May 6, 2020 / 6:32 AM / a month ago

National Express plans equity raise to reinforce balance sheet

May 6 (Reuters) - British transport firm National Express Group said on Wednesday it plans to raise equity of around 20% of its issued capital to shore up its balance sheet as it secured debt waivers through 2020 to help its business during the COVID-19 pandemic.

The company, which has seen a collapse in activity due to nationwide lockdowns, said the group’s core profit in 2020 would fall about 40% under a modeled downside scenario.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr

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