Business
COVID-19 update
COVID-19 update.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7140G\n National Express Group PLC\n 19 March 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF EU REGULATION 596/2014.\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n COVID-19 update\n \n National Express Group ('The Group' or 'Group') provides an update on COVID-19, including the management actions and contract structures in place to help the business withstand this period of uncertainty.\n \n Our over-riding priority during this period is to protect customers, colleagues and the business, so that we emerge out of it in as strong a position as possible. In all jurisdictions we are of course following government guidelines and advice.\n \n The Group retains significant headroom through its committed facilities that underpins our resilience even in these exceptionally challenging times. The combination of our management actions and contract structures means we are still anticipating a small, but positive, cashflow in the coming months.\n \n As a highly diversified business, National Express Group is currently experiencing different impacts from COVID-19 across its portfolio. While there has been a significant decline in passenger numbers in recent weeks, globally National Express Group has taken decisive action and has contractual protections in place to help withstand the downturn. Specifically, we have:\n \n · Already taken significant measures to reduce our cost base and protect our cash flow;\n \n · A diverse portfolio of contracts, many of which provide protections and minimum income guarantees that will help support our cost base in the coming months. Responses such as by the Spanish Government are also providing significant support to employee costs;\n \n · Worked closely with contracting authorities and local governments to maintain some payments during the disruption;\n \n · Significant liquidity headroom in our bank facilities. The UK Government's announcement of access to additional lines of credit for businesses like us will only strengthen this position.\n \n Market specific information\n The Group was trading st...