StockMarketWire.com - Bus and rail company Firstgroup reported wider losses owing, in part, to writedowns at its Greyhound coach division and restructuring costs.

For the year ended 31 March 2020, pre-tax losses widened to £299.6m from £97.9m on-year, even as revenue rose to £7.7bn, up from £7.1bn.

Firstgroup did not declare a final dividend.

The wider loss was blamed on charges relating to an North American self-insurance provision, Greyhound impairment charges, restructuring and reorganisation costs and coronavirus-related charges.

'The impact of coronavirus in March, traditionally a significant trading period, resulted in average passenger volumes declining by 90% by month end, with international lockdowns in place and all North American schools we serve closed,' the company said.

Looking ahead, Firstgroup warned of material uncertainties about the pace of recovery in demand.

'There are material uncertainties as to how rapidly demand will increase, the rate at which fiscal support tapers and the duration of social distancing rules, as well as the timing of North American schools reopening,' it said.

'Therefore it is currently not possible to provide guidance for the financial year to 31 March 2021.'

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