LONDON (Reuters) - Bus and train operator FirstGroup plc (L:FGP) said its pretax profit dropped by a third in the first half, hit by the loss of rail franchises in Scotland and south-east England and the later than normal return to school of some U.S. students.
The company reported pretax profit of 22.4 million pounds for the six months to end-September on revenue down 17 percent to 2.44 billion pounds, which it said was in line with its expectations.
Trading profit for the full year would receive a 15 million pound boost from a change in estimates for pensions in its rail division, it said, although it continued to expect underlying net cash flow for the year to be broadly flat.