23 May '12, 5pm

Fleet Fuel Savings First warns of more bus cuts to come: The axe is poised for further cuts... Big Diesel Discounts

The axe is poised for further cuts at First's UK Bus business as the company faces rising fuel costs and reductions in government funding. First uses management-speak as it talks of “repositioning and rebalancing [its] portfolio of operations” - but the message is clear: expect to see further sales or depot closures following recent cuts in London, East Anglia, Devon and the Lothian region. Chief executive Tim O'Toole sets out the position as the group announces its full-year results. He notes: “Notwithstanding the steady performance from our UK Bus division in 2011/12 we have seen a further deterioration of economic conditions particularly in our urban operations in Scotland and the north of England. As result, we do not expect revenue growth and cost efficiencies in 2012/13 to be sufficient to offset the impact of reduced government subsidies and funding to the industry,...

Full article: http://www.busandcoach.com/newspage.aspx?id=6763&category...

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