National Express posts growing revenue ahead of second lockdown

National Express (LON: NEX) has reported improving revenue between the first and second lockdown.

In its latest trading update, the FTSE 250 company said that October’s revenue was 60% higher than in April.

The group has been operating and roughly half of its services and in November amid the second lockdown is operating just 9% of last year’s services.

Group chief executive Ignacio Garat said: “In my first weeks in the group, I have been struck both by my colleagues’ professionalism, and by the resilience of our leading portfolio of businesses.

“The positive vaccine news of the last few days may signal a faster service recovery in the medium term than we had hitherto envisaged. Nonetheless, these remain difficult times for the public transport sector, at least in the short term.

“I am convinced, however, that National Express will continue to weather the challenges we face and has strong foundations in place to prosper once the pandemic is over.

“I am pleased by the strength of our relationships with customers and governments across the group. This is reflected in the amount of support we have and continue to receive.

“We will continue to proactively engage customers and relevant authorities to navigate the challenges the pandemic presents.

“Alongside this, we will continue to closely and carefully manage costs and remain very disciplined in the returns we seek on investment, as part of our broader focus on maintaining the group’s financial position.”

National Express has forecast full-year earnings to be in the range of £170m-£190m.

National Express shares (LON: NEX) have fallen from a year-to-date high of 485,00 and are currently 0.52% higher at 230,20 (1221GMT).