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First Student Business review First Student Year to 31 March 2020 2019 costs. We attribute this continuing retention success to our excellent safety track record Revenue $2,474.9m $2,424.9m and consistent focus on building sustained customer relationships over many years, Adjusted operating profit $205.9m $227.1m resulting in this year’s record-breaking willingness to recommend and satisfaction Adjusted scores, which saw fully 75% of our customers operating margin 8.3% 9.4% rating us nine or ten on a ten-point scale for overall satisfaction. Average number of employees 48,000 48,000 Our retention success was supplemented with organic growth, continuing conversions from Paul Osland First Student revenue was $2,474.9m or in-house to private provision and good net President, First Student £1,940.4m (2019: $2,424.9m or £1,845.9m), market share gains from our larger competitors, representing growth in constant currency in several cases at higher pricing than ■■ Sustainable and resilient of 2.2%. This comprised growth of 4.1% in proposed by the incumbent. returns from our market constant currency to the end of February We also continued to build out our ability 2020, benefiting from the pricing and contract leading multi-year contract to supplement growth and expand our wins we achieved in the summer 2019 bid portfolio in the home-to- addressable market via acquisitions in this season as well as from acquisitions made school market fragmented segment of the mobility services in the year. This was partially offset in March industry. Since the start of the financial year we ■■ Opportunities for organic when substantially all North American schools have closed three transactions adding a total had closed by the end of the month due to the and M&A-led growth, of 850 buses. The most notable was Hopewell coronavirus pandemic, albeit we continued entry into adjacent Transportation, a leading provider of to recover a proportion of our expected markets and provision of transportation for students with special needs home-to-school revenue from school board in the Chicago, Illinois area, utilising smaller complementary services customers as noted below. ‘vans’. Special needs transportation is a faster Adjusted operating profit was $205.9m growing part of the overall student transportation or £158.8m (2019: $227.1m or £171.2m), market. This is also a segment where Share of outsourced market representing an adjusted operating profit margin specialised training for frontline employees (around 38% of total market) of 8.3% (2019: 9.4%). Prior to the effect of the is especially valuable, which is an area where outbreak, net growth, management efficiencies Hopewell Transportation has always been and continued contract pricing discipline were strong, and plays to our longstanding goal largely offsetting the wage inflation from the to recruit, train and retain the safest and best tight US employment market experienced driver population in the industry. We assess all during the year and higher self-insurance of our transaction opportunities on the same costs. The division reported a statutory returns criteria as any other avenue for growth. profit of £89.4m (2019: £115.3m) including Since the start of the coronavirus pandemic, the amortisation of intangibles, and after we have begun to see fewer participants in First Student’s £52.5m portion of the North bids due to capital constraints, and situations First Student 21% American self-insurance charge and profit where incumbents have withdrawn from their National Express 11% on sale of property of £8.0m in the year. contract obligations for the next school year. Additionally, some operators have become STA 7% Year in review more willing to discuss acquisitions. NA Central, Krapf, Cook Illinois 4% Following another strong bid season over Others 57% the summer of 2019, First Student grew our We further grew our market-leading school already market leading school bus fleet and bus charter business by redesigning the market share for the second year in a row; consumer experience of finding our services, 2020 approximate we have contracts to operate c.43,000 buses getting quotes, and booking trips despite the revenue by type at year end (2019: 42,500) with strong pricing impact of the pandemic. In the year, charter accompanying this growth. Our operational generated revenues of $204.7m (2019: excellence drove record high customer $203.6m) or 8% of divisional revenues. satisfaction scores which underpinned our Throughout the year we have worked to contract retention rate of 88% (2019: 92%) on improve the efficiency of our procurement, business up for renewal, which was ahead of maintenance and operational practices as our expectations. Across our entire portfolio well as investing in innovations to enhance of multi-year relationships, retention was 96% the quality of our services for our school board (2019: 97%). This was notwithstanding the customers, student passengers and their pricing requirements we had to seek from our parents. In addition to the continued expansion Home-to-school contracts 92% customers due to the tight US employment of our FirstView® bus tracking app, this year market last year and resulting persistent driver School and third-party charter 8% we have been developing and scale-testing shortages as well as higher self-insurance our tablet-based driver workflow system 18 FirstGroup Annual Report and Accounts 2020 Strategic report Strategic DriverHub, which provides real-time navigation agreements reached with customers Current trading and the future assistance, provides data links into our since March. While some school districts may start earlier or operations and maintenance systems, and later and with potentially varying approaches Key cost actions to mitigate the reduced enables us to monitor and coach our drivers’ to maintaining social distancing, we are service activities include the temporary on-road performance individually, further currently preparing for the majority to restart furloughing of employees, insurance savings, enhancing our focus on safety. in August and early September, at the end of salary deferrals and reductions, the ending of the summer holidays. We are not anticipating We are also actively exploring opportunities all non-essential contract staff, together with that summer school activities will take place at the frontier of the transition to alternative some more permanent reductions in headcount this year, and are assuming at present that fuel-powered school bus services, with a where unavoidable. In some cases, the terms discretionary charter services will take longer number of electric vehicle pilots now underway of the Federal Pandemic Unemployment to be restored than home-to-school services. and 6% of our fleet currently powered by Compensation program meant it was more First Student is always a highly seasonal alternative fuels. School start-up last autumn appropriate to assist our people to use this business, with much lower activity levels over went well, and we are confident that our scheme temporarily than to maintain their the school summer holiday period contributing playbook is in good shape to restore service employment. First Student is also making to a significant weighting to the second half of at the right time for each of our customers use of the CARES Act employee retention our financial year in terms of profitability. whenever they need it in the months ahead. tax credit for companies whose business has been disrupted by government order, as well Coronavirus response First Student is the clear market leader in the as other government tax deferral and other provision of contracted public transportation All schools served by First Student in North schemes to the extent possible. All non- services across 40 US states and seven America were closed by the end of March as essential capital expenditure has been Canadian provinces, as well as a significant federal, state and local authorities responded reviewed in accordance with customers’ provider of charter bus services. The business to the coronavirus pandemic. The school requirements and some discretionary spend has long-term, trusted relationships with closures also resulted in the cancellation of has been deferred, reprofiled or converted a high-quality client base of schools across school charter trips and we have also seen a to leasing. the continent, generating stable predictable significant decline in the demand for external revenues. The business benefits from its charters. While we have already restarted During the coronavirus crisis we have been substantial scale, best-in-class operating some school routes in Quebec and British very proud of the hundreds of First Student track record, renowned customer service and Columbia the majority of our school board locations that have been actively supporting strong safety expertise, which are testament to customers are not anticipating restarting school districts with a variety of services. the long-term strategy of the highly experienced school activities again before the end of the Our drivers have delivered more than 1.4 million management team. We are confident that this summer holidays. Although some of our meals and counting to students across North is a very strong, resilient platform with several 1,100 contracts include guaranteed minimum America, as well as instructional materials, opportunities in its marketplace to add value revenue commitments (mainly in Canada), the including books and laptops. Many First for all stakeholders. majority do not. First Student therefore rapidly Student locations have provided transportation began very active and productive discussions shuttles for healthcare workers and others with all of our school board customers on on the frontline of the pandemic, while First a contract-by-contract basis to agree a level Transportation Solutions has also supported of payment to ensure we retain the capability more than 25 school districts with the logistics to restart services when each school takes and planning of their own meal and school the decision to reopen.
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