FirstGroup overtaken by losses

FTSE 250 travel operator First Group (LON:FGP) has announced that CEO Tim O’Toole will be stepping down from his position and from the board after the company posted a highly disappointing set of results for the year ended 31st March and wrote down the value of a number of assets.

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Despite a 13.2% increase in revenues, the company fell to a pre-tax loss of £326.9 million as the company wrote down the value of assets, including Greyhound, by £277.3 million and booked an onerous contract provision related to TransPennine Express.

Shares in the company had dropped by 10.60% at 12:20 BST and sat at 99.05p.