Transport operator Stagecoach (LON:SGC) saw its full year revenues drop by 18.1% to 3.2 billion for the 12 months ended 28th April, after the company’s contract for the South West Trains rail franchise ended last August. Adjusted profits before tax for the year also dropped to £144.8 million from £151 million in the prior year due to the loss of franchises and lower operating profits in the UK bus division.
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There were some bright spots for the company’s US operations, with operating profits up by 19.6% despite a slight setback on the revenue side. Given the overall results, the board have elected to cut the full year dividend from 11.9p last year to 7.7p this year. Shares in Stagecoach had climbed by 1.27% to 135.80p at 12:30 BST.