First Group fails to find direction as profits slump, rail franchises on hold, and bus disposals in trouble

First Group has sought to position itself in recent years as the UK’s largest transport group, and a major player on the world stage. When new chief executive Tim O’Toole took the helm two years ago there were acknowledged problems of both profitability and strategy. Things have arguably now got worse. The rail division is in turmoil after a new UK West Coast intercity franchise was snatched from its grasp and other franchise competitions put on hold (see below), and the bus...

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