Transport firm, FirstGroup might be on the path to revive tis business as the company recorded a 1.6 per cent rise in revenues to £3.3 billion during the first half of the year compared to the same period of the previous year.

The company also said that its pre-tax loss fell to £8 million during the period compared to £20.6 million during the same period in the previous year. The Aberdeen-based transport company said that its passenger volume rose for the fits time in five years in the UK. The results are seen as a revival for the business that was forced to a deeply discounted £615 million rights issue earlier this year that affected tis share value.

FirstGroup head Tim O'Toole described the company's performance in the first six months as encouraging but said that the company should not overstate its achievement as the company has a long way to for recovery. Mr O'Toole said after announcing the results that he was committed to pushing through the company's transformation plan that will include investment in UK bus division during the coming years.