West Face declares stake in Britain's FirstGroup

Thu Jun 1, 2017 9:30am EDT
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LONDON (Reuters) - Canadian activist investor West Face Capital on Thursday disclosed a 5 percent stake in FirstGroup FGP.L after the British transport company's shares fell more than 5 percent.

FirstGroup on Thursday reported a 23 percent rise in annual profit, helped by better performance from its U.S. business, but a cautious outlook and a decision not to pay a dividend sent its shares into retreat.

Toronto-based West Face has previously taken stakes in companies such as Maple Leaf Foods (MFI.TO: Quote) and SNC-Lavalin Group (SNC.TO: Quote).

(Reporting by Simon Jessop and Maiya Keidan; Editing by David Goodman)