Impact of the US Tax Cuts and Jobs Act
National Express Group PLC ('the Group') notes the recently enacted US Tax Cuts and Jobs Act ('the Act') which came into effect on 1st January 2018.
Our initial assessment indicates an anticipated reduction in the Group's effective tax rate (ETR) from 1st January 2018. We forecast our ETR will reduce from the anticipated high 20s, to the low 20s, in percentage points.
It is also expected that the measures outlined in the Act will lead to a small tax credit in 2017. This is due to the revaluation of deferred tax balances and will be included in the Group's 2017 full year results.
The Group closed 2017 with a continuation of the positive trading momentum identified in our 4th December 2017 statement (RNS Number 1833Y).
We will provide more detail on both the impact of the Act and our trading performance in the Group's 2017 Preliminary Results announcement on 1st March 2018.
Chris Davies, Group Finance Director 0121 460 8655
Anthony Vigor, Director of Policy and External Affairs 07767 425 822
Louise Richardson, Head of Investor Relations 07827 807 766
James McFarlane, Associate Partner 0207 379 5151