- Transport company FirstGroup said its roads division had generated more cash than expected in the first month of the new financial year, and said it would look to increase its bus services offering following additional funding from the government.

The £254m in additional funding from the Department for Transport programme, which would run for an initial twelve week period backdated to 12 May, was designed to 'support the industry while social distancing guidelines require buses to run substantially below their potential capacity,' the company said.

'For the first month of the current financial year, cash generated by operations in our road divisions and for the group as a whole was positive and ahead of our projections at the outset of the month,' FirstGroup said in a statement.

As of 26 May, the company said it had £770m in undrawn committed headroom and free cash.

At 8:18am: [LON:FGP] Firstgroup PLC share price was +2.63p at 59.43p

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