- Train and bus company Stagecoach Group posted a 63% fall in annual profit, owing to losses associated with the disposal of its North American business.

Pre-tax profit for the year through 27 April fell to £23.6m, down from £63.8m on-year.

Revenue fell by a third to £1.88bn.

On a continuing operations basis, pre-tax profit rose 30% to £101.2m.

Stagecoach held its full-year dividend steady at 7.7p per share.

'I am pleased to report good financial results as we reposition the business,' chief executive Martin Griffiths said.

'We continue to focus on driving growth at our core high quality bus and coach operations in the UK, but we have no intention to bid for new UK rail franchises on the current risk profile offered by the Department for Transport.'

'We have maintained our expectation of earnings per share for 2019/20.'

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