LONDON (dpa-AFX) - FirstGroup Plc (FGROY.PK, FGROF.PK, FGP.L), a British transport services company, said Friday that it has acquired Lakeside Group, comprising local brands, Lakeside Coaches, Merediths Coaches and A. T. Brown Coaches.
Graham Sutherland, CEO of FirstGroup, said: 'The acquisition of Lakeside, a profitable business with excellent growth potential, builds on our recent acquisitions in First Bus. The addition to our portfolio will not only grow our position in adjacent services, but it will also allow us to enter new regions which is key to the overall First Bus strategy.'
Lakeside operates a fleet of around 145 buses and coaches of various sizes. The majority of its revenue is derived from school and private hire contracts, with the remaining revenue from tours, a small local bus operation, and B2B operations.
For the year ended on March 31, 2024, Lakeside posted revenue of around 12.5 million pounds, with EBIT of 2.5 million pounds.
First Bus portfolio, now represent combined annualized revenues of around 100 million pounds, with EBIT of around 13 million pounds.
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