First Group chief executive Moir Lockhead hailed the group's "best ever" set of full year financial results last week. The FTSE 100 bus and train operator achieved increased turnover and profits across all of its core businesses.

The Aberdeen-based group generated operating profits of £267.5m (2008: £203.6m) on turnover of £4.7bn (2008: £3.7bn) in the year to March 21, 2008.

The results from First's UK bus division were especially encouraging. Revenue was up 2.9% at £1,104.9m while operating profits leapt 18.4% to £122.0m. The operating profit margin increased from 9.6% to 11.0%.

The story was the same at the First's UK rail division, where revenue rose by 6.2% to £1,937.0m and profits increased 10.3% to £120.0m.

In North America the purchase of Laidlaw saw turnover reach £1,370.3m with operating profits of £130.7m. In addition to this, express coach operator achieved turnover of £280.8m and profits of £8.8m.

Lockhead said: "This has been a year of significant achievement for the group with further strong performance across all our businesses."