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Stagecoach warns over uncertainty after Brexit vote

Published 29/06/2016

Stagecoach revenues rose 20% to £3.8 billion and pre-tax profit nudged up 1% to £187.4 million
Stagecoach revenues rose 20% to £3.8 billion and pre-tax profit nudged up 1% to £187.4 million

Train and bus operator Stagecoach has warned of "economic, consumer and political uncertainty" as a result of Britain's decision to exit the European Union.

Chief executive Martin Griffiths said the firm is following developments closely, adding: "Although we have little business in Europe outside the UK, we acknowledge the referendum result may lead to continuing economic, consumer and political uncertainty.

"Like other business sectors, we are affected by reduced public spending and factors in the wider economy, such as weakening consumer confidence and slowing growth in both UK GDP and real earnings."

Mr Griffiths made the statement alongside Stagecoach's full year results, which saw revenues rise 20% to £3.8 billion and pre-tax profit nudge up 1% to £187.4 million.

The firm also flagged the sale of its European megabus arm to German company Flixbus. The sale only includes the retail operations, such as timetabling, marketing and ticket sales.

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