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Shares in rail company Go-Ahead are down 16 per cent in early trading after the rail company earlier issued a profit warning.

The main owner of the troubled Southern Rail operation was the biggest loser in the FTSE All Share on Tuesday morning after the group said full-year profits could be down as much as £15m in the year to June.

Operating profits for the six months to December were down 13 per cent, driven by a 35 per cent fall in the company’s rail operations as months of rail strikes and customer disruption have taken their toll.

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