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FirstGroup FY Loss Widens

FirstGroup plc. (FGROY.PK,FGROF.PK,FGP.L) reported that its loss attributable to equity shareholders for the year ended 31 March 2020 widened to 327.2 million pounds or 27.0 pence per share from 66.9 million pounds or 5.5 pence per share in the prior year.

Statutory operating loss was 152.7 million pounds, compared to profit of 9.8 million pounds last year, reflecting charges relating to the North American self-insurance provision, Greyhound impairment charges, restructuring and reorganisation costs and coronavirus-related charges.

Statutory loss before tax was 299.6 million pounds compared to loss before tax of 97.9 million pounds in the previous year.

Adjusted profit before tax was 109.9 million pounds down from 208.2 million pounds in the prior year.

Adjusted earnings per share was 6.7 pence, down from 13.2 pence last year.

The Board is not proposing to pay a dividend in FirstGroup for the year to 31 March 2020 but will continue to review the appropriate timing for restarting dividend payments.

"Recognising the usual seasonality of our First Student business over the school summer holiday period, we would expect this relatively resilient financial performance to persist while these arrangements remain in place," the company said in a statement.

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