FirstGroup (LON:FGP) hailed a shake-up of its UK bus operations for higher annual profits as it announced the departure of its finance chief.
First said passenger numbers on its UK buses had risen by 1.1% during the year following fare cuts, network changes and service improvements.
A good performance in its US student bus division also helped to fuel a 7.7% rise in group pre-tax earnings before interest, depreciation and amortisation to £624.4mln.
But reported revenue fell 9.9% to £6.05bn due to rail franchise changes as the group lost its London commuter franchise First Capital Connect and Scottish Scotrail contract.
On the positive side, it won extensions to its First Great Western and Transpennine Express deals, while UK rail like-for-like passenger revenue rose 6.7%..
Revenue increased in its First Transit US commuter transport operation, partly making up for lower revenue in its Greyhound long-distance US bus business.
The group said finance chief Chris Surch had decided to retire for personal reasons and it had begun to look for a replacement. It had also appointed Wolfhart Hauser to succeed John McFarlane as chairman.
Chief executive Tim O'Toole said: "Overall trading for the year is in line with our expectations and our transformation plan is beginning to deliver improving financial performance, though clearly much hard work remains ahead of us."
Shares in First lifted 3.1p to 122.4p in early trading in London.