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FirstGroup's profit down by a third after loss of rail franchises

Reuters - UK Focus

LONDON, Nov 12 (Reuters) - Bus and train operator FirstGroup (Amsterdam: FI6.AS - news) plc said its pretax profit dropped by a third in the first half, hit by the loss of rail franchises in Scotland and south-east England and the later than normal return to school of some U.S (Other OTC: UBGXF - news) . students.

The company reported pretax profit of 22.4 million pounds for the six months to end-September on revenue down 17 percent to 2.44 billion pounds, which it said was in line with its expectations.

Trading profit for the full year would receive a 15 million pound boost from a change in estimates for pensions in its rail division, it said, although it continued to expect underlying net cash flow for the year to be broadly flat. (Reporting by Paul Sandle; editing by Kate Holton)