25th Jul 2019 09:18
(Alliance News) - National Express Group PLC on Thursday reported double-digit growth in earnings in the first half of 2019, helped by a "strong" performance across all of its divisions.
The public transport operator delivered pretax profit of GBP88.4 million for the six months to the end of June, up 10% from GBP80.1 million a year earlier, as revenue grew 11% to GBP1.33 billion from GBP1.21 billion. On a constant currency basis, revenue climbed by 7.8%.
The growth has been driven in particular by strong organic growth across every division, the FTSE 250-listed company said. While German Rail saw a decline in reported revenue, on a like-for-like basis German Rail grew revenue by 5.4%.
National Express said it achieved record profit in Spain in North America and saw a "very strong" growth in the UK, augmented by a record Glastonbury Festival and partnership renewal receipts.
The company increased its interim payout by 10% to 5.16 pence, reflecting strong results, it said.
"I am delighted to report another record set of results, primarily driven by organic revenue, profit and margin growth in every division," said Chief Executive Dean Finch. "We are currently trading ahead of expectations despite the impact of unprecedented bad weather in North America."
Finch added: "With many opportunities to pursue, we are confident of our future prospects."
National Express shares were trading 3.3% higher on Thursday in London at 438.50p each.
Related Shares:
NEX.L