National Express Issues Profits Warning

National Express Group (NX) today issued a profit warning and has said that it will be press ahead with plans to ask investors for funding following an increase in the cost of debt. The group now expects full year pre-tax profits to fall "slightly" below expectations.

NX also confirmed that the board would "continue to evaluate the value, risk and certainty offered by the preliminary proposal from Stagecoach".

The company also confirmed that it is meeting its performance targets to achieve a three year extension on the East Anglian (NXEA) and C2C franchises.