Impact of the US Tax Cuts and Jobs Act

 

 

16 January 2018

 

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 1^st January 2018.

 

Our initial assessment indicates an anticipated reduction in the Group's effective tax rate (ETR) from 1^st 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 4^th 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 1^st March 2018.

 

Enquiries
Chris Davies, Group Finance Director                                                   0121 460 8655

Anthony Vigor, Director of Policy and External Affairs                          07767 425822

Louise Richardson, Head of Investor Relations                                     07827 807766

 

Maitland

James McFarlane, Associate Partner                                                    0207 379 5151

 

Notes

Legal Entity Identifier: 213800A8IQEMY8PA5X34

Classification: 3.1 (with reference to DTR6 Annex 1R)