Auditors raise National Express alarm
Ernst & Young issues a going concern warning following profit announcement
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