I keep banging on about it, but I suspect the root of the issue is that the First UK "traditional bus" model of business is broken, at least in the shires, destroyed by congestion, funding cuts and modern lifestyles. It was fine when we worked shifts in factories, kept office-hours and Councils threw money at bus networks. First are still searching for that nivarna.
I suspect that traditional buses are the new heritage railways, something for enthusiasts to drool over, hence the "success" for Reading Bus Green Line heritage day on Christmas Eve. Perhaps they might even be able to breathe some life into the 702 by making it into some sort of style-icon. Good luck to them, and I do mean it, sincerely. My fear is that it is another Arriva 797, taken on a couple of years ago by Uno in like circumstances, and abandoned a year later. In a sense well done to First for keeping theirs going for longer, but it's a Pyrrhic victory. Nostalgia isn't enough. I grew up on Green Lines, so fond memories - even though they were trying enough in the nineteen-sixties and seventies (and had more reinventions that I had hot dinners, even then)! Watch out, 724.
The future is Uber style, and whilst other operators dip their toes in with minibus and demand responsive services, First have neither the resources nor the imagination. (Even a Government minister recognises the fact, apparently). So they are, quite frankly, left with managing decline. And this is the result, a painful muddle whilst the rest of us wonder what they are playing at. We aren't good as a country at managing decline, are we? We should have enough experience. Public Transport (looked at as a whole, that's transport which the rest of us pay for in one way or another) is a complete mess, hopelessly inefficient. Just look at the amount of empty passenger-carrying traffic about, for example. The timetabled buses are just the tip of a very large iceberg.
But as for First Berkshire, it's given enough hints down the years that it's Heathrow Bus (and now Heathrow is suffering too). Similarly, if we want to see the future for our our local First Bus OpCo, perhaps we too have to identify the local saviour or the Promised Land (if there is one). First as a traditional network operator is perhaps a lame duck, if not quite yet a dead duck. But it isn't quacking so we are unlikely to be told anything. As with all decline, it takes much longer than we expect, and there are still plenty of peaks (or false dawns) and even more troughs on the way down.