Scottish transport giant Stagecoach has seen profits slashed for the year as coronavirus fall-out hit the bus and rail business.

The Perth-based firm said in its annual report adjusted total operating profit from continuing operations to May 2 was £119.4m against £161.3m the previous year.

Adjusted revenue was £1.42bn, against £1.88bn.

It said the change in operating profit “reflects the adverse effect of the Covid-19 situation on the operating profit of the regional bus operations since March and the end of the East Midlands and West Coast rail franchises”.

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Adjusted profit before tax was £91m, compared to £133m the previous year, while statutory pre-tax profit was £41m, against £101m.

During the year, Sir Brian Souter stepped down as chairman, remaining as a non-executive director. Ray O’Toole became chairman. Dame Ann Gloag and Sir Ewan Brown, both long-serving non-executive directors, retired.

Mr O’Toole said the board’s work “in recent months has been dominated by the actions necessary to deal with the effects of the Covid-19 outbreak”.

Stagecoach added it recognises the importance of dividends “and it is our ambition to resume dividend payments in due course”.

Shares closed at 46.14p, down 2.37 per cent.