FirstGroup shares fall by nearly a fifth after profits plunge

(Source: Yahoo! Finance)

Shares in transport operator FirstGroup have dropped by nearly a fifth after disappointing full-year results:

The firm posted pre-tax profits of £37.2m, compared to £279.9m the previous year. Net debt rose to almost £2bn, up 7.7 per cent.

FirstGroup will not be paying a final dividend out, as it attempts to ease its balance sheet and avoid a rating downgrade.

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