National Express beats expectations with record FY revenues, profits
By Iain Gilbert
Date: Thursday 27 Feb 2020
(Sharecast News) - Coach operator National Express reported a record year in terms of both revenues and profits in 2019, beating its own expectations.
Pre-tax profits rose 9.1% year-on-year to ?240m, while group revenues grew 12% to ?2.7bn, driven by North America and Spain. Earnings per share were up 5% at 34.5p.
While the FTSE 250-listed firm saw growth in all of its divisions, National Express' net debt widened to ?1.2bn - nearly ?300m more than it had been a year earlier. The group's free cash flow also dropped, from ?198.6m to ?178.7m.
Passenger numbers were up 5% year-on-year, with record numbers in both the UK and its Spanish unit, Alsa.
Chief executive Dean Finch said: "National Express has again delivered a record set of results. Revenue and profit are up strongly and free cash performance has beaten our expectations. All businesses have delivered organic growth."
In addition to its numbers, National Express also made a series of new environmental pledges on Thursday.
National express vowed it would never again buy a diesel bus and said it would look to bring its first electric buses into service in 2021. The group also set itself a target of achieving net-zero across its UK operations by 2035.
As of 1120 GMT, National Express shares were down 2.28% at 403.20p.
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