Jul 3, 2020

Departing National Express chief executive sells down

National Express chief executive Dean Finch has sold £757,830 worth of shares as he prepares to take up his new role as chief executive at Persimmon. Mr Finch leaves National Express during a parlous period for transport operators. In May, the group said that revenues for the previous month had been about half of those generated in April 2019, although National Express did manage to generate cash profits after slashing its monthly operating costs by about £100m. National Express also raised £235m via a share placing in May, and had around £1.5bn in cash and undrawn facilities at its last trading update that month. In June, outgoing Persimmon chief executive Dave Jenkinson also took the opportunity to sell down some of his stake in his company, selling £2.2m worth of shares after exercising an option in Persimmon's incentive plan. It's worth remembering that National Express generated over three quarters of its turnover beyond UK shores last year and its exposure to the US could theoretically prove problematic given the worrying trend towards growing numbers of new coronavirus cases there.

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