REG-FirstGroup Plc: Launch of £50m share buyback programme

FirstgroupAnnouncement

10/06/2025 11:15

10 June 2025

 

FirstGroup plc

 

Launch of £50 million share buyback programme

 

Earlier today, FirstGroup plc (“FirstGroup” or the “Group”) announced
an on-market share buyback programme to purchase up to £50m of ordinary
shares of 5p (the “£50m Programme”). 

The £50m Programme will commence tomorrow and is anticipated to end no later
than 10 June 2026, subject to market conditions. 

Notwithstanding the authority granted at its AGM on 26 July 2024, and
recognising the buyback programme undertaken between 15 November 2024 and 20
March 2025, the Group confirms the £50m Programme will be limited to
61,760,540 shares. This number being 14.99% of the Company’s issued share
capital on 14 November 2024 (which was 92,258,761) less the 30,498,221 shares
purchased in the buyback programme that completed on 20 March 2025.

The Group has entered into a non-discretionary arrangement with Panmure
Liberum Limited (“Panmure Liberum”) and RBC Europe Limited (“RBC”)
which will enable the purchase of ordinary shares for the £50m Programme to
continue through close periods.

The £50m Programme will be undertaken in two tranches of up to £25m, with
RBC undertaking the first tranche and Panmure Liberum undertaking the second
tranche, both acting severally as riskless principal.  The second tranche
will commence following completion of the first tranche. 

The sole purpose of the £50m Programme is to reduce the issued share capital
of the Group and therefore the repurchased shares will initially be held in
Treasury, before being cancelled at a later date.  Treasury shares are not
entitled to dividends and have no voting rights at general meetings.

Any purchase of Ordinary Shares pursuant to the £50m Programme will be
announced no later than 7:30 a.m. on the business day following the day on
which the purchase occurs.

The £50m Programme will be conducted within certain pre-set parameters
including those prescribed by the Market Abuse Regulation 596/2014 (as it
forms part of domestic law by virtue of section 3 of the European Union
(Withdrawal) Act 2018 (as amended) and Chapter 9 of the Listing Rules.

 

 Contacts at FirstGroup:                                                                                            
  David Blizzard, Company Secretary Marianna Bowes, Head of Investor Relations                                      
  Tel: +44 (0) 20 7725 3354                                                                                         
 Contacts at Panmure Liberum Limited:                                             Contacts at RBC Europe Limited:   
  Nicholas How / John More                                                         James Agnew / James Maitland     
  Tel: +44 (0) 20 3100 2000                                                        Tel: +44 (0) 20 7653 4000        

 

Forward-looking statements

 

Certain statements included or incorporated by reference within this
announcement may constitute 'forward-looking statements' with respect to the
business, strategy and plans of the Group and our current goals, assumptions
and expectations relating to our future financial condition, performance and
results. By their nature, forward-looking statements involve known and unknown
risks, assumptions, uncertainties and other factors that cause actual results,
performance or achievements of the Group to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. No statement in this announcement should be
construed as a profit forecast for any period. Shareholders are cautioned not
to place undue reliance on the forward-looking statements. Except as required
by the UK Listing Rules and applicable law, the Group does not undertake any
obligation to update or change any forward-looking statements to reflect
events occurring after the date of this announcement.

 

Notes
                                                                                                                                                   

 

Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93.  Classification as per
DTR 6 Annex 1R: 2.4.

 

 

About FirstGroup

 

FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public
transport services. With £5.1 billion in revenue and around 30,000 employees,
we transported almost 2m passengers a day in FY 2025. We create solutions that
reduce complexity, making travel smoother and life easier. Our businesses are
at the heart of our communities and the essential services we provide are
critical to delivering wider economic, social and environmental goals. Each of
our divisions is a leader in its field: First Bus is one of the largest bus
operators in the UK, serving more than 25% of the population in the UK with a
fleet of c.5,800 buses, and carrying more than a million passengers a day.
First Rail is one of the UK’s most experienced rail operators, with many
years of experience running long-distance, commuter, regional and sleeper rail
services. We operate a fleet of c.3,800 locomotives and rail carriages through
two DfT contracted train operating companies: WCP (incorporating Avanti West
Coast and West Coast Partnership Development) and GWR, and two open access
routes (Hull Trains and Lumo). We are formally committed to operating a zero
emission First Bus commercial fleet by 2035, and First Rail will help support
the UK Government’s goal to remove all diesel-only trains from service by
2040. During FY 2025 FirstGroup received MSCI’s highest possible ESG rating
of AAA, was named one of the world’s cleanest 200 public companies for the
sixth consecutive year and holds an Industry Top-Rated status with
Sustainalytics and Sustainability Yearbook membership with S&P Global. We
provide easy and convenient mobility, improving quality of life by connecting
people and communities. Visit our website at www.firstgroupplc.com and follow
us @firstgroupplc on X.

 



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