PRIVATISATION of British Rail should provide a boost to National
Express Group as under private ownership many uneconomic routes would be
cut out while elsewhere fares would rise to give Britain's biggest coach
group a significant competitive opportunity.
Yesterday's National Express pathfinder prospectus indicated that
pre-tax profits of #6.5m would be achieved this year including an
exceptional #500,000 gain compared with last year's #1.2m loss. That was
struck after exceptional costs of #5.5m as the new management team
rationalised earlier over-expansion.
Shares are being placed with institutions with there being a 25%
clawback facility to meet applications from the public. The issue price
will be revealed on November 24.
National Express operates to over 1000 destinations from seven hubs,
including Glasgow. It carried 11,800,000 passengers last year with by
far the most important asset being Victoria Coach Station in London.
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