Thursday, 25 February 2010

National Express Profits Slump

National Express Group (NX) today ended an eventful year by reporting a 43% drop in profits. The group which runs the National Express East Anglia (NXEA) franchise have reported pre tax profits of £116.2m down from £202.4m last year. In December NX completed a £360m rights issue to cut debt.

The past year has seen the group lose the East Coast rail franchise and as a consequence they will not be having the NXEA franchise extended from 2011. NX have been all but barred from bidding for the new franchise along with their other remaining rail business, C2C. 2011 will effectively see NX leaving the UK rail business all together.

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