National Express slashes dividend in bid to hold on to rail franchise
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National Express slashes dividend in bid to hold on to rail franchise
* Dan Milmo
* guardian.co.uk, Thursday 26 February 2009 12.01 GMT
* Article history
National Express slashed its dividend and refused to rule out further job cuts today as the indebted transport group vowed to hold on to its recession-hit rail businesses.
Chief executive Richard Bowker admitted that he was holding “constructive discussions” with government about its franchises, which include a commitment to pay the Department for Transport £1.4bn as part of its London-to-Edinburgh east coast franchise. However, the rail minister, Lord Adonis, made clear that the DfT was not prepared to bail out contracts signed at the height of the economic boom.
www.guardian.co.uk
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