PracticeAuditAuditors raise National Express alarm

Auditors raise National Express alarm

Ernst & Young issues a going concern warning following profit announcement

National Express train

The future of railway group National Express is under a cloud after Ernst
& Young raised doubts over the troubled transport giant’s ability to
continue.

The auditors warned there was ‘significant doubt about the group’s ability to
continue as a going concern’.

The news came as National Express reported a first-half pretax loss of
£48.1m, compared with the £52.4m profit it made a year ago, the Daily
Mail
has reported.

Ernst said there remains ‘material uncertainty’ about the group’s cash flows
and ability to repay debts.

The group has saved £25m by axing its dividend and said it has reduced net
debt by more than £200m to £977.5m.

Read the full story:
Auditors
have ‘doubts’ over struggling National Express

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