UK-based transport operator FirstGroup is reportedly going to receive taxpayer's money worth £150 million this year as recession hit its rail operations hard.
FirstGroup suffered a fall of 44 per cent in pre-tax profits, which plunged to £30.3 million in the first half ended September 30.
Company's two rail franchises viz. First Capital Connect and First Great Western are obtaining revenue support up to 80 per cent due to declining number of passengers.
The transport group said that revenue support for the first six months would total £76.4 million.
Operating profits from the rail operations soared to £50.8 million, representing a gain of 5.2 per cent.
Company's CEO Sir Moir Lockhead said, "British rail is levelling out now, particularly in the London commuter networks, and the trend has flattened over the last few weeks."
In the recent trading, shares in FirstGroup jumped 12.5p-a-share to close at 387.5p-a-share.
- Shadow Health Secretary Andy Burnham talks about Ongoing Problems in NHS
- Restraint Technique on Mental Health Patients Risks Their Lives
- Antibiotics Before A year Increases Baby’s Chances of Developing Eczema by 40%
- NHS Bureaucracy Supports Secrecy Instead of Addressing Problems
- NHS Boss Dons a Superman Costume to Promote Workout