National Express (LON:NEX) shares shot up in early trading on Wednesday, after profits jumped by nearly a quarter in the first half of 2018.

Half year pre-tax profit rose by 24 percent to £80.1 million in the first half of 2018, with group revenue rising by £0.4 billion to £1.21 billion.

The group’s North American business recorded the biggest growth, up by 9.7 percent in constant currency to $753.2 million, with the UK growing by 0.8 percent to £273.6 million.

National Express boosted shareholder sentiment with a 10 per cent increase in the interim dividend to 4.69p.

CEO Dean Finch said: “National Express has had another strong start to the year

“We also continue to make disciplined acquisitions that help grow our portfolio strategically.

“We have made seven acquisitions so far this year and have entered new fast-growing markets, providing avenues for interesting future expansion.

“Our pipeline of new opportunities remains strong and growing.

“This combination of growth in our core business and the number of exciting new opportunities allows us to again increase the interim dividend by 10%.

“We remain on course to deliver the board’s expectations.”

Shares in National Express are currently up 2.01 percent at406.80 (0830GMT).