June 26, 2019 / 6:18 AM / 2 months ago

Stagecoach annual profit rises, UK rail woes drag on

June 26 (Reuters) - Stagecoach Group Plc reported higher annual profit on Wednesday, even as the bus and rail operator faces losing three important rail franchises that could wipe off 1 billion pounds from the company’s books going forward.

“We continue to focus on driving growth at our core high quality bus and coach operations in the UK, but we have no intention to bid for new UK rail franchises on the current risk profile offered by the Department for Transport,” Chief Executive Officer Martin Griffiths said in a statement. ($1 = 0.7889 pounds) (Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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