- Train and bus company Stagecoach reported a 39% fall in annual profit after pandemic-related lockdowns and other restrictions weighed on sales.

Pre-tax profit for the year through May dropped to £24.7 million, down from £40.6 million year-on-year, as revenue dropped 35% to £928.2 million.

Stagecoach declared no dividends for the year.

Chief executive Martin Griffiths said the company was confident there was a 'strong and positive future for public transport' as the UK emerges from the pandemic.

'While it is difficult to reliably forecast the pace of recovery from the Covid-19 pandemic, we continue to see good long-term prospects for the business,' he said.

'Looking ahead, we see a positive outlook as our bus, coach and tram services play a critical role in tackling climate change, delivering economic recovery, and ensuring healthier and more connected communities.'

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