18th Oct 2018 09:12
LONDON (Alliance News) - Public transport operator National Express Group PLC said Thursday its revenue and profit were up "strongly" in the third quarter of the year.
The FTSE 250-listed company's shares were trading 4.3% higher at 413.20 pence each.
For the three months to September 30, the bus and coach operator reported a 9.5% increase in revenue, 8.9% at constant currency, helped by a "good summer's trading".
Meanwhile, pretax profit for the period was up 18% in reported terms, 11% at constant currency. For the year-to-date, pretax profit is up 15%.
In the UK, revenue for the quarter was up 5.3%, driven by "outstanding organic growth" in the coach business. This division saw core revenue up 10%, 9.4% on a like-for-like basis, and passenger numbers up 6%. The UK bus division saw revenue increase by 1.1% and passengers grow by 0.5%.
The company's Spanish business ALSA recorded a 15% increase in revenue at constant currency, with growth experienced in all segments.
In North America, revenue increased by 6.9% in constant currency.
The US business was "well controlled over the traditionally quieter summer period, with the recent improved pricing starting to be felt in the fourth quarter", National Express said.
Chief Executive Officer Dean Finch said: "We had a good summer's trading, with our UK coach business in particular delivering outstanding organic growth. Group revenue and profit are up strongly, and we are carrying more passengers."
Looking ahead, National Express said it expects to continue the positive momentum experienced in the third quarter in the medium term.
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