National Express Profits Fall

28 February 2010 (Last Updated February 28th, 2010 18:30)

UK transport operator National Express has reported a pre-tax loss of £83.5m ($128m) for 2009, a 43% drop compared to a £110m ($168.4m) profit in 2008. The company has cited paying £1.4bn ($2.14bn) in 2007 to run the East Coast franchise for the loss, after expecting a 10% growth on th

UK transport operator National Express has reported a pre-tax loss of £83.5m ($128m) for 2009, a 43% drop compared to a £110m ($168.4m) profit in 2008.

The company has cited paying £1.4bn ($2.14bn) in 2007 to run the East Coast franchise for the loss, after expecting a 10% growth on the line that instead saw a 2% fall in revenues.

National Express, which finished a £360m ($551m) rights issue in December to cut debt, reported an operating loss of £26.3m ($40m) in the first half of 2009 for the line and booked a £64.8m ($99.2m) exceptional charge for the second half.

Group chairman John Devaney said National Express expects 2010 to be another difficult year as it looks to end its East Anglia and c2c franchises in 2011.