National Express cancels dividend payment for 2020
National Express (LON:NEX) reported a £381.4m operating loss on Thursday as the pandemic brought the company to a standstill during 2020.
The firm saw an 80% fall in passenger numbers as lockdowns first came into effect, causing its profit and revenue to plummet.
Having made an operating profit of £242m during 2019, National Express posted a loss of £326.7m.
Revenue also declined from £2.7bn in 2019 to £1.94bn the following year.
The company confirmed it would not be paying out a dividend in 2020 as a result of a tough year.
Ignacio Garat, chief executive of National Express Group, commented on the group’s performance during the pandemic.
“I am immensely proud of the performance of the National Express team in tackling the challenges faced in the past year and I have been impressed by the professionalism and dedication of my colleagues across the Group, who have done an outstanding job in delivering safe and reliable services for our customers during the most testing of times,” Garat said.
“I am also grateful for the support we have received from both customers and authorities, which demonstrates not only the essential nature of our services but also the strength of the relationships that we have built and the extent to which we are perceived as a trusted partner. This partnership approach, and the non-discretionary nature of the majority of our services positions us well for a strong recovery as travel restrictions are lifted in the months ahead. This is boosted by the sustainable cost savings made, and new contracts won during the period.”
“As a business we have an important role to play in modern society and I want us to continue to be at the forefront of the debate on climate change and the role we can play in social mobility. We have a strong and diverse international transport platform that has demonstrated its resilience in recent months. We have a clear set of priorities to ensure we will return to growth in a prudent and safe manner. We will be competing to win”
 reported a £381.4m operating loss on Monday as the pandemic brought the company to a standstill during 2020.){kind=link}