Group sees overall revenue grow by 3%, leading to a share price jump of almost 10%
National Express Group has posted an interim management statement for the period from July 1 to September 30, 2015.
Revenue has grown year on year in every division on a constant currency basis over the core summer period. Year to date, like-for-like Group operating profit is 6% higher after excluding rail and Middle East bid costs on a constant currency basis and up 16% on a reported basis.
Overall group revenue was up 3% on a constant currency basis. Commercial revenue growth of 2% was seen in UK Bus, while UK Coach saw 3.5% growth, including record passenger numbers in July.
c2c has continued to perform ahead of bid plan’s forecasts, with 10% growth in revenue and 5% passenger growth year to date.
The group’s Spanish division saw 3.5% revenue growth thanks to record passenger numbers, the on-going successful roll out of a Revenue Management System and continued strong growth in Morocco. North America saw 3% revenue growth excluding targeted exited contracts.
Dean Finch, National Express Group Chief Executive, said: “I am delighted that our focus on operational excellence and delivering for our customers is being recognised in our results, our success in new markets and the many awards we have recently won.
“Our reputation for delivering excellent services for our customers at great value has helped us grow our business, open new markets and generate strong cash flows and grow shareholder returns.
“In recent months we have won or started new contracts in Spain, Portugal, Morocco and North America and we will shortly start running our first trains in Germany. I look forward to continuing to build on this success in the coming months and years.”
National Express Group said it remains on track to deliver its target free cash flow of £100m in 2015. It expects to close the year within its target of 2-2.5 times net debt to EBITDA.
