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FirstGroup hit by rail slump

Transport giant FirstGroup said yesterday annual profits at its rail division fell 21 per cent due to the impact of the recession on its London franchises The group said the UK's economic woes meant rail revenues growth slowed to 9.5 per cent in the year. Across the whole group, which has bus operations in the UK and the US, pre-tax profits rose 31 per cent to £326.4m in the year to 31 March.