FirstGroup profit slides

TRANSPORT company FirstGroup saw its profits slide despite a £200m cost-cutting programme.

Pre-tax profit slumped to £179.6m from £200m, in the year ending 31 March.

UK bus revenue was up 1.9 per cent – while trains saw a 2.3 per cent rise.

Total revenue for the group was Revenue £6.3m compared with £6.1m the year before.

Chief Executive, Sir Moir Lockhead said: "The Group has delivered a resilient performance in line with management expectations against the backdrop of a challenging trading environment."

A final dividend of 14p is up 10 per cent on the year before.