First Group reduces cash generation targets

Shares in transport firm First Group fell on news the company now expects net cash generation to be in the range of £100m to £115m for 2011/12 due to fewer disposals as a result of the economic and regulatory climate.

Shares in transport firm First Group fell on news the company now expects net cash generation to be in the range of £100m to £115m for 2011/12 due to fewer disposals as a result of the economic and regulatory climate.

The firm, which had been targeting an inflow of £150m for the period, said the economic problems had affected "the realisation of appropriate value and timing."

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