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Alpha: Phil Oakley's shares round-up 31 May

Alpha: Phil Oakley's shares round-up 31 May

Regular discrepancies between a company’s adjusted and reported profits are always worth closer inspection – and a closer look at the accounts of leading bus and rail operator FirstGroup (FGP) shows why. Restructuring costs and provisions feature prominently in the group's numbers, giving a misleading impression of profitability and raising the question of whether such 'exceptionals' are just a regular cost of doing business. 

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