By David Burroughs, International Railway Journal; July 8, 2020
FIRST Group has acknowledged a “material uncertainty exists” about its ability to continue trading, as plummeting passenger numbers and an inability to sell its American subsidiaries resulted in a pre-tax loss of £299.6m in its 2019-20 annual results to March 2020 published on July 8.
However, First Group’s directors say that based on their review of the financial forecasts and taking into account the risks and uncertainties to which the company is exposed, they believe the firm has adequate resources to continue operating for another year.