National Express report rise in profits after “strong summer”

National Express report rise in profits after “strong summer”

national express

National Express has reported a rise in group revenue and profit.

The group reported a rise in pre-tax profit by 18.3% compared to the same period last year.

Revenue was up by 9.5% in the third quarter in the UK.

The group’s Spanish brand also performed well, with revenue increasing by 15% and passenger numbers up 5.7%.

National Express said that they saw a “strong summer” and “outstanding organic growth” was seen in the coach business.

“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. We expect this momentum to continue in our traditionally quieter fourth quarter,” said Dean Finch, the group’s chief executive.

“With Spanish concession renewals further delayed, a major contract starting during 2019 in Rabat and encouraging pricing trends in North America, our outlook is positive. Our continued focus on cashflow and operational performance should allow us to continue to grow profit in the years ahead,” he added.

The coach business brought in £5 million in revenue for every week in August.

The company is planning a bus contract in Rabat mid-next year, making it Morocco’s largest transport operator.

Shares in the group are up 3.69% at 410,80 (0940GMT).