RMT slams First Group dividends bonanza

RMT slams First Group dividends bonanza

11 June 2024

RMT Press Office:

TRANSPORT UNION RMT today slammed transport giant First Group for profiteering from privatised rail and bus services across the country and recommending an increase in dividends of nearly 50 per cent.

First Group’s financial results for the year ending March 2024 state that there has been a ‘significant increase’ in Group operating profit to £204 million – up 27 per cent from £161 million last year.

First group operates bus and rail services including Avanti West Coast – which has continued to be beset with problems during the last year, with Transport for the North calling for the contract to be terminated in March. 

A final dividend per share of 4p recommended – brings total year dividend to 5.5p per share, a 45 per cent increase compared to last year. If agreed by the AGM, the final dividends totalling £24 million will be paid in August. 

RMT general secretary Mick Lynch said that the fact that First Group has continued to profit whilst passengers are faced with disruption and poor services shows why our public transport services need to be brought into public ownership. 

“We need a single, integrated, publicly owned rail network, and a reversal of the ban on municipal bus companies so that our public transport networks work for passengers and communities, not profit,” he said. 



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Tagged with: RMT, Mick Lynch, First Group, Profits