FirstGroup announced on Thursday it is looking to sell its Greyhound buses business in the US.

The Aberdeen-based transport company also said that it is considering spinning off its UK bus business, First Bus, which it said it has “concerns with the current balance of risk and reward”.

FirstGroup revealed the decision in its final results for the year to 31 March.

Overall, adjusted operating profit proved ahead of company expectations at £332.9 million, boosted by growth and margin expansion in its First Student and First Bus operations.

Net cash inflow totalled £197.3 million, which also proved above expectations.

Ultimately, the company narrowed losses from the year before at an annual loss of The group’s annual loss was £97.9 million, compared to £327 million the year before.

Commenting, Chief Executive Matthew Gregory said:

“Our trading performance was ahead of our expectations for the year, with First
Student returning to growth with increased margins, First Bus delivering growth
and higher margins, and First Rail adjusted profit ahead of expectations in the
year; Greyhound faces challenging market conditions but we are seeing early
results from the plan we put in place last year.

FirstGroup is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Alongside the UK, the group has operations in the US, Canada and Ireland.

Shares in the firm (LON:FGP) are currently trading down -2.54% as of 13:24PM (GMT).