Transport giant FirstGroup has warned over its ability to continue as a going concern after swinging to a full-year operating loss amid plunging passenger numbers during the pandemic.
The bus and rail firm reported an operating loss of £152.7 million for the year to March 31 against earnings of £9.8 million the previous year.
Statutory pre-tax losses widened to £299.6 million from losses of £97.9 million the previous year after booking a raft of charges - including a £21.5 million hit for the coronavirus crisis.
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FirstGroup flagged a "material uncertainty" over its ability to continue as a going concern due to risks around the pandemic, but stressed it had "adequate" resources to carry on operating for the next 12 months.
Chief executive Matthew Gregory said: "We do not yet know the rate and extent of demand recovery, nor how long restrictions or social distancing will be in place."
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He added: "Nor do we know how government and customer support might taper, although it's clear that governments and customers understand the key role that our services play.
"The importance of public transport to society has never been more clearly demonstrated, and we will continue to take all necessary measures to enable the group to emerge from this unprecedented situation in a robust position."
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