Cutbacks in state support for UK rail franchises have depressed FirstGroup financial results for the first six months ended 30 September 2014.
Group revenue dropped 10.9% to £2.941bn (H1 2013: £3.301bn). Operating profit fell 11.5% to £80.2m (H1 2013: £90.6m), though FirstGroup recorded a profit before tax of £9.9m (as against an £8.0m loss in H1: 2013).
The adjusted figures – which exclude amortisation charges and certain exceptional items that distort...
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