The parent group of Oxford Bus Company has blamed the redevelopment of the Westgate Centre for a drop in passenger numbers.
Go-Ahead group reported a 0.7 per cent drop in passenger numbers in the second half of 2016.
The company blamed the decline on 'challenging' trading in the north east of England and the major city centre retail development in Oxford.
Go-Ahead's bus businesses, which include Oxford Bus Company, reported a half-year increase in earnings by 7.3 per cent to £47.2m.
But its group-wide bottom line profits dropped by 11.7 per cent to £67m.
The company also runs strike-hit Southern Railway through its Govia Thameslink Railway (GTR) business.
It said its full-year rail profits could be impacted by up to £15m amid ongoing uncertainty over union relations.
Union Unite said issues included pay negotiations, disciplinary procedures and a proposed new holiday policy and lieu days.
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