FirstGroup Plc - Acquisition of Matthews Coach Hire

FirstGroup Plc - Acquisition of Matthews Coach Hire

PR Newswire

LONDON, United Kingdom, February 04

FIRSTGROUP PLC

Acquisition of Matthews coach hire

FirstGroup plc (the 'Group') is pleased to announce that it has acquired Matthews Coach Hire Limited ('Matthews'), an independent, family-owned coach and bus operator in Ireland, founded in 1995.

With a fleet of more than 40 vehicles that includes two newly-acquired electric coaches the business is built around the operation of six licensed, commercial routes between two key and rapidly growing commuter towns, Drogheda and Dundalk, to the northeast of Dublin. The acquisition includes the operator's freehold depot, located between Dublin and Belfast.

For the 12 months to August 2023, Matthews reported revenues of €8.8m and EBIT of €1.2m.

The acquisition complements our Aircoach business, provides increased access to the non-airport commuter market in Ireland, widens our stakeholder network and gives us the opportunity to diversify into local B2B markets.

Members of Matthews' leadership team will remain with the business to lead the day-to-day operations with oversight provided by Kim Swan, Managing Director, Aircoach and the wider First Bus leadership team.

Commenting on the acquisition, Graham Sutherland, FirstGroup Chief Executive Officer said:

"The acquisition of Matthews Coach Hire, an established, profitable business builds on our recent strategic acquisitions in First Bus. It will complement our existing operations and allow us to expand our presence in the non-airport commuter and B2B markets in Ireland and we look forward to taking the business forward."

Contacts at FirstGroup: Marianna Bowes, Head of Investor Relations Stuart Butchers, Group Head of Communications [e-mail] Tel: [phone]

Contacts at Brunswick Group: Andrew Porter / Simone Selzer Tel: [phone]

Contacts at Panmure Liberum: Nicholas How / John More Tel: [phone]

Contacts at RBC Europe Limited: James Agnew / Jack Wood Tel: [phone]

Notes

Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR 6 Annex 1R: 3.1.

About FirstGroup

FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public transport services. With £4.7 billion in revenue and around 30,000 employees, we transported almost 2m passengers a day in FY 2024. 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 regional bus operators in the UK, serving more than 20% of the population in the UK with a fleet of around c.4,800 buses, and carrying more than a million passengers a day. First Rail is one of the UK's largest rail operators, with many years of experience running long-distance, commuter, regional and sleeper rail services. We operate a fleet of c.3,700 locomotives and rail carriages through three DfT contracted train operating companies: WCP (incorporating Avanti West Coast and West Coast Partnership Development), GWR and SWR) and two open access routes (Hull Trains and Lumo). We are formally committed to operating a zero-emission First Bus 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 2024 FirstGroup was named as one of the world's cleanest 200 public companies for the fifth consecutive year and achieved Industry Top-Rated status for the first time with Sustainalytics. 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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