First Group: General Discussion

[overthewater]

This seems like an very old press release from 2004?

First Glasgow are bringing back the Braehead Bullet, which will operate 7 days a week until 2300 between Patrick Bus and Rail Interchange, Braehead and Xscape.

A special £3 FirstDay is valid an all routes including the Braehead Bullet. However there's a catch...

For a surcharge of £1, passengers who have a normal FirstWeek, FirstCard or normal FirstDay tickets can travel on the Braehead Bullet.

 

[GaryMcEwan]

This seems like an very old press release from 2004?

Nah its being brought back, notices about it have just went up...

 

[overthewater]

Time is running out for the accounts to be sent to company house, i wonder what the delay could be?

 

[F Great Eastern]

All 10 Aircoach Plaxton Panther 3 vehicles now complete and will enter service early 2014.

Photos here
http://wallys-wanderings.smugmug.co...85564_tcqz66#!i=2983293040&k=n2vwt8q&lb=1&s=L
http://wallys-wanderings.smugmug.co...85564_tcqz66#!i=2983293063&k=tMpKFHX&lb=1&s=L

 

[Volvodart]

Time is running out for the accounts to be sent to company house, i wonder what the delay could be?

The accounts do not need to be lodged until the 31st.

 

[overthewater]

The accounts are very grim reading for First Edinburgh, can I post a pic?

 

[mbonwick]

I'd be interested to see a picture.

 

[overthewater]

Is it allowed?

 

[mbonwick]

I can't think of any reason not, and I'm sure the admin team will remove it if it's a problem.

 

[overthewater]

NOTE: Livingston and Musselburgh depots only
From Company house: Does this mean its making loses of 20-25% ?

 

[34D]

A four-million pound loss.... ouch

 

[mbonwick]

Bear in mind that these accounts are only up to March this year - so the effect of further cost cutting and reorganisation measures since aren't included.

 

[Blindtraveler]

not been a huge amount of these other than some fairly hefty prooning on the Falkirk network. i would think that 2014 will be a year of change.

 

[overthewater]

Even with the changes at Falkirk the amount of resources is roughly the same, while around 8 buses where taken out of service since the tram works have finished.

I was told it was bad, hence the reason for putting all my eggs in one basket. How can anyone sort this problem out?
--- old post above --- --- new post below ---
IMPORTANT:
As I said somewhere in this thread the company has been split in two, to create sperate companies:

Thus "FIRST Scotland East" accounts are for the Livingston and Musselburgh depots only, which makes it even worse. It does prove what has been said for years.

Everything else is on the new Midland Bluebird accounts, which are in a much better state. How can First make improvement to both depots?

 

[mbonwick]

What do the Midland Bluebird accounts look like?

 

[overthewater]

What do the Midland Bluebird accounts look like?

Since you asked nicely, Its been siting dormant since 1997

Here is First Glasgow No2 which has gone from £4million losses into a small profit.

 

[mbonwick]

£500k operating loss at Bluebird still isn't good. Definitely more efficiencies to be found there.

Nice to see FiG No.2 in the black - but £127k profit on a turnover of £43,884,000 (yes that is £43m) is only a 0.2% return - miles off what could be considered acceptable. It's barely covering its costs.

 

[overthewater]

£500k operating loss at Bluebird still isn't good. Definitely more efficiencies to be found there.

Nice to see FiG No.2 in the black - but £127k profit on a turnover of £43,884,000 (yes that is £43m) is only a 0.2% return - miles off what could be considered acceptable. It's barely covering its costs.

What are the % losses for Livingston and Muss depots?

 

[Blindtraveler]

according to a driver reasonable. I dont think there good enough to warrant new vehicles, if the number of castoffs from south are any guide. the 8 that have gone post trams are as I understand it mostly Olimpians and shared between both depots. i can say for sure the East Lothian runs, apart perhaps from 124/X24 ↲ must lose a lot as I use them a lot and they are in addition to being0unreliable they are not busy↲

 

[mbonwick]

A loss of 25.7% of turnover by my reckoning, a very hefty figure.

The separation of Musselburgh and Livingston from the rest of the accounts migh suggest that First know they're a lost cause and are in close-down mode?

 

[overthewater]

Service 43 was moved over to Livingston to help boost, would that make any real difference?

 

[Blindtraveler]

even it seams to suffer these days, I agree with Michael, theres a loss and are going to be closed. Dont know who would take over West Lothian network?

 

[overthewater]

"Closed down" that makes no since, as were now eight months down the line and neither depot are earmarked for closure, and the next round of accounts are only four months away.

Big Question: Has the movement of No43 into Livingston and has the reduction of around five buses from Livingston around six weeks ago been enough to reduce the loses?

 

[mbonwick]

Unless 43 is a massive money spinner, there's no way they're turning around that £4m loss.

 

[overthewater]

Short answer is No.

 

[winston270twm]

Even the First Midland Red (Wyvern) accounts don't make fantastic reading for the WR & HD operations that were retained:

Accounts to 31st March 2013:

Turnover £14.6 Million
Operating Profit £61k
Loss on disposal of property to Rotala £1.205 Million
Post tax loss of £1.067 Million

I'm assuming all the above excluded the turnover & losses from Redditch & Kidderminster operations which transferred to Rotala ownership from 2nd March 2013.

Since those results, there hasn't been any significant network reviews, a handful of fares have been cut, plus a few newer used acquisitions have been taken in to stock, but we are yet to see any possible impact on First breaking up Wyvern and reducing the area where First day/week/month passes are valid

 

[overthewater]

At least its covering its cost, given First decent level to overhaul the company, unlike "First Scotland East"

 

[mbonwick]

Loss on property is an exceptional and should be excluded from any profit/loss going forward.

0.4% profit there by my reckoning, again a long way from a healthy state of affairs.

 

[overthewater]

What could First actually do, without spending any money to get the accounts back in order?

 

[mbonwick]

Without spending any money, they're really limited to only dropping the price of fares. Even then that's likely to result in an initial drop in takings, before the unit volumes recover.