FirstGroup Chairman to step down

Martin Gilbert is to step down as chair of FirstGroup

By Nicole Hamer |

13:11 20 May 2013

FirstGroup, the transport firm, have released their full-year figures on Monday, 20^th May, 2013. The company has also said that Chairman Martin Gilbert is to step down.

 

FirstGroup, who are known to many for operating buses and trains in the UK, has announced a rights issue alongside the news that Mr. Gilbert is to step down from his post.

 

Reportedly the companies aim is to raise £615million via the rights issue. It is understood this will help the firm in regards to tackling its debt.

 

As mentioned in one report by The Telegraph, it is believed that Mr. Gilbert would stand down after fundraising is finished. He has been Chairman of FirstGroup since the mid-1990s.

 

With the latest full-year figures comes the news that FirstGroup’s pre-tax profit fell to £172.4million - a dip of 36per cent.

 

Shares in the firm also dropped, supposedly to the lowest amount in the last three months.

 

Plans which the company had were apparently affected by the business surrounding West Coast mainline.

 

FirstGroup, who are registered in Scotland, also has business abroad. In America the firm has business relating to buses.

 

Mr. Gilbert is also Chief Executive of Aberdeen Asset Management plc – an investment management firm that he founded in the 80s.