17th Oct 2019 08:31
(Alliance News) - Bus operator National Express PLC on Thursday expressed a positive outlook after another "good" performance over the summer.
All National Express divisions grew revenue and profit in the quarter to September, National Express said, with the Spanish and Moroccan business ALSA doing particularly well.
Group revenue for the quarter rose 15% reported, and 12% constant currency, with operating profit rising 14% reported and 15% at constant currency. National Express also said its operating margin improved in the quarter.
"Significant" new contract wins, renewals, and mobilisations also contributed to the good performance, the FTSE 250 company added.
"We had another good trading performance in our key summer period. ALSA performed particularly well and our UK coach business grew despite lapping a very strong comparative period last year," commented Dean Finch, National Express chief executive.
"North America posted strong growth, boosted by both our WeDriveU acquisition and a good back-to-school performance including improved wage control."
ALSA revenue rose 8.5% at constant rates in the period, with most of this organic, and every segment within the business grew passenger numbers and revenue.
In North America, National Express reported a "best ever" back-to-school wage performance, with revenue rising 21% at constant currency in the quarter.
National Express posted a "good" UK performance, with UK Coach core revenue up 3.1% and passenger numbers up 4.9%. UK Bus commercial revenue rose 0.7% and passenger numbers 0.4%.
Overall, UK revenue increased 3.2% against a "very strong" comparative.
Shares were 0.9% higher on Thursday morning in London at a price of 456.00 pence each.
By George Collard; [email protected]
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