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National Express hit the buffers?

Friday, July 31 2009

National Express East Coast NXEC train service

National Express East Coast train at Newcastle.
Photo Ian Britton.

(Click to see original and for details of licensing.)

National Express’s half year results are down by £100.5 million, turning last year’s £52.4 million profit into £48.1 million loss. Auditors Ernst and Young qualified the half-year accounts saying that there was material uncertainty about the group’s future cash flows and ability to repay debts. A month ago National Express announced that it would be unable to continue to operate the East Coast Main Line on the basis of its current contract. There was speculation that the company had approached the Department for Transport with an offer to ‘buy out’ the terms in its contract requiring it to make sizeable payments to the government and that the DfT had refused.

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