarially valued.
First Bus
First Rail
North America
First Bus
First Rail
North America
2025
2025
2025
2024
2024
2024
At 29 March 2025/30 March 2024
%
%
%
%
%
%
Key assumptions used:
Discount rate
5.78 \u2013 5.83
5.87
4.50
4.86 \u2013 4.88
4.89
4.85 \u2013 5.16
Expected rate of salary increases
N/A
2.83 \u2013 3.12
N/A
N/A
3.70
N/A
Inflation \u2013 CPI
2.61 \u2013 2.62
2.60
2.00
2.61 \u2013 2.62
2.60
2.00
Future pension increases
2.37
2
2.60
N/A
2.58
2
2.60
N/A
Post\u2011retirement mortality (life expectancy in years)
1
Current pensioners at 65:
19.3
20.1
21.7
19.3
20.1
19.8 \u2013 21.6
Future pensioners at 65 aged 45 now:
19.7
21.5
22.7
19.7
21.5
21.4 \u2013 22.6
\n
1
Life expectancies reflect the largest underlying plans in each region.
\n
2
Weighted average for principal scheme.
\n
The Group reviews its longevity assumptions for each scheme following completion of funding valuations. The assumptions adopted reflect recent scheme experience and views on future longevity which may include
\n
industry\u2011specific adjustment where appropriate. The Group obtains specialist actuarial advice before agreeing longevity assumptions.
\n
(e) Sensitivity of retirement benefit obligations to changes in assumptions
\n
The method used to derive the sensitivities is the same as that used to calculate the main disclosures. The exception is longevity where we have instead applied a general rule that one year\u2019s extra life expectancy adds
\n
c.3% to the DBO (with resultant impacts on rail and irrecoverable surplus adjustments). This is consistent with the method applied to deriving last year\u2019s sensitivities.
\n
A 1.0% movement in the discount rate would impact the balance sheet position by approximately \u00a311m. A 1.0% movement in the inflation rate would impact the balance sheet position by approximately \u00a39m.
\n
A\u00a0one\u2011year movement in life expectancy would impact the balance sheet position by approximately \u00a329m.
\n
Management considers that the figures provide a suitable indication of the potential impact of reasonably possible changes in the financial assumptions and one\u2011year change in the mortality assumption. No allowance
\n
has been made for any consequent change in the value of assets held.
\n
(f) Consolidated statement of comprehensive income
\n
Amounts presented in the consolidated statement of comprehensive income comprise:
2025
2024
\u00a3m
\u00a3m
Actuarial gain on DBO
822.9
206.5
Actuarial (loss) on assets
(289.6)
(14.6)
Actuarial (loss) on contract adjustments
(500.4)
(276.7)
Gain on settlement of LGPS arrangements
\u2013
161.0
Adjustment for irrecoverable surplus
\u2013
7.1
Actuarial gains/(losses) on defined benefit schemes
32.9
83.3
\n
(g) Cash contributions
\n
The estimated amounts of employer contributions expected to be paid to the DB schemes during the 52 weeks ending 28 March 2026 is \u00a341.3m based on current contributions schedules in force (29 March
\n
2025: \u00a363.4m).
(h) Risks associated with DB plans
Other than for the First Rail TOCs, the number of employees in defined benefit plans is reducing rapidly, as these plans are closed to new entrants, and plans are being terminated. This will serve to limit the risks
associated with DB pension provision by the Group.
Despite remaining open to new entrants and future accrual, the risks posed by the RPS are limited, as under the contractual arrangements with DfT, the First Rail TOCs are not responsible for any residual deficit at the
end of a contract. Furthermore, under these contractual arrangements with the DfT, the First Rail TOCs are indemnified against any short\u2011term cash flow risks arising from future triennial valuations.
The key risks relating to the other DB pension arrangements and the steps taken by the Group to mitigate them are as follows:
Risk
Description
Mitigation
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate
Asset liability modelling has been undertaken to ensure that any risks taken are expected
bond\u00a0yields; if assets underperform this yield, this will create a deficit. The assets
to be rewarded and, in relation to the Company\u2019s largest pension exposures, further work
held\u00a0in\u00a0the\u00a0DB arrangements are intended to meet the long\u2011term funding objectives
is being undertaken to ensure that the investment strategy remains the most appropriate.
of\u00a0those\u00a0arrangements, and therefore results in some risk in the short term and has
the\u00a0potential\u00a0for material adverse movements relative to the liabilities as valued for
accounting purposes.
Inflation risk
A significant proportion of the UK benefit obligations are linked to inflation and
Investment strategy reviews have led to increased inflation hedging, mainly through
higher\u00a0inflation will lead to higher liabilities.
swaps or holding Index Linked Gilts in the UK schemes.
Uncertainty over level
Contributions to DB schemes can be unpredictable and volatile as\u00a0a\u00a0result\u00a0of changes
The Group engages with the trustees to consider how contribution requirements can be
of future contributions
in\u00a0the funding level revealed at each valuation.
made more stable. The level of volatility and the Group\u2019s ability to\u00a0control contribution
levels varies between arrangements.
Life expectancy
The majority of the scheme\u2019s obligations are to provide benefits for the life of the
Linking retirement age to State Pension Age (as in The FirstGroup Pension Scheme) has
member, so increases in life expectancy will result in an increase in the liabilities.
mitigated this risk to some extent.
Legislative risk
Future legislative changes are uncertain. In the past these have led to increases in
The Group receives professional advice on the impact of legislative changes.
obligations, through introducing pension increases, vesting of deferred pensions,
equalisation of certain benefits for men and women or reduced investment return
through\u00a0the ability to reclaim Advance Corporation Tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "36 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
Remuneration of key management personnel
The remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Further information about the remuneration of individual Directors is provided in the Annual report on remuneration on pages 96 to 108.
\n \n
2025
2024
\u00a3m
\u00a3m
Basic salaries
1
1.8
1.8
Fees
0.6
0.7
Post\u2011employment benefits
0.1
0.1
Share\u2011based payment
3.6
2.4
6.1
5.0
1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Remuneration of key management personnel
The remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Further information about the remuneration of individual Directors is provided in the Annual report on remuneration on pages 96 to 108.
\n \n
2025
2024
\u00a3m
\u00a3m
Basic salaries
1
1.8
1.8
Fees
0.6
0.7
Post\u2011employment benefits
0.1
0.1
Share\u2011based payment
3.6
2.4
6.1
5.0
1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "37 Events after the reporting period The Group\u2019s South Western Railway NRC expired on 25 May 2025 and operations transferred to public control under the DfT operator, in line with the Government\u2019s policy and as announced in December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "38 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 29 March 2025 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc, the entities are unlisted, and have one type of
ordinary share capital, the year end is 29 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airport Buses Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airport Coaches Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airporter Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Butler Woodhouse Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
CCB Holdings Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest London Buses Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Chester City Transport Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Crosville Limited,
5
Bus Depot, Wallshaw Street, Oldham, OL1 3TR
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
ECOC (Holdings) Limited,
1,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FK Cross London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
3,4
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First Capital Connect Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First City Line Ltd,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Cymru Buses Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
First Eastern Counties Buses Limited,
3,7
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
First Essex Buses Limited,
3,7
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Glasgow (No.1) Limited,
7
100 Cathcart Road, Glasgow, G42 7BH
First Glasgow (No.2) Limited,
3,7
100 Cathcart Road, Glasgow, G42 7BH
First Hampshire & Dorset Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First International (Holdings) Limited),
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First International No.1 Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First London Cableway Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Manchester Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Midland Red Buses Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First North West Limited,
3,4
Wallshaw Street, Oldham, OL1 3TR
First Northern Ireland Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
First Potteries Limited,
3,7
Abbey Lane, Leicester, England, LE4 0DA
First Provincial Buses Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Holdings Limited,
1,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Open Access Holdings Limited,
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Procurement Limited,
1,3,8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Wales and Western Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First Rail Wales and Western Holdings Limited,
3,4
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First ScotRail Limited,
3,9
395 King Street, Aberdeen, AB24 5RP
First South West Limited,
3,7
Union Street, Camborne, Cornwall, TR14 8HF
First South Yorkshire Limited,
3,7
Olive Grove, Sheffield, South Yorkshire, S2 3GA
First Student UK Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First TransPennine Express Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Travel Solutions Limited,
7
Unit 5 Petre Court, Petre Road Clayton Business Park,
Clayton Le Moors, Accrington, BB5 5HY
First West of England Limited,
7
Enterprise House, Easton Road, Bristol, BS5 0DZ
First West Yorkshire Limited,
7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
First York Limited,
3,7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
FirstBus (North) Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Group Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Holdings Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Investments Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup American Investments,
3,4
395 King Street, Aberdeen, AB24 5RP
FirstGroup Canadian Finance Limited,
1,3,6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Energy Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Holdings Limited,
1,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup US Finance Limited,
1,3,6
395 King Street, Aberdeen, AB24 5RP
FirstGroup US Holdings,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Grenville Motors Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hampshire Books Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London\u00a0W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
Lynton Bus and Coach Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Lynton Company Services Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Mainline Partnership Limited,
\n
1,3,4,5
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Project Coral Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton City Transport Company Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park,
\n
Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
8
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London,\u00a0W2 1AF
\n
The First UK Bus Pension Scheme Trustee Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Totaljourney Limited,
\n
1,3,5,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Tram Operations Limited,
\n
3,7,9
\n
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
\n
Transportation Claims Limited,
\n
8
\n
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
\n
Truronian Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Western National Holdings Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
York Pullman Bus Company Limited,
\n
3,7
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
YPBC Limited,
\n
3,4
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
\n
FirstGroup Management,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
FirstGroup Services,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Laidlaw Transportation Holdings,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Transit Management of Dutchess County,
\n
7
\n
Inc
. 112 S French Street Suite 105, Wilmington,
\n
Delaware\u00a019801
\n
Transportation Realty Income Partners LP (50%),
\n
7
\n
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
\n
Subsidiaries \u2013 wholly owned and incorporated in Ireland
\n
Aeroporto Limited,
\n
4
\n
25\u201128 North Wall Quay, Dublin
\n
First Bus Ireland Limited,
\n
7
\n
25\u201328 North Wall Quay, Dublin
\n
Matthews Coach Hire Limited,
\n
7
\n
Callenberg, Inniskeen, Co. Monaghan, Monaghan
\n
Subsidiaries \u2013 wholly owned and incorporated in Panama
\n
First Transit de Panama, Inc.
\n
5
\n
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
\n
Subsidiaries \u2013 wholly owned and incorporated in Canada
\n
GCT Holdings Ltd,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
\n
GCT Investment Limited Partnership,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary,
\n
Alberta, T2P 4J8
\n
Greyhound Canada Transportation ULC,
\n
7
\n
Blake, Cassels & Graydon LLP, 595 Burrard Street,
\n
P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, British Columbia V7X 1L3
\n
First Rail Canada Inc.,
\n
7
\n
Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto,
\n
Ontario M5L 1A9
\n
Subsidiaries \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2\u00a01AF
NextGen AssetCo Limited (50%),
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 29 March 2025 these subsidiaries are exempt from audit of individual accounts under S479A of the
UK\u00a0Companies Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intragroup financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership)
were\u00a0implemented during the 52 weeks ending 26 March 2022. These structures involved the creation of special purpose
vehicles\u00a0(SPVs) to hold cash to fund the Bus and Group pension schemes if required, based on a designated funding mechanism.
The first accounting period end for these SPVs was 31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated
accounts, and therefore under Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to
prepare individual entity annual accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "38 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 29 March 2025 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc, the entities are unlisted, and have one type of
ordinary share capital, the year end is 29 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airport Buses Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airport Coaches Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airporter Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Butler Woodhouse Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
CCB Holdings Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest London Buses Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Chester City Transport Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Crosville Limited,
5
Bus Depot, Wallshaw Street, Oldham, OL1 3TR
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
ECOC (Holdings) Limited,
1,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FK Cross London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
3,4
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First Capital Connect Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First City Line Ltd,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Cymru Buses Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
First Eastern Counties Buses Limited,
3,7
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
First Essex Buses Limited,
3,7
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Glasgow (No.1) Limited,
7
100 Cathcart Road, Glasgow, G42 7BH
First Glasgow (No.2) Limited,
3,7
100 Cathcart Road, Glasgow, G42 7BH
First Hampshire & Dorset Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First International (Holdings) Limited),
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First International No.1 Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First London Cableway Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Manchester Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Midland Red Buses Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First North West Limited,
3,4
Wallshaw Street, Oldham, OL1 3TR
First Northern Ireland Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
First Potteries Limited,
3,7
Abbey Lane, Leicester, England, LE4 0DA
First Provincial Buses Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Holdings Limited,
1,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Open Access Holdings Limited,
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Procurement Limited,
1,3,8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Wales and Western Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First Rail Wales and Western Holdings Limited,
3,4
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First ScotRail Limited,
3,9
395 King Street, Aberdeen, AB24 5RP
First South West Limited,
3,7
Union Street, Camborne, Cornwall, TR14 8HF
First South Yorkshire Limited,
3,7
Olive Grove, Sheffield, South Yorkshire, S2 3GA
First Student UK Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First TransPennine Express Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Travel Solutions Limited,
7
Unit 5 Petre Court, Petre Road Clayton Business Park,
Clayton Le Moors, Accrington, BB5 5HY
First West of England Limited,
7
Enterprise House, Easton Road, Bristol, BS5 0DZ
First West Yorkshire Limited,
7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
First York Limited,
3,7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
FirstBus (North) Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Group Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Holdings Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Investments Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup American Investments,
3,4
395 King Street, Aberdeen, AB24 5RP
FirstGroup Canadian Finance Limited,
1,3,6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Energy Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Holdings Limited,
1,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup US Finance Limited,
1,3,6
395 King Street, Aberdeen, AB24 5RP
FirstGroup US Holdings,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Grenville Motors Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hampshire Books Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London\u00a0W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
Lynton Bus and Coach Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Lynton Company Services Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Mainline Partnership Limited,
\n
1,3,4,5
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Project Coral Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton City Transport Company Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park,
\n
Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
8
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London,\u00a0W2 1AF
\n
The First UK Bus Pension Scheme Trustee Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Totaljourney Limited,
\n
1,3,5,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Tram Operations Limited,
\n
3,7,9
\n
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
\n
Transportation Claims Limited,
\n
8
\n
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
\n
Truronian Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Western National Holdings Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
York Pullman Bus Company Limited,
\n
3,7
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
YPBC Limited,
\n
3,4
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
\n
FirstGroup Management,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
FirstGroup Services,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Laidlaw Transportation Holdings,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Transit Management of Dutchess County,
\n
7
\n
Inc
. 112 S French Street Suite 105, Wilmington,
\n
Delaware\u00a019801
\n
Transportation Realty Income Partners LP (50%),
\n
7
\n
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
\n
Subsidiaries \u2013 wholly owned and incorporated in Ireland
\n
Aeroporto Limited,
\n
4
\n
25\u201128 North Wall Quay, Dublin
\n
First Bus Ireland Limited,
\n
7
\n
25\u201328 North Wall Quay, Dublin
\n
Matthews Coach Hire Limited,
\n
7
\n
Callenberg, Inniskeen, Co. Monaghan, Monaghan
\n
Subsidiaries \u2013 wholly owned and incorporated in Panama
\n
First Transit de Panama, Inc.
\n
5
\n
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
\n
Subsidiaries \u2013 wholly owned and incorporated in Canada
\n
GCT Holdings Ltd,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
\n
GCT Investment Limited Partnership,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary,
\n
Alberta, T2P 4J8
\n
Greyhound Canada Transportation ULC,
\n
7
\n
Blake, Cassels & Graydon LLP, 595 Burrard Street,
\n
P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, British Columbia V7X 1L3
\n
First Rail Canada Inc.,
\n
7
\n
Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto,
\n
Ontario M5L 1A9
\n
Subsidiaries \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2\u00a01AF
NextGen AssetCo Limited (50%),
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 29 March 2025 these subsidiaries are exempt from audit of individual accounts under S479A of the
UK\u00a0Companies Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intragroup financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership)
were\u00a0implemented during the 52 weeks ending 26 March 2022. These structures involved the creation of special purpose
vehicles\u00a0(SPVs) to hold cash to fund the Bus and Group pension schemes if required, based on a designated funding mechanism.
The first accounting period end for these SPVs was 31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated
accounts, and therefore under Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to
prepare individual entity annual accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "38 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 29 March 2025 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc, the entities are unlisted, and have one type of
ordinary share capital, the year end is 29 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airport Buses Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airport Coaches Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Airporter Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Butler Woodhouse Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
CCB Holdings Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest London Buses Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Chester City Transport Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Crosville Limited,
5
Bus Depot, Wallshaw Street, Oldham, OL1 3TR
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
ECOC (Holdings) Limited,
1,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
FK Cross London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
3,4
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First Capital Connect Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
3,5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First City Line Ltd,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Cymru Buses Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
First Eastern Counties Buses Limited,
3,7
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
First Essex Buses Limited,
3,7
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Glasgow (No.1) Limited,
7
100 Cathcart Road, Glasgow, G42 7BH
First Glasgow (No.2) Limited,
3,7
100 Cathcart Road, Glasgow, G42 7BH
First Hampshire & Dorset Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First International (Holdings) Limited),
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First International No.1 Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First London Cableway Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Manchester Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Midland Red Buses Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First North West Limited,
3,4
Wallshaw Street, Oldham, OL1 3TR
First Northern Ireland Limited,
3,7
21 Arthur Street, Belfast, BT1 4GA
First Potteries Limited,
3,7
Abbey Lane, Leicester, England, LE4 0DA
First Provincial Buses Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Holdings Limited,
1,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail London Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Open Access Holdings Limited,
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Procurement Limited,
1,3,8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Stirling Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Rail Wales and Western Limited,
3,7
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First Rail Wales and Western Holdings Limited,
3,4
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
First ScotRail Limited,
3,9
395 King Street, Aberdeen, AB24 5RP
First South West Limited,
3,7
Union Street, Camborne, Cornwall, TR14 8HF
First South Yorkshire Limited,
3,7
Olive Grove, Sheffield, South Yorkshire, S2 3GA
First Student UK Limited,
3,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First TransPennine Express Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Travel Solutions Limited,
7
Unit 5 Petre Court, Petre Road Clayton Business Park,
Clayton Le Moors, Accrington, BB5 5HY
First West of England Limited,
7
Enterprise House, Easton Road, Bristol, BS5 0DZ
First West Yorkshire Limited,
7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
First York Limited,
3,7
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
FirstBus (North) Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Group Limited,
3,4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Holdings Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstBus Investments Limited,
1,3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup American Investments,
3,4
395 King Street, Aberdeen, AB24 5RP
FirstGroup Canadian Finance Limited,
1,3,6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Energy Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Holdings Limited,
1,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup Pension GP Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FirstGroup US Finance Limited,
1,3,6
395 King Street, Aberdeen, AB24 5RP
FirstGroup US Holdings,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Grenville Motors Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hampshire Books Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London\u00a0W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road,
\n
London W4 1SY
\n
Lynton Bus and Coach Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Lynton Company Services Limited,
\n
3,5
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
Mainline Partnership Limited,
\n
1,3,4,5
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Project Coral Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton City Transport Company Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park,
\n
Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
8
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London,\u00a0W2 1AF
\n
The First UK Bus Pension Scheme Trustee Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road,
\n
London, W2 1AF
\n
Totaljourney Limited,
\n
1,3,5,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Tram Operations Limited,
\n
3,7,9
\n
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
\n
Transportation Claims Limited,
\n
8
\n
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
\n
Truronian Limited,
\n
3,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Western National Holdings Limited,
\n
4,5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
York Pullman Bus Company Limited,
\n
3,7
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
YPBC Limited,
\n
3,4
\n
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
\n
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
\n
FirstGroup Management,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
FirstGroup Services,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Laidlaw Transportation Holdings,
\n
5
\n
Inc
. 112 S French Street Suite 105, Wilmington, Delaware 19801
\n
Transit Management of Dutchess County,
\n
7
\n
Inc
. 112 S French Street Suite 105, Wilmington,
\n
Delaware\u00a019801
\n
Transportation Realty Income Partners LP (50%),
\n
7
\n
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
\n
Subsidiaries \u2013 wholly owned and incorporated in Ireland
\n
Aeroporto Limited,
\n
4
\n
25\u201128 North Wall Quay, Dublin
\n
First Bus Ireland Limited,
\n
7
\n
25\u201328 North Wall Quay, Dublin
\n
Matthews Coach Hire Limited,
\n
7
\n
Callenberg, Inniskeen, Co. Monaghan, Monaghan
\n
Subsidiaries \u2013 wholly owned and incorporated in Panama
\n
First Transit de Panama, Inc.
\n
5
\n
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
\n
Subsidiaries \u2013 wholly owned and incorporated in Canada
\n
GCT Holdings Ltd,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
\n
GCT Investment Limited Partnership,
\n
4
\n
Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary,
\n
Alberta, T2P 4J8
\n
Greyhound Canada Transportation ULC,
\n
7
\n
Blake, Cassels & Graydon LLP, 595 Burrard Street,
\n
P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, British Columbia V7X 1L3
\n
First Rail Canada Inc.,
\n
7
\n
Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 4000, Toronto,
\n
Ontario M5L 1A9
\n
Subsidiaries \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road,
London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road,
London,\u00a0W2\u00a01AF
NextGen AssetCo Limited (50%),
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 29 March 2025 these subsidiaries are exempt from audit of individual accounts under S479A of the
UK\u00a0Companies Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intragroup financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership)
were\u00a0implemented during the 52 weeks ending 26 March 2022. These structures involved the creation of special purpose
vehicles\u00a0(SPVs) to hold cash to fund the Bus and Group pension schemes if required, based on a designated funding mechanism.
The first accounting period end for these SPVs was 31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated
accounts, and therefore under Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to
prepare individual entity annual accounts.", "dimensions": { "concept": "fgp:DisclosureOfInformationAboutRelatedUndertakingsExplanatoryTextBlock", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Company balance sheet
As at 29 March 2025/30 March 2024
\n \n
2025
2024
Notes
\u00a3m
\u00a3m
Non\u2011current assets
Trade and other receivables
3
425.4
513.4
Investments
5
759.3
738.2
1,184.7
1,251.6
Current assets
Cash and cash equivalents
64.0
118.9
Trade and other receivables
3
1.8
3.3
65.8
122.2
Total assets
1,250.5
1,373.8
Current liabilities
Trade and other payables
7
244.4
357.8
Derivative financial instruments
4
0.9
0.7
245.3
358.5
Net current liabilities
(179.5)
(236.3)
Non\u2011current liabilities
Trade and other payables
7
65.7
\u2013
Derivative financial instruments
4
0.3
0.2
66.0
0.2
Total liabilities
311.3
358.7
Net assets
939.2
1,015.1
Equity
Share capital
8
37.5
37.5
Share premium
693.3
693.3
Other reserves
115.8
115.9
Own shares
9
(31.1)
(20.4)
Retained earnings
123.7
188.8
Total equity
939.2
1,015.1
The Company reported a profit for the 52 weeks ending 29 March 2025 of \u00a314.4m (2024: profit of \u00a337.6m).
Ryan Mangold
10 June 2025
Company number SC157176
Company statement of changes in equity
For the 52 weeks ended 29 March 2025/53 weeks ended 30 March 2024
Capital
\n \n
Share
Share
Own
Hedging
Merger
Capital
Redemption
Retained
Total
capital
premium
shares
reserve
reserve
reserve
reserve
earnings
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 26 March 2023
37.5
693.2
(15.4)
(10.2)
13.9
93.8
19.7
295.8
1,128.3
Profit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
37.6
37.6
Other comprehensive loss for the year
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
\u2013
\u2013
(1.3)
Total comprehensive gain/(loss) for the year
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
\u2013
37.6
36.3
Transactions with owners in their capacity as owners
Shares issued
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Shares bought back but not yet cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(74.7)
(74.7)
Liability for shares not yet bought back
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(41.1)
(41.1)
Movement in EBT and treasury shares
\u2013
\u2013
(5.0)
\u2013
\u2013
\u2013
\u2013
(11.5)
(16.5)
Share\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
12.2
12.2
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(29.5)
(29.5)
Balance at 30 March 2024
37.5
693.3
(20.4)
(11.5)
13.9
93.8
19.7
188.8
1,015.1
Balance at 31 March 2024
37.5
693.3
(20.4)
(11.5)
13.9
93.8
19.7
188.8
1,015.1
Profit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.4
14.4
Other comprehensive loss for the year
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Total comprehensive gain/(loss) for the year
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
14.4
14.3
Transactions with owners in their capacity as owners
Shares bought back but not yet cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.4)
(50.4)
Movement in EBT and treasury shares
\u2013
\u2013
(10.7)
\u2013
\u2013
\u2013
\u2013
(5.4)
(16.1)
Share\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10.5
10.5
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(34.2)
(34.2)
Balance at 29 March 2025
37.5
693.3
(31.1)
(11.6)
13.9
93.8
19.7
123.7
939.2
Merger reserves relating to disposal of investments for qualifying consideration, and those relating to the extent related investments are impaired are considered realised and transferred to retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } } } }