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Go-Ahead said annual profit plunge by a third despite 'slightly' better-than-expected results in its bus and rail division.
For the year ended 29 June 2019, pre-tax profit fell 33.4% to £97m and revenue rose 10% to £3.8bn.
Strong performance in its London & International bus division more than offset a lower result in our regional bus business, the company said.
Bus operating profit pre-exceptional items were up 4.7% at £95.7m.
Rail operating profit was slightly ahead of expectations at £25.4m, but down from £44.5m last year, which included a part year of operating the London Midland franchise, the company said.
The company maintained its full year dividend of 102.08p a share.
'Overall for 2020, we are confident that the group will deliver another robust performance in line with our expectations as we continue to execute our clear and well-defined strategy; strengthening our core business, diversifying into international markets and developing new ways of responding to a changing world.'