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NATIONAL EXPRESS GROUP PLC (NEX)
goldfinger
- 08 Dec 2009 08:34
Investec slapped a BUY reco on this late yesterday whilst broker Panmure has a firm hold.
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
07-12-09 BUY 116.00 29.93 137.18 35.46
Panmure Gordon
07-12-09 HOLD 118.98 30.88 143.17 37.16
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
07-12-09 BUY 116.00 29.93 137.18 35.46
Panmure Gordon
07-12-09 HOLD 118.98 30.88 143.17 37.16
goldfinger
- 08 Dec 2009 09:05
- 2 of 63
Pro TAer Zak Mir as just posted this across the road.....
Zak Mir
Reged: 28/06/07
Posts: 1149
Re: Join the National Express (NEX)
#457441 - 08/12/09 08:38 AM Edit Reply Quote
At least while above the 200 day moving average at 169p NEX looks like it will at least hit the 50 day moving average of 197p over the next few weeks.
Zak Mir
Reged: 28/06/07
Posts: 1149
Re: Join the National Express (NEX)
#457441 - 08/12/09 08:38 AM Edit Reply Quote
At least while above the 200 day moving average at 169p NEX looks like it will at least hit the 50 day moving average of 197p over the next few weeks.
goldfinger
- 08 Dec 2009 14:09
- 3 of 63
Shorters closing out and buying back, could be a positive over the next few days or so....
Disclosure of Short Position
Trafalgar Asset Managers Ltd.
TR-3: Disclosure of Disclosable Short Position relating to Securities which are the subject of a rights issue2
1. Full name of person(s) holding the disclosable short position3: Trafalgar Special Situations Fund
Note: Trafalgar Asset Managers (Cayman) Ltd has delegated its investment management activities to Trafalgar Asset Management Ltd and Trafalgar Asset Managers (Monaco) SAM.
2: Name of the issuer of the relevant securities National Express Group Plc
3: Disclosable short position4 -0.293%
4. Date that disclosable short position was reached or exceeded 07 December 2009
This form, or the information contained within it, should be disclosed via an RIS using the short code DSP. Issuers should conform the commencement of the rights issuer period with a disclosure, via an RIS, using the short code ARI.
2 This form relates to the disclosure of short positions in compliance with amendments to MAR 1.9 market abuse (misleading behaviour) and market abuse (distortion) of the Market Conduct Sourcebook (MAR). Further material on this can be found in the FSA's press release of 13 June 2008, http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/057.shtml and the related FAQ document on the FSA's website.
3 Specify the owner or controller of the interest. The naming of nominees or vehicle companies is insufficient. In the case of positions held by fund managers on behalf of discretionary clients, the clients need not be named. Market makers as defined in the Glossary of Definitions in the FSA Handbook and acting in their capacity as such may be exempt from disclosure of own account positions: see the definition of disclosable short position. Positions may be aggregated in some cases. See FAQ document for further details.
4 Figure to be expressed as a percentage of issued share capital. Disclosable short position is defined in the Glossary of Definitions in the FSA Handbook. Positions must be disclosed on a net basis of all holdings. All financial instruments that represent a direct interest or direct economic interest in the relevant issuer must be included within such holdings.
Disclosure of Short Position
Trafalgar Asset Managers Ltd.
TR-3: Disclosure of Disclosable Short Position relating to Securities which are the subject of a rights issue2
1. Full name of person(s) holding the disclosable short position3: Trafalgar Special Situations Fund
Note: Trafalgar Asset Managers (Cayman) Ltd has delegated its investment management activities to Trafalgar Asset Management Ltd and Trafalgar Asset Managers (Monaco) SAM.
2: Name of the issuer of the relevant securities National Express Group Plc
3: Disclosable short position4 -0.293%
4. Date that disclosable short position was reached or exceeded 07 December 2009
This form, or the information contained within it, should be disclosed via an RIS using the short code DSP. Issuers should conform the commencement of the rights issuer period with a disclosure, via an RIS, using the short code ARI.
2 This form relates to the disclosure of short positions in compliance with amendments to MAR 1.9 market abuse (misleading behaviour) and market abuse (distortion) of the Market Conduct Sourcebook (MAR). Further material on this can be found in the FSA's press release of 13 June 2008, http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/057.shtml and the related FAQ document on the FSA's website.
3 Specify the owner or controller of the interest. The naming of nominees or vehicle companies is insufficient. In the case of positions held by fund managers on behalf of discretionary clients, the clients need not be named. Market makers as defined in the Glossary of Definitions in the FSA Handbook and acting in their capacity as such may be exempt from disclosure of own account positions: see the definition of disclosable short position. Positions may be aggregated in some cases. See FAQ document for further details.
4 Figure to be expressed as a percentage of issued share capital. Disclosable short position is defined in the Glossary of Definitions in the FSA Handbook. Positions must be disclosed on a net basis of all holdings. All financial instruments that represent a direct interest or direct economic interest in the relevant issuer must be included within such holdings.
goldfinger
- 09 Dec 2009 09:00
- 4 of 63
lot of 'ifs and buts' very risky, but potential rewards could be very high if things go right for National Express. Certainly not my usual type of buy but there does appear to be a near solid support floor in place something I have been using recently in this market with my longs....
goldfinger
- 11 Dec 2009 10:25
- 5 of 63
Late yesterday by Investec....
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
10-12-09 BUY 116.00 29.93 137.18 35.46
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
10-12-09 BUY 116.00 29.93 137.18 35.46
goldfinger
- 14 Dec 2009 20:44
- 6 of 63
Since beginning of December all broker ratings positive....
National Express Group PLC
SUMMARY CHARTS DIRECTOR DEALINGS FORECASTS WIRES
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
11-12-09 HOLD 118.98 30.88 143.17 37.16
Shore Capital
11-12-09 HOLD 112.20 55.20 155.00 22.70
Investec Securities
10-12-09 BUY 116.00 29.93 137.18 35.46
Astaire Securities
01-12-09 BUY 122.70 31.59 121.60 30.55
National Express Group PLC
SUMMARY CHARTS DIRECTOR DEALINGS FORECASTS WIRES
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
11-12-09 HOLD 118.98 30.88 143.17 37.16
Shore Capital
11-12-09 HOLD 112.20 55.20 155.00 22.70
Investec Securities
10-12-09 BUY 116.00 29.93 137.18 35.46
Astaire Securities
01-12-09 BUY 122.70 31.59 121.60 30.55
goldfinger
- 15 Dec 2009 19:53
- 7 of 63
And another Broker reco..
Broker recommendation full details
Date: 27 November, 2009
Broker: JP Morgan
Company: National Express
Recommendation:
Raises price target to 214p from 199
InterMarket Stock's recommendation rating:
Overweight
Broker recommendation full details
Date: 27 November, 2009
Broker: JP Morgan
Company: National Express
Recommendation:
Raises price target to 214p from 199
InterMarket Stock's recommendation rating:
Overweight
goldfinger
- 17 Dec 2009 10:03
- 8 of 63
BROKER CALL: National Express re-instated by Merrill Lynch as a buy
17 December, 2009 08:43:39 AM
Broker sets a 220p a share price target. It adds: 'Following considerable concerns across the industry in rail and subsequent downgrades, we estimate the UK Bus & Rail sector has underperformed the FTSE All Share by 23% year to date. Looking to 2010, we would expect a stronger relative performance. For National Express specifically, with a new CEO, lower balance sheet leverage and an improvement in underlying FY'10 EBIT (lower fuel, cost savings & some recovery in bus volumes), we see potential upside for the shares. The pre-close trading update is on the 21st Dec.'
17 December, 2009 08:43:39 AM
Broker sets a 220p a share price target. It adds: 'Following considerable concerns across the industry in rail and subsequent downgrades, we estimate the UK Bus & Rail sector has underperformed the FTSE All Share by 23% year to date. Looking to 2010, we would expect a stronger relative performance. For National Express specifically, with a new CEO, lower balance sheet leverage and an improvement in underlying FY'10 EBIT (lower fuel, cost savings & some recovery in bus volumes), we see potential upside for the shares. The pre-close trading update is on the 21st Dec.'
cynic
- 17 Dec 2009 17:13
- 9 of 63
already have this on my watchlist to buy when i have those boots back on
goldfinger
- 17 Dec 2009 19:41
- 10 of 63
Be quick then cyners........
And another broker BUY reco....
17-Dec-09 National Express Group NEX Bank of America Buy 185.00p 220.00p - Reiteration
220p SP target....
And another broker BUY reco....
17-Dec-09 National Express Group NEX Bank of America Buy 185.00p 220.00p - Reiteration
220p SP target....
cynic
- 17 Dec 2009 19:52
- 11 of 63
they also remain a fairly strong t/o target .... can't remember what stagecoach offered them a little while back, which was turned down
goldfinger
- 17 Dec 2009 19:58
- 12 of 63
Yep was a lot higher than present SP.
goldfinger
- 18 Dec 2009 12:38
- 13 of 63
BROKER CALL: National Express on the road to recovery
18 December, 2009 06:17:27 AM
Morgan Stanley resumes coverage with an overweight recommendation and 230p a share price target as it says NEX is firmly back on the road to recovery. The rights issue solves for the time being the funding crisis, while the management will be bolstered by the appointment of Dean Finch as chief executive. Broker says: 'At the current price NEX trades on a both a P/E and an EV/EBIT (ex-rail) for 2011e of 7.6x versus its peers on 8x on average. We are surprised that a "pure bus play" with now sector average financial leverage should trade at a discount to its peers, especially given the depressed profit margins and scope for recovery over and above our forecasts.'
18 December, 2009 06:17:27 AM
Morgan Stanley resumes coverage with an overweight recommendation and 230p a share price target as it says NEX is firmly back on the road to recovery. The rights issue solves for the time being the funding crisis, while the management will be bolstered by the appointment of Dean Finch as chief executive. Broker says: 'At the current price NEX trades on a both a P/E and an EV/EBIT (ex-rail) for 2011e of 7.6x versus its peers on 8x on average. We are surprised that a "pure bus play" with now sector average financial leverage should trade at a discount to its peers, especially given the depressed profit margins and scope for recovery over and above our forecasts.'
goldfinger
- 21 Dec 2009 08:20
- 14 of 63
RNS Number : 4471E
National Express Group PLC
21 December 2009
National Express Group PLC
Pre Close Statement
National Express Group PLC ("National Express" or "the Group"), the international public transport operator, today releases a pre-close trading update ahead of the year ending 31 December 2009.
Summary
Trading has continued in line with the trends reported in the third quarter Interim Management Statement on 22 October 2009, with full year profit expected to be consistent with the previous outlook.
Overall, the underlying revenue* trend has stabilised in the fourth quarter, in line with the previously reported rate. Both the UK and Spain continue to deliver a strong operating performance, with cost efficiencies offsetting areas of revenue weakness. Action in North America will start to address continued underperformance in operational cost management, while revenue has declined as expected on previous lower contract renewals.
During the fourth quarter, the Group has successfully delivered its key objectives:
We have successfully completed a strongly supported rights issue to achieve a more robust capital structure and significantly reduce debt to an appropriate level;
We have resolved our outstanding rail issues, by completing the exit from the loss-making East Coast franchise in November 2009 and with the UK government indicating that the Group will continue to operate its remaining two rail franchises to their normal termination dates in 2011**;
We have appointed Dean Finch as Group Chief Executive, to focus on delivering our future strategy; driving cost efficiency, maximising cash generation and selectively growing the business where value is enhanced.
These developments have built on our earlier success, with annualised cost savings of 50 million secured in 2009 and strong organic cash generation reducing underlying debt.
Performance
UK Coach has returned to underlying revenue growth, of 4%, in the fourth quarter, with successful marketing and yield management offering even better value for our customers. Our new Birmingham coach station has opened for business, delivering a major improvement in customer experience. UK Bus underlying revenue growth has remained resilient at 2% year to date, despite the ongoing impact of higher regional unemployment. Fares are being held, to support customer retention and encourage travel, and we have optimised route coverage to protect profitability. In Rail, reduced demand in East Anglia continues to be offset through revenue support. The final element of the 2009 UK cost reduction programme has been announced, to deliver the Group's full 50 million of annualised savings, and placing the UK business in a stronger position for 2010.
Encouragingly, in Spain the rate of underlying revenue decline has improved to 5%, although economic conditions remain challenging. Urban operations have been relatively stable, while there are signs of improvement in regional travel revenue. In long distance travel, operating kilometres have been reduced to match lower demand. Extensions of several concessions have been secured for a period of 10 years, reflecting a commitment by regional authorities to bus transport as a more efficient and sustainable solution.
As expected, revenue in North America has declined with the start of the new school year, reflecting previous lower contract renewals. Performance in managing costs, particularly from double-running in the centralisation of operations, has been disappointing, impacting margin. This will benefit from a stronger management action plan to be rolled out in 2010, supported by tailoring of the Business Transformation programme to optimise cost and benefit.
Commenting on the statement, Executive Chairman, John Devaney, said:
"This has been a challenging year for National Express but, as it draws to a close, I am pleased that we have tackled and resolved our significant issues. We have eliminated the loss-making elements of our rail business and restored our balance sheet through a well-supported rights issue. National Express will enter 2010 on a sound basis, enabling our new Group Chief Executive Dean Finch and the team to focus on improving the performance of our market-leading businesses and delivering shareholder value."
Enquiries:
National Express Group PLC
Jez Maiden, Group Finance Director
020 7506 4324
Nicole Lander, Director of Communications
0121 460 8401
Maitland
Neil Bennett/George Hudson
020 7379 5151
National Express Group PLC
21 December 2009
National Express Group PLC
Pre Close Statement
National Express Group PLC ("National Express" or "the Group"), the international public transport operator, today releases a pre-close trading update ahead of the year ending 31 December 2009.
Summary
Trading has continued in line with the trends reported in the third quarter Interim Management Statement on 22 October 2009, with full year profit expected to be consistent with the previous outlook.
Overall, the underlying revenue* trend has stabilised in the fourth quarter, in line with the previously reported rate. Both the UK and Spain continue to deliver a strong operating performance, with cost efficiencies offsetting areas of revenue weakness. Action in North America will start to address continued underperformance in operational cost management, while revenue has declined as expected on previous lower contract renewals.
During the fourth quarter, the Group has successfully delivered its key objectives:
We have successfully completed a strongly supported rights issue to achieve a more robust capital structure and significantly reduce debt to an appropriate level;
We have resolved our outstanding rail issues, by completing the exit from the loss-making East Coast franchise in November 2009 and with the UK government indicating that the Group will continue to operate its remaining two rail franchises to their normal termination dates in 2011**;
We have appointed Dean Finch as Group Chief Executive, to focus on delivering our future strategy; driving cost efficiency, maximising cash generation and selectively growing the business where value is enhanced.
These developments have built on our earlier success, with annualised cost savings of 50 million secured in 2009 and strong organic cash generation reducing underlying debt.
Performance
UK Coach has returned to underlying revenue growth, of 4%, in the fourth quarter, with successful marketing and yield management offering even better value for our customers. Our new Birmingham coach station has opened for business, delivering a major improvement in customer experience. UK Bus underlying revenue growth has remained resilient at 2% year to date, despite the ongoing impact of higher regional unemployment. Fares are being held, to support customer retention and encourage travel, and we have optimised route coverage to protect profitability. In Rail, reduced demand in East Anglia continues to be offset through revenue support. The final element of the 2009 UK cost reduction programme has been announced, to deliver the Group's full 50 million of annualised savings, and placing the UK business in a stronger position for 2010.
Encouragingly, in Spain the rate of underlying revenue decline has improved to 5%, although economic conditions remain challenging. Urban operations have been relatively stable, while there are signs of improvement in regional travel revenue. In long distance travel, operating kilometres have been reduced to match lower demand. Extensions of several concessions have been secured for a period of 10 years, reflecting a commitment by regional authorities to bus transport as a more efficient and sustainable solution.
As expected, revenue in North America has declined with the start of the new school year, reflecting previous lower contract renewals. Performance in managing costs, particularly from double-running in the centralisation of operations, has been disappointing, impacting margin. This will benefit from a stronger management action plan to be rolled out in 2010, supported by tailoring of the Business Transformation programme to optimise cost and benefit.
Commenting on the statement, Executive Chairman, John Devaney, said:
"This has been a challenging year for National Express but, as it draws to a close, I am pleased that we have tackled and resolved our significant issues. We have eliminated the loss-making elements of our rail business and restored our balance sheet through a well-supported rights issue. National Express will enter 2010 on a sound basis, enabling our new Group Chief Executive Dean Finch and the team to focus on improving the performance of our market-leading businesses and delivering shareholder value."
Enquiries:
National Express Group PLC
Jez Maiden, Group Finance Director
020 7506 4324
Nicole Lander, Director of Communications
0121 460 8401
Maitland
Neil Bennett/George Hudson
020 7379 5151
cynic
- 21 Dec 2009 09:13
- 15 of 63
sticky .... condense, condense, condense or edit, edit, edit! .... bought a few the other day and shall prob just sit on them for a few months
goldfinger
- 21 Dec 2009 09:42
- 16 of 63
Tipped Yesterday.....
Sunday Times
At the start of the year National Express looked to be skidding off the tracks.The bus and train group was weighed down by a toxic mix of mounting losses on its East Coast rail franchise and too much debt. In short, the City feared for its future.
Bids from rival Stagecoach may have failed but as the year draws to a close National Express, against all odds, looks well placed to start motoring again.
The company has secured its financial future with a 360m rights issue that will help it halve its 1bn debt pile. Shares are trading at eight times 2010 earnings. At this price they are worth tucking away as an each-way bet. Buy.
Sunday Times
At the start of the year National Express looked to be skidding off the tracks.The bus and train group was weighed down by a toxic mix of mounting losses on its East Coast rail franchise and too much debt. In short, the City feared for its future.
Bids from rival Stagecoach may have failed but as the year draws to a close National Express, against all odds, looks well placed to start motoring again.
The company has secured its financial future with a 360m rights issue that will help it halve its 1bn debt pile. Shares are trading at eight times 2010 earnings. At this price they are worth tucking away as an each-way bet. Buy.
goldfinger
- 21 Dec 2009 13:35
- 17 of 63
Cyners..... amazing after todays update investech have notifyed to the market that they reamain with there initial target........... gob smacked myself but here it is freshly in......
Company Rating Target Price Potential Upside/ Downside Contributing Broker
National Express Group Buy
437p target 133.3% Investec
133.3% upside.
Company Rating Target Price Potential Upside/ Downside Contributing Broker
National Express Group Buy
437p target 133.3% Investec
133.3% upside.
goldfinger
- 14 Jan 2010 08:59
- 18 of 63
broker Buy reco out late yesterday....
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
13-01-10 BUY 116.00 29.93 137.18 35.46
National Express Group PLC
FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Investec Securities
13-01-10 BUY 116.00 29.93 137.18 35.46
cynic
- 14 Jan 2010 09:39
- 19 of 63
already got them!
goldfinger
- 13 May 2011 09:28
- 20 of 63
SP broken out through ceiling of uptrend channel. Very bullish signal. New upleg on way !!
goldfinger
- 13 May 2011 09:42
- 21 of 63
NEX
Tipped inn Investors Inteligence this morning.....
Portfolio Update
Two long positions performed better than expected. National Express, a position initiated two days ago, broke to the upside (see right). This raises the possibility of a rally to 300p. We gingerly up the stop to 258p.
Tipped inn Investors Inteligence this morning.....
Portfolio Update
Two long positions performed better than expected. National Express, a position initiated two days ago, broke to the upside (see right). This raises the possibility of a rally to 300p. We gingerly up the stop to 258p.
halifax - 24 Oct 2012 15:01 - 22 of 63
sp down 10% after IMS.
skinny
- 20 May 2013 13:01
- 24 of 63
Looking rather bullish.
Half Year Results 25 July 2013
Half Year Results 25 July 2013
goldfinger
- 20 May 2013 16:19
- 25 of 63
NEX looking sexy.
HARRYCAT
- 22 Aug 2013 08:26
- 26 of 63
Ex divi wed 4th Sept (3.25p)
HARRYCAT
- 11 Apr 2014 13:56
- 27 of 63
Ex-divi wed 30th Apr (6.75p)
HARRYCAT
- 30 Oct 2014 07:56
- 28 of 63
StockMarketWire.com
National Express said during the period July 1 to date it has continued its strong progress. Q3 pretax profit was nearly 15% higher than the same period last year. "We are on target to meet our profit and cash expectations for the full year."
The company said it was progressively recovering the one-offs and currency translation impacts experienced in H1 through the delivery of revenue growth, performance improvements and cost efficiencies.
CEO Dean Finch commented:
"We have made good progress this quarter. We have won new contracts, renewed key concessions, and increased revenues in every division. Our profit last quarter was up on the same period in 2013, helping to offset the one-offs of the first half year. Our cash generation continues to be strong and will remain a focus for the business.
"This quarter again demonstrates that our strategy, rooted in excellent operational performance and customer service, is delivering retention and progression in our existing markets and securing expansion in to profitable new business. It is an approach we are determined to build on as we look at other opportunities in the coming months and years."
National Express continued to focus on driving strong cash generation and capital discipline:
· It was on course to deliver full year free cash flow target of £150 million, delivering nearly £500 million between 2012 and 2014;
· It was deploying capital selectively to protect and grow the business, investing in over 250 new buses over the next 12 months in UK Bus;
· The company's core diversified markets limit exposure and provide good growth potential;
· There would be a continued focus on cash generation in the coming years, developing capital light opportunities, reinvesting selectively in growth projects and driving shareholder value. National Express reported rising passenger numbers and revenue in every division this year:
· UK Bus has delivered 4% total revenue growth in the period and 3% year-to-date;
· Revenue is growing in Alsa with the successful roll out of revenue management in Spanish coach operations. Passenger volumes are now growing on all but one of the rail competed corridors and revenue has now recovered to the prior year level, delivering rapid progress;
· UK Coach has continued to build on last year's success, carrying 5% more passengers in the core express network year to date;
· North America has grown its number of routes, on the back of 98% targeted contract retention in the recent bid season;
· UK Rail has grown both revenue and passenger numbers and is well advanced on new franchise mobilisation.
It had also won new contracts and retained key concessions:
· Won a 10-year contract to run bus services in Bahrain, opening up the Middle East region for further growth;
· Retained and grown the company's largest Spanish concession to have come up for renewal so far - a €600 million total revenue contract for regional coach services in the Bilbao metropolitan region for up to 15 years;
· These achievements are built on the important successes earlier in the year, including: the retention of the 15 year, £4 billion Essex Thameside ('c2c') rail franchise; renewal of its largest US Transit contract; retention and significant growth of National Express' Memphis School Bus contract, becoming its largest contract in the US; successfully commissioning its new Moroccan bus franchise in Tangiers.
National Express said during the period July 1 to date it has continued its strong progress. Q3 pretax profit was nearly 15% higher than the same period last year. "We are on target to meet our profit and cash expectations for the full year."
The company said it was progressively recovering the one-offs and currency translation impacts experienced in H1 through the delivery of revenue growth, performance improvements and cost efficiencies.
CEO Dean Finch commented:
"We have made good progress this quarter. We have won new contracts, renewed key concessions, and increased revenues in every division. Our profit last quarter was up on the same period in 2013, helping to offset the one-offs of the first half year. Our cash generation continues to be strong and will remain a focus for the business.
"This quarter again demonstrates that our strategy, rooted in excellent operational performance and customer service, is delivering retention and progression in our existing markets and securing expansion in to profitable new business. It is an approach we are determined to build on as we look at other opportunities in the coming months and years."
National Express continued to focus on driving strong cash generation and capital discipline:
· It was on course to deliver full year free cash flow target of £150 million, delivering nearly £500 million between 2012 and 2014;
· It was deploying capital selectively to protect and grow the business, investing in over 250 new buses over the next 12 months in UK Bus;
· The company's core diversified markets limit exposure and provide good growth potential;
· There would be a continued focus on cash generation in the coming years, developing capital light opportunities, reinvesting selectively in growth projects and driving shareholder value. National Express reported rising passenger numbers and revenue in every division this year:
· UK Bus has delivered 4% total revenue growth in the period and 3% year-to-date;
· Revenue is growing in Alsa with the successful roll out of revenue management in Spanish coach operations. Passenger volumes are now growing on all but one of the rail competed corridors and revenue has now recovered to the prior year level, delivering rapid progress;
· UK Coach has continued to build on last year's success, carrying 5% more passengers in the core express network year to date;
· North America has grown its number of routes, on the back of 98% targeted contract retention in the recent bid season;
· UK Rail has grown both revenue and passenger numbers and is well advanced on new franchise mobilisation.
It had also won new contracts and retained key concessions:
· Won a 10-year contract to run bus services in Bahrain, opening up the Middle East region for further growth;
· Retained and grown the company's largest Spanish concession to have come up for renewal so far - a €600 million total revenue contract for regional coach services in the Bilbao metropolitan region for up to 15 years;
· These achievements are built on the important successes earlier in the year, including: the retention of the 15 year, £4 billion Essex Thameside ('c2c') rail franchise; renewal of its largest US Transit contract; retention and significant growth of National Express' Memphis School Bus contract, becoming its largest contract in the US; successfully commissioning its new Moroccan bus franchise in Tangiers.
HARRYCAT
- 26 Feb 2015 08:05
- 29 of 63
StockMarketWire.com
National Express has improved its FY pretax profit to £66.5m, from £64.4m a year earlier. Revenue was £1.87bn, from £1.89bn. It proposed a FY dividend of 10.3p a share, up 3% on the year.
CEO Dean Finch said:
"National Express has made significant progress over the past year. Every division is carrying more passengers and has grown revenue. We have successfully retained key existing contracts, recently won another two rail contracts in Germany and this month started operating our Bahrain bus contract.
"I am particularly pleased with our very strong cash performance, which has again exceeded our target.
"This strong performance means we are in an excellent position to continue to exploit new opportunities.
"Our North American business has more than doubled profitability in the last five years and provides us with a strong platform for further growth in the coming years. Coupled with the opportunity for further growth in German Rail and the Middle East, I am optimistic about the future prospects of the business."
Highlights:
· Group revenue increased 2% to £1.87 billion on a constant currency basis; down 1% on a reported basis (2013: £1.89bn)
· Group normalised profit before tax rose 7% to £145.4 million on a constant currency basis; up 1% on a reported basis (2013: £143.7m)
· Statutory Group profit before tax grew by 3% to £66.5 million (2013: £64.4m); up 10% on a constant currency basis
· Group ROCE increased to 12.4% (2013: 11.7%)
· Year-on-year EPS growth of 6% to 22.7 pence (2013: 21.5 pence)
· Free cash flow of £190 million is £40 million ahead of target and higher than last year (2013: £182.8m). Since 2009, National Express has generated £1billion of free cash
· Net debt reduced by over £80 million to £664.3 million (2013: £746.1m)
National Express has improved its FY pretax profit to £66.5m, from £64.4m a year earlier. Revenue was £1.87bn, from £1.89bn. It proposed a FY dividend of 10.3p a share, up 3% on the year.
CEO Dean Finch said:
"National Express has made significant progress over the past year. Every division is carrying more passengers and has grown revenue. We have successfully retained key existing contracts, recently won another two rail contracts in Germany and this month started operating our Bahrain bus contract.
"I am particularly pleased with our very strong cash performance, which has again exceeded our target.
"This strong performance means we are in an excellent position to continue to exploit new opportunities.
"Our North American business has more than doubled profitability in the last five years and provides us with a strong platform for further growth in the coming years. Coupled with the opportunity for further growth in German Rail and the Middle East, I am optimistic about the future prospects of the business."
Highlights:
· Group revenue increased 2% to £1.87 billion on a constant currency basis; down 1% on a reported basis (2013: £1.89bn)
· Group normalised profit before tax rose 7% to £145.4 million on a constant currency basis; up 1% on a reported basis (2013: £143.7m)
· Statutory Group profit before tax grew by 3% to £66.5 million (2013: £64.4m); up 10% on a constant currency basis
· Group ROCE increased to 12.4% (2013: 11.7%)
· Year-on-year EPS growth of 6% to 22.7 pence (2013: 21.5 pence)
· Free cash flow of £190 million is £40 million ahead of target and higher than last year (2013: £182.8m). Since 2009, National Express has generated £1billion of free cash
· Net debt reduced by over £80 million to £664.3 million (2013: £746.1m)
HARRYCAT
- 06 May 2015 08:03
- 30 of 63
StockMarketWire.com
National Express has made a good start to 2015 and is on track to deliver the Board's expectations for the full year, its CEO, Dean Finch, said. The results reflect the company's ongoing commitment to deliver excellent operational performance and customer service.
"We continue to drive our strategy to develop opportunities in existing and new markets with a number of exciting bids submitted since the start of the year and our plans for further bids are progressing well. We have seen the successful mobilisation of our operations in Bahrain, our first bus service contract in the Middle East, which we see as an important stepping stone towards further growth in the region.
"We continue to see Germany as an important market for our ambitions in rail and see prospects for further growth there. We believe that, in time, German Rail will make a significant contribution to Group earnings.
"Around the world, whether as a result of privatisations in Western countries or pressure for improved public transport in developing and emerging economies, we see a range of exciting opportunities for us. Our portfolio of assets uniquely positions National Express to exploit these opportunities.
"Cash generation remains strong and we are well placed to seek new avenues of growth, enabling us to continue to deliver shareholder value. In light of this and our long-term future in rail, we will review our dividend policy as the year progresses."
Performance highlights include:
· Growth in revenue across all divisions with passenger volumes up 2%
· Group profit ahead year-on-year after adjusting for one-off costs of adverse weather in North America and the strike in Spain last year, and also after absorbing increased premium charges in c2c in 2015
· Gearing is lower than in the same period last year and we remain on target to generate £100 million of free cash flow in 2015
· Strong financial performance in UK Bus, supported by passenger demand and cost control
· Encouraging start to the new c2c franchise ahead of the bid plan, with passenger volume growth of 4% and revenue growth of 10% boosted by good growth in peak and off-peak travel
· Revenue management in Spain delivering growth of 4% in revenue and 7% in passenger volume on actively managed routes - further roll out ongoing
· Strong growth in Morocco with revenue up 17%, driven by the scaling-up of operations in Tangier
· Continued strong contract retention in North America School Bus at 99% coupled with an average price increase of 5% in the current bid season, offsetting wage pressures
· New contract wins in UK Coach to operate from Stansted Airport and with British Airways to provide transport services for passengers and crew across the UK
· 1 million passenger journeys delivered in Bahrain since the successful mobilisation of our bus service operations in February
National Express has made a good start to 2015 and is on track to deliver the Board's expectations for the full year, its CEO, Dean Finch, said. The results reflect the company's ongoing commitment to deliver excellent operational performance and customer service.
"We continue to drive our strategy to develop opportunities in existing and new markets with a number of exciting bids submitted since the start of the year and our plans for further bids are progressing well. We have seen the successful mobilisation of our operations in Bahrain, our first bus service contract in the Middle East, which we see as an important stepping stone towards further growth in the region.
"We continue to see Germany as an important market for our ambitions in rail and see prospects for further growth there. We believe that, in time, German Rail will make a significant contribution to Group earnings.
"Around the world, whether as a result of privatisations in Western countries or pressure for improved public transport in developing and emerging economies, we see a range of exciting opportunities for us. Our portfolio of assets uniquely positions National Express to exploit these opportunities.
"Cash generation remains strong and we are well placed to seek new avenues of growth, enabling us to continue to deliver shareholder value. In light of this and our long-term future in rail, we will review our dividend policy as the year progresses."
Performance highlights include:
· Growth in revenue across all divisions with passenger volumes up 2%
· Group profit ahead year-on-year after adjusting for one-off costs of adverse weather in North America and the strike in Spain last year, and also after absorbing increased premium charges in c2c in 2015
· Gearing is lower than in the same period last year and we remain on target to generate £100 million of free cash flow in 2015
· Strong financial performance in UK Bus, supported by passenger demand and cost control
· Encouraging start to the new c2c franchise ahead of the bid plan, with passenger volume growth of 4% and revenue growth of 10% boosted by good growth in peak and off-peak travel
· Revenue management in Spain delivering growth of 4% in revenue and 7% in passenger volume on actively managed routes - further roll out ongoing
· Strong growth in Morocco with revenue up 17%, driven by the scaling-up of operations in Tangier
· Continued strong contract retention in North America School Bus at 99% coupled with an average price increase of 5% in the current bid season, offsetting wage pressures
· New contract wins in UK Coach to operate from Stansted Airport and with British Airways to provide transport services for passengers and crew across the UK
· 1 million passenger journeys delivered in Bahrain since the successful mobilisation of our bus service operations in February
HARRYCAT
- 29 Jul 2015 09:44
- 31 of 63
StockMarketWire.com
National Express has hiked its H1 pretax profit to £54.2m, from £23.4m. Group revenue was up 2.2% to £960.2m, from £939.5m. It proposed an interim dividend of 3.685p a share, up 10%on the year.
"The Group has made strong progress in the first half of the year with results in line with expectations and both revenue and profit up year-on-year," it said in a statement.
"We have achieved further significant new contract wins and we remain on target to generate £100 million of free cash for the full year. Our strong operational and financial position means we are both able to invest in growth and increase our interim dividend payment by 10%."
Financial highlights include:
· Revenue growth in every division in constant currency; Group revenue up 2.2% year-on-year to £960.2 million (2014: £939.5m).
· A 6% increase in like-for-like Group operating profit, after excluding rail and Middle East bid costs and at constant currency; Group normalised operating profit rose by 19%; statutory profit after tax increased by 117%.
· Return on capital employed increased to 11.9% (31 Dec 2014: 10.7%); excluding rail and Middle East bid costs return on capital employed has improved to 12.8% (31 Dec 2014: 12.4%).
· On target to generate £100m of free cash for the year.
· A proposed interim dividend of 3.685 pence, up 10% year-on-year (2014: 3.35 pence).
Consistent delivery against our strategy of operational excellence, driving strong returns and developing new business opportunities:
· Excellent start to the new c2c franchise with revenue growth of 10%, ahead of bid plan.
· Successful bid season in North America School Bus with an average price increase of 2.8% across the entire portfolio of contracts. Two small acquisitions were made at the end of the period and a new transit contract won.
· Further success in German rail with the awarding of two contracts for Rhine Ruhr Express services; contracted revenues secured now worth €2.6 billion.
· Successful mobilisation of our bus service operations in Bahrain, our first entry into the Middle East and opening further opportunities in the region including a joint bid already submitted to run bus operations in Makkah, Saudi Arabia.
· Continued progress in Spain of our revenue management programme on intercity routes competing with rail, with passengers up 7% and revenue increasing 4% on these flows. We have also won a fourth Moroccan bus contract.
· Shortlisted for the East Anglia rail franchise, which is due to be awarded in mid-2016, and commence in autumn 2016.
· We welcome the West Midlands ITA's decision to establish a new 'Bus Alliance' to build on our award-winning partnership
National Express has hiked its H1 pretax profit to £54.2m, from £23.4m. Group revenue was up 2.2% to £960.2m, from £939.5m. It proposed an interim dividend of 3.685p a share, up 10%on the year.
"The Group has made strong progress in the first half of the year with results in line with expectations and both revenue and profit up year-on-year," it said in a statement.
"We have achieved further significant new contract wins and we remain on target to generate £100 million of free cash for the full year. Our strong operational and financial position means we are both able to invest in growth and increase our interim dividend payment by 10%."
Financial highlights include:
· Revenue growth in every division in constant currency; Group revenue up 2.2% year-on-year to £960.2 million (2014: £939.5m).
· A 6% increase in like-for-like Group operating profit, after excluding rail and Middle East bid costs and at constant currency; Group normalised operating profit rose by 19%; statutory profit after tax increased by 117%.
· Return on capital employed increased to 11.9% (31 Dec 2014: 10.7%); excluding rail and Middle East bid costs return on capital employed has improved to 12.8% (31 Dec 2014: 12.4%).
· On target to generate £100m of free cash for the year.
· A proposed interim dividend of 3.685 pence, up 10% year-on-year (2014: 3.35 pence).
Consistent delivery against our strategy of operational excellence, driving strong returns and developing new business opportunities:
· Excellent start to the new c2c franchise with revenue growth of 10%, ahead of bid plan.
· Successful bid season in North America School Bus with an average price increase of 2.8% across the entire portfolio of contracts. Two small acquisitions were made at the end of the period and a new transit contract won.
· Further success in German rail with the awarding of two contracts for Rhine Ruhr Express services; contracted revenues secured now worth €2.6 billion.
· Successful mobilisation of our bus service operations in Bahrain, our first entry into the Middle East and opening further opportunities in the region including a joint bid already submitted to run bus operations in Makkah, Saudi Arabia.
· Continued progress in Spain of our revenue management programme on intercity routes competing with rail, with passengers up 7% and revenue increasing 4% on these flows. We have also won a fourth Moroccan bus contract.
· Shortlisted for the East Anglia rail franchise, which is due to be awarded in mid-2016, and commence in autumn 2016.
· We welcome the West Midlands ITA's decision to establish a new 'Bus Alliance' to build on our award-winning partnership
HARRYCAT
- 29 Oct 2015 07:52
- 32 of 63
StockMarketWire.com
National Express said it has continued its strong progress in the period 1 July to Sept. 30. Revenue has grown year on year in every division on a constant currency basis over this important core summer period.
"Our focus on operational excellence continues to open new market opportunities, deliver strong cash flows and secure widespread external recognition for us as the leader in the markets we serve," the company said in a statement.
"Year to date, like-for-like Group operating profit is 6% higher after excluding rail and Middle East bid costs on a constant currency basis and up 16% on a reported basis.
"Our businesses have performed well in the period and as we enter the final quarter, we remain on course to deliver our cash flow target for the year and are confident of delivering good-quality growth for 2015 as a whole."
Highlights:
· Group revenue up 3% on a constant currency basis with revenue up in every division.
· Like-for-like Group operating profit up 7% in the period, after excluding rail and Middle East bid costs and at constant currency.
· Continued excellent performance in c2c ahead of bid plan's forecasts, with 10% growth in revenue and 5% passenger growth year to date.
· Record passenger numbers, the on-going successful roll out of our Revenue Management System and continued strong growth in Morocco have delivered increased revenues of nearly 3.5% on a constant currency basis in our Spanish division.
· Revenue growth in North America of 3% excluding targeted exited contracts, resulting in further progress on our margin improvement strategy.
· Commercial revenue growth of 2% in UK Bus and approval for a five year 'Bus Alliance' by the West Midlands ITA, succeeding our existing partnership.
· Strong revenue growth of 3.5% in our core UK Coach business, including a record for July passenger numbers.
National Express said it has continued its strong progress in the period 1 July to Sept. 30. Revenue has grown year on year in every division on a constant currency basis over this important core summer period.
"Our focus on operational excellence continues to open new market opportunities, deliver strong cash flows and secure widespread external recognition for us as the leader in the markets we serve," the company said in a statement.
"Year to date, like-for-like Group operating profit is 6% higher after excluding rail and Middle East bid costs on a constant currency basis and up 16% on a reported basis.
"Our businesses have performed well in the period and as we enter the final quarter, we remain on course to deliver our cash flow target for the year and are confident of delivering good-quality growth for 2015 as a whole."
Highlights:
· Group revenue up 3% on a constant currency basis with revenue up in every division.
· Like-for-like Group operating profit up 7% in the period, after excluding rail and Middle East bid costs and at constant currency.
· Continued excellent performance in c2c ahead of bid plan's forecasts, with 10% growth in revenue and 5% passenger growth year to date.
· Record passenger numbers, the on-going successful roll out of our Revenue Management System and continued strong growth in Morocco have delivered increased revenues of nearly 3.5% on a constant currency basis in our Spanish division.
· Revenue growth in North America of 3% excluding targeted exited contracts, resulting in further progress on our margin improvement strategy.
· Commercial revenue growth of 2% in UK Bus and approval for a five year 'Bus Alliance' by the West Midlands ITA, succeeding our existing partnership.
· Strong revenue growth of 3.5% in our core UK Coach business, including a record for July passenger numbers.
HARRYCAT
- 01 Dec 2015 12:45
- 33 of 63
StockMarketWire.com
National Express Group has announced that its Spanish business, ALSA, has had the award of a contract under the Spanish Government's Imserso pensioner holiday scheme confirmed.
ALSA's contract award has been confirmed for an initial two years, with the option of a two year extension. Across the four years ALSA will obtain more than 80 million Euro in revenue. Ticket sales have already opened and the first journeys will begin on the 12th December. The Company added that the contract will be profitable from the start.
The Imserso pensioner holiday scheme is a Government programme that supports the Spanish tourist industry outside of the holiday season by providing subsidised trips for pensioners. The consortium ALSA is part of has won the contract for Spanish pensioners to travel to the Balearic and Canary islands.
Specifically, ALSA will operate the passenger transfers to and from Spanish Airports, between the Balearic and Canary island airports and resorts and tourist tours on the islands. ALSA will also provide some catering services and expects to carry more than 270,000 passengers a year.
Dean Finch, National Express Group Chief Executive, said: "This is an important contract win for ALSA and is profitable from day one. Imserso is a well-known initiative for the Spanish tourist industry and we are hopeful that there could be the opportunity to expand our work further. This award builds on the important progress ALSA has made this year, including a fourth new contract in Morocco and a record number of passengers carried over the Summer months. We look forward to delivering these Spanish holidaymakers with high quality comfort and service."
National Express Group has announced that its Spanish business, ALSA, has had the award of a contract under the Spanish Government's Imserso pensioner holiday scheme confirmed.
ALSA's contract award has been confirmed for an initial two years, with the option of a two year extension. Across the four years ALSA will obtain more than 80 million Euro in revenue. Ticket sales have already opened and the first journeys will begin on the 12th December. The Company added that the contract will be profitable from the start.
The Imserso pensioner holiday scheme is a Government programme that supports the Spanish tourist industry outside of the holiday season by providing subsidised trips for pensioners. The consortium ALSA is part of has won the contract for Spanish pensioners to travel to the Balearic and Canary islands.
Specifically, ALSA will operate the passenger transfers to and from Spanish Airports, between the Balearic and Canary island airports and resorts and tourist tours on the islands. ALSA will also provide some catering services and expects to carry more than 270,000 passengers a year.
Dean Finch, National Express Group Chief Executive, said: "This is an important contract win for ALSA and is profitable from day one. Imserso is a well-known initiative for the Spanish tourist industry and we are hopeful that there could be the opportunity to expand our work further. This award builds on the important progress ALSA has made this year, including a fourth new contract in Morocco and a record number of passengers carried over the Summer months. We look forward to delivering these Spanish holidaymakers with high quality comfort and service."
HARRYCAT
- 16 Dec 2015 08:37
- 34 of 63
StockMarketWire.com
National Express Group has been awarded the Nuremberg S-Bahn contract. The decision comes after Sunday's successful launch of National Express' first German services - two contracts to run services on the Rhine Munster Express lines.
In addition, National Express is experiencing positive trading in the run-up to Christmas with three businesses, UK Coach, c2c and ALSA all recording record pre-Christmas passenger demand.
"We are delighted with the decision. We look forward to providing the people of Nuremberg with a high quality service in the coming years and are pleased to be able to now focus on putting our plans into practice," said the company.
"We have now secured €4 billion of revenues in German rail and have a further €4 billion in our active pipeline of future bids."
National Express Group has been awarded the Nuremberg S-Bahn contract. The decision comes after Sunday's successful launch of National Express' first German services - two contracts to run services on the Rhine Munster Express lines.
In addition, National Express is experiencing positive trading in the run-up to Christmas with three businesses, UK Coach, c2c and ALSA all recording record pre-Christmas passenger demand.
"We are delighted with the decision. We look forward to providing the people of Nuremberg with a high quality service in the coming years and are pleased to be able to now focus on putting our plans into practice," said the company.
"We have now secured €4 billion of revenues in German rail and have a further €4 billion in our active pipeline of future bids."
HARRYCAT
- 25 Feb 2016 09:21
- 35 of 63
StockMarketWire.com
National Express has hiked its FY statutory pretax profit to GBP109.1m, from GBP60.6m. This was accompanied with a 10% rise in FY proposed dividend to 11.33p, from 10.3p. Group revenue was up 2.8% to GBP1.92bn, from GBP1.87bn.
"With revenues, profits and margins up in every division and a growing dividend underpinned by a strong and sustainable free cash flow, the Group enters 2016 in a good position," the company said in a statement.
"Our strategic focus on consistently delivering operational excellence to drive returns and generate new business opportunities has continued to secure good growth and market expansion in our existing businesses.
"At the same time, our successful entry into new markets has also demonstrated the significant future growth opportunities for the Group which complement the progress made in our established markets."
National Express has hiked its FY statutory pretax profit to GBP109.1m, from GBP60.6m. This was accompanied with a 10% rise in FY proposed dividend to 11.33p, from 10.3p. Group revenue was up 2.8% to GBP1.92bn, from GBP1.87bn.
"With revenues, profits and margins up in every division and a growing dividend underpinned by a strong and sustainable free cash flow, the Group enters 2016 in a good position," the company said in a statement.
"Our strategic focus on consistently delivering operational excellence to drive returns and generate new business opportunities has continued to secure good growth and market expansion in our existing businesses.
"At the same time, our successful entry into new markets has also demonstrated the significant future growth opportunities for the Group which complement the progress made in our established markets."
HARRYCAT
- 26 Feb 2016 13:12
- 36 of 63
Barclays Capital today reaffirms its overweight investment rating on National Express Group PLC (LON:NEX) and raised its price target to 385p (from 373p).
HARRYCAT
- 11 May 2016 08:55
- 37 of 63
StockMarketWire.com
National Express has made a strong start to the year and remains on target to deliver its profit expectation and free cash flow and leverage targets for the year.
Total revenue was up 11% in the period Jan. 1 to April 30 on a constant currency basis, including the benefit from acquisitions and the start of German rail operations in December 2015.
After adjusting for these new operations, revenue was up 4% on an underlying basis. All divisions achieved an increase in revenue, supported by total underlying passenger growth across the Group of 3%.
HIGHLIGHTS:
* Group profit before tax is up year-on-year on a constant currency basis, despite higher bid costs and a significant increase in the c2c franchise premium.
* UK Bus had commercial revenue growth of 3%, with passenger volumes broadly flat. These results demonstrate that our partnership-based strategy continues to yield results.
* 4% underlying revenue growth in UK Coach, which was achieved despite a notable reduction in passenger numbers immediately following the terrorist attacks in Brussels in late March. Despite this, passenger volumes grew by 6% in the period. We expect revenue growth to recover from this weak April through to the half year, based on improvements starting to be seen in advance bookings.
* 7% like-for-like growth in passenger journeys at c2c. Following a surge in demand after the introduction of a new timetable in December 2015, agreement has been reached with the Department for Transport to bring 24 carriages into service later this year, three years ahead of schedule and at no net incremental cost to the Group.
* Passenger growth of 5% and revenue growth of 3% in Spain in the period, driven by further progress on Revenue Management as well as new contract wins and the acquisition of Herranz in December 2015.
* Morocco saw more than 50 million passenger journeys during the period, a growth of 11% year-on-year. Our operations in all four cities grew passengers and revenue and we now carry more passengers in Morocco than Spain.
* The North American School Bus bid season is well-progressed and has continued our very high retention rates, with 96% of contracts retained to-date. Where contracts have been renegotiated or renewed we have secured an average rate increase of 5%. This has resulted in an average increase across the entire portfolio of more than 3%. North America has had the best start to the year it has ever enjoyed, in part benefiting from less weather disruption than previous years.
* Continued growth in Transit, including securing a three year extension and $2 million of additional revenue from new routes on the largest contract acquired as part of the Trans Express purchase in June 2015.
* Successful mobilisation of German Rail operations: more than six million passengers carried already in 2016, in-line with expectations; punctuality and services operated already ahead of previous operator's performance with a steady improvement over the period. Consequently we expect our German rail operations to break even in the current year.
* Celebrated first full year of operations in Bahrain, where we now carry more than one million passengers on our buses every month.
National Express has made a strong start to the year and remains on target to deliver its profit expectation and free cash flow and leverage targets for the year.
Total revenue was up 11% in the period Jan. 1 to April 30 on a constant currency basis, including the benefit from acquisitions and the start of German rail operations in December 2015.
After adjusting for these new operations, revenue was up 4% on an underlying basis. All divisions achieved an increase in revenue, supported by total underlying passenger growth across the Group of 3%.
HIGHLIGHTS:
* Group profit before tax is up year-on-year on a constant currency basis, despite higher bid costs and a significant increase in the c2c franchise premium.
* UK Bus had commercial revenue growth of 3%, with passenger volumes broadly flat. These results demonstrate that our partnership-based strategy continues to yield results.
* 4% underlying revenue growth in UK Coach, which was achieved despite a notable reduction in passenger numbers immediately following the terrorist attacks in Brussels in late March. Despite this, passenger volumes grew by 6% in the period. We expect revenue growth to recover from this weak April through to the half year, based on improvements starting to be seen in advance bookings.
* 7% like-for-like growth in passenger journeys at c2c. Following a surge in demand after the introduction of a new timetable in December 2015, agreement has been reached with the Department for Transport to bring 24 carriages into service later this year, three years ahead of schedule and at no net incremental cost to the Group.
* Passenger growth of 5% and revenue growth of 3% in Spain in the period, driven by further progress on Revenue Management as well as new contract wins and the acquisition of Herranz in December 2015.
* Morocco saw more than 50 million passenger journeys during the period, a growth of 11% year-on-year. Our operations in all four cities grew passengers and revenue and we now carry more passengers in Morocco than Spain.
* The North American School Bus bid season is well-progressed and has continued our very high retention rates, with 96% of contracts retained to-date. Where contracts have been renegotiated or renewed we have secured an average rate increase of 5%. This has resulted in an average increase across the entire portfolio of more than 3%. North America has had the best start to the year it has ever enjoyed, in part benefiting from less weather disruption than previous years.
* Continued growth in Transit, including securing a three year extension and $2 million of additional revenue from new routes on the largest contract acquired as part of the Trans Express purchase in June 2015.
* Successful mobilisation of German Rail operations: more than six million passengers carried already in 2016, in-line with expectations; punctuality and services operated already ahead of previous operator's performance with a steady improvement over the period. Consequently we expect our German rail operations to break even in the current year.
* Celebrated first full year of operations in Bahrain, where we now carry more than one million passengers on our buses every month.
HARRYCAT
- 25 Oct 2016 08:30
- 38 of 63
StockMarketWire.com
National Express said it is on course to at least deliver its targets for profit, cash flow and gearing for the year.
"The Group has continued to make strong progress in the period," it said in a statement.
"Both revenue and profit are up year-on-year in constant currency, with operating profit up 9% in the third quarter driven by particularly strong performances in our overseas businesses, through both organic growth and the benefit of acquisitions.
"Year to date, like-for-like Group operating profit is 5% higher on a constant currency basis and up 12% on a reported basis, boosted by foreign currency movements on overseas earnings and after a significant increase in the c2c franchise premium."
CEO Dean Finch commented:
"With two thirds of our earnings generated outside of the UK this geographic diversity, combined with a focus on operational excellence and the deployment of technology, continues to deliver good growth, a strong cash flow and opens new market opportunities.
"We will stick to our fundamental principles of safe and punctual operations at affordable prices with particular emphasis on controlling costs to generate cash and keep fares low.
"The combination of our relatively resilient UK performance together with the strong growth we are seeing from our international operations enables us to selectively invest in growth opportunities subject to our strict financial criteria and continue to deliver attractive and sustainable returns to shareholders."
National Express said it is on course to at least deliver its targets for profit, cash flow and gearing for the year.
"The Group has continued to make strong progress in the period," it said in a statement.
"Both revenue and profit are up year-on-year in constant currency, with operating profit up 9% in the third quarter driven by particularly strong performances in our overseas businesses, through both organic growth and the benefit of acquisitions.
"Year to date, like-for-like Group operating profit is 5% higher on a constant currency basis and up 12% on a reported basis, boosted by foreign currency movements on overseas earnings and after a significant increase in the c2c franchise premium."
CEO Dean Finch commented:
"With two thirds of our earnings generated outside of the UK this geographic diversity, combined with a focus on operational excellence and the deployment of technology, continues to deliver good growth, a strong cash flow and opens new market opportunities.
"We will stick to our fundamental principles of safe and punctual operations at affordable prices with particular emphasis on controlling costs to generate cash and keep fares low.
"The combination of our relatively resilient UK performance together with the strong growth we are seeing from our international operations enables us to selectively invest in growth opportunities subject to our strict financial criteria and continue to deliver attractive and sustainable returns to shareholders."
mitzy - 25 Oct 2016 13:21 - 39 of 63
Looking for 400p here.
HARRYCAT
- 11 Jan 2017 08:32
- 40 of 63
StockMarketWire.com
National Express Group has reached an in-principle agreement for Trenitalia, the passenger rail transportation company part of FS Italiane Group, to acquire the c2c franchise.
Completion of the acquisition is conditional upon final consent from the Department for Transport and is expected to occur within the next three to four weeks.
The total consideration is expected to be in the region of £70 million, resulting in a small net profit for National Express.
National Express Group has reached an in-principle agreement for Trenitalia, the passenger rail transportation company part of FS Italiane Group, to acquire the c2c franchise.
Completion of the acquisition is conditional upon final consent from the Department for Transport and is expected to occur within the next three to four weeks.
The total consideration is expected to be in the region of £70 million, resulting in a small net profit for National Express.
HARRYCAT
- 31 Jan 2017 11:12
- 41 of 63
.
skinny
- 31 Jan 2017 11:15
- 42 of 63
Blimey - that's a leap of faith!
skinny
- 31 Jan 2017 11:18
- 43 of 63
HARRYCAT
- 31 Jan 2017 11:55
- 44 of 63
Very slow recovery from the 2008/9 financial crisis.....Shame that brokers never give a time scale with their price predictions.
HARRYCAT
- 23 Feb 2017 09:44
- 45 of 63
StockMarketWire.com
National Express lifted its FY statutory pretax profit by 11%, revenue by 20% and proposed dividend by 8.4% after what it called another strong performance.
"Our diversified portfolio has delivered another strong performance in 2016, with both revenue and profits up on a constant currency and statutory basis, improving returns and strong cash generation, and a growing dividend," it said.
The company had seen particularly strong growth in its overseas markets, both from acquisitions and organically.
"As we enter 2017, we have a number of tailwinds including the benefits from our successful refinancing of our bond, the full-year effect of acquisitions and lower fuel costs," it added in a statement.
National Express said it had a clear strategy for growth and remained focused on disciplined capital allocation, with a strong pipeline of opportunities for 2017 and beyond.
"The strength of our business, coupled with the removal of our c2c franchise commitments, means we are both raising our annual free cash flow guidance to £120m and we propose a 10% increase in the final dividend."
Earlier in February, National Express completed the sale of c2c to Trenitalia.
Statutory pretax profit was £136.3m, from £122.7m, while group revenue was £2.1bn, from £1.75bn. FY proposed dividend was 12.28p a share, from 11.33p.
National Express lifted its FY statutory pretax profit by 11%, revenue by 20% and proposed dividend by 8.4% after what it called another strong performance.
"Our diversified portfolio has delivered another strong performance in 2016, with both revenue and profits up on a constant currency and statutory basis, improving returns and strong cash generation, and a growing dividend," it said.
The company had seen particularly strong growth in its overseas markets, both from acquisitions and organically.
"As we enter 2017, we have a number of tailwinds including the benefits from our successful refinancing of our bond, the full-year effect of acquisitions and lower fuel costs," it added in a statement.
National Express said it had a clear strategy for growth and remained focused on disciplined capital allocation, with a strong pipeline of opportunities for 2017 and beyond.
"The strength of our business, coupled with the removal of our c2c franchise commitments, means we are both raising our annual free cash flow guidance to £120m and we propose a 10% increase in the final dividend."
Earlier in February, National Express completed the sale of c2c to Trenitalia.
Statutory pretax profit was £136.3m, from £122.7m, while group revenue was £2.1bn, from £1.75bn. FY proposed dividend was 12.28p a share, from 11.33p.
skinny
- 23 Feb 2017 09:49
- 46 of 63
skinny
- 27 Feb 2017 11:05
- 47 of 63
An update on post 43 & 46.
HARRYCAT
- 10 Apr 2017 12:21
- 48 of 63
RBC Capital Markets today reaffirms its outperform investment rating on National Express Group PLC (LON:NEX) and raised its price target to 440p (from 405p).
HSBC today (28/04/17) reaffirms its buy investment rating on National Express Group PLC (LON:NEX) and raised its price target to 440p (from 400p).
HSBC today (28/04/17) reaffirms its buy investment rating on National Express Group PLC (LON:NEX) and raised its price target to 440p (from 400p).
HARRYCAT
- 10 May 2017 10:28
- 49 of 63
StockMarketWire.com
National Express Group said in a trading update for the period Jan. 1 to April 30 that it has maintained its strong momentum from 2016, and is on target to deliver its FY profit expectation.
There was an overall revenue increase from continuing operations of 5.4% on a constant currency basis, up 15.8% on a reported basis, benefiting from organic growth and a number of bolt-on acquisitions made last year, together with significant foreign exchange tailwinds.
"The group remains on target to deliver its profit expectation and free cash flow and leverage targets for the year," said National Express.
CEO Dean Finch was pleased National Express had maintained its strong momentum into 2017, with a good revenue performance driven by both organic growth and the benefit of our recent acquisitions.
"Our diversified portfolio is providing broad-based growth that is also providing additional opportunities for further expansion," he said.
"We will continue to focus on operational excellence to drive our growth by both delivering high standard services for our customers and generating cash and returns that we can invest in future expansion.
"These opportunities will continue to be sought in a disciplined manner and we will only pursue them if they meet our strict financial criteria. We remain on track to meet our full year profit and cash flow expectations."
National Express Group said in a trading update for the period Jan. 1 to April 30 that it has maintained its strong momentum from 2016, and is on target to deliver its FY profit expectation.
There was an overall revenue increase from continuing operations of 5.4% on a constant currency basis, up 15.8% on a reported basis, benefiting from organic growth and a number of bolt-on acquisitions made last year, together with significant foreign exchange tailwinds.
"The group remains on target to deliver its profit expectation and free cash flow and leverage targets for the year," said National Express.
CEO Dean Finch was pleased National Express had maintained its strong momentum into 2017, with a good revenue performance driven by both organic growth and the benefit of our recent acquisitions.
"Our diversified portfolio is providing broad-based growth that is also providing additional opportunities for further expansion," he said.
"We will continue to focus on operational excellence to drive our growth by both delivering high standard services for our customers and generating cash and returns that we can invest in future expansion.
"These opportunities will continue to be sought in a disciplined manner and we will only pursue them if they meet our strict financial criteria. We remain on track to meet our full year profit and cash flow expectations."
HARRYCAT
- 24 May 2017 13:58
- 50 of 63
JP Morgan Cazenove today upgrades its investment rating on National Express Group PLC (LON:NEX) to overweight (from neutral) and raised its price target to 404p (from 383p).
HARRYCAT
- 27 Jul 2017 16:55
- 51 of 63
StockMarketWire.com
National Express (NEX) grew its normalised pre-tax profit by 11% at constant currency to £88.9m in the first half of the year.
Group revenues grew by 6.5% to £1.17bn.
The group increased its dividend by 10.1% to 4.26p.
The North American and ALSA divisions delivered a record half year, with profit increases of 8.2% an 9.2% respectively.
Dean Finch, National Express group chief executive, said this more than offset challenging trading in the UK.
"We continue to see the benefit of our recent acquisitions in driving good growth and creating shareholder value. These acquisitions are also helping us to expand in new growth markets, but we will remain disciplined in the opportunities we pursue," he added.
National Express (NEX) grew its normalised pre-tax profit by 11% at constant currency to £88.9m in the first half of the year.
Group revenues grew by 6.5% to £1.17bn.
The group increased its dividend by 10.1% to 4.26p.
The North American and ALSA divisions delivered a record half year, with profit increases of 8.2% an 9.2% respectively.
Dean Finch, National Express group chief executive, said this more than offset challenging trading in the UK.
"We continue to see the benefit of our recent acquisitions in driving good growth and creating shareholder value. These acquisitions are also helping us to expand in new growth markets, but we will remain disciplined in the opportunities we pursue," he added.
HARRYCAT
- 04 Dec 2017 10:54
- 52 of 63
StockMarketWire.com
National Express Group said it had completed two small acquisitions in the US and Spain, while affirming that current trading conditions met its expectations.
The acquisitions, for which purchase prices weren't disclosed, included a school bus and coach business with 204 vehicles, based in Cincinnati, and a Madrid-based bus operator with 73 vehicles.
"We continued to see a good trading performance across all of our divisions during October and November, in line with the trends set out in our most recent trading update," the company said.
"We are encouraged by strong early Christmas trading in both our UK and Spanish coach businesses, with advanced sales higher than last year."
"Overall, we remain on course to deliver our profit, free cash flow and leverage targets for the full year."
National Express Group said it had completed two small acquisitions in the US and Spain, while affirming that current trading conditions met its expectations.
The acquisitions, for which purchase prices weren't disclosed, included a school bus and coach business with 204 vehicles, based in Cincinnati, and a Madrid-based bus operator with 73 vehicles.
"We continued to see a good trading performance across all of our divisions during October and November, in line with the trends set out in our most recent trading update," the company said.
"We are encouraged by strong early Christmas trading in both our UK and Spanish coach businesses, with advanced sales higher than last year."
"Overall, we remain on course to deliver our profit, free cash flow and leverage targets for the full year."
HARRYCAT
- 16 Jan 2018 10:29
- 53 of 63
StockMarketWire.com
National Express Group said an initial assessment of new US tax legislation indicated it would lead to a reduction in the company's effective tax rate from January 1 this year.
The company forecast that the rate would reduce to a percentage point figure in the low 20s, down from a previously anticipated high 20s.
"It is also expected that the measures outlined in the Act will lead to a small tax credit in 2017," the company said. "This is due to the revaluation of deferred tax balances and will be included in the group's 2017 full year results."
National Express said it closed 2017 with a continuation of the positive trading momentum identified in its December trading statement.
National Express Group said an initial assessment of new US tax legislation indicated it would lead to a reduction in the company's effective tax rate from January 1 this year.
The company forecast that the rate would reduce to a percentage point figure in the low 20s, down from a previously anticipated high 20s.
"It is also expected that the measures outlined in the Act will lead to a small tax credit in 2017," the company said. "This is due to the revaluation of deferred tax balances and will be included in the group's 2017 full year results."
National Express said it closed 2017 with a continuation of the positive trading momentum identified in its December trading statement.
HARRYCAT
- 01 Mar 2018 16:17
- 54 of 63
StockMarketWire.com
National Express made a profit before tax of £200m in 2017, up 11.7% on the previous year.
Group revenue increased by 6.1% to £2.32bn, with growth across all of the portfolio.
The group achieved particularly strong performances in both North America and ALSA, with revenues up 10.1% and 3.6% respectively.
The group's performance in the second half of 2017 in the UK reversed the declines seen in the first six months, to deliver annual revenue growth of 0.6% in the bus and coach businesses.
German rail saw a 20.4% increase in constant currency, in part due to a recognition of revenues that were not included in the 2016 accounts.
Free cash flow increased to £146.4 million (2016: £138.6m) and the group's gearing reduced to 2.3 times EBITDA.
The company is proposing a 10% increase in the final dividend to 13.51p
National Express made a profit before tax of £200m in 2017, up 11.7% on the previous year.
Group revenue increased by 6.1% to £2.32bn, with growth across all of the portfolio.
The group achieved particularly strong performances in both North America and ALSA, with revenues up 10.1% and 3.6% respectively.
The group's performance in the second half of 2017 in the UK reversed the declines seen in the first six months, to deliver annual revenue growth of 0.6% in the bus and coach businesses.
German rail saw a 20.4% increase in constant currency, in part due to a recognition of revenues that were not included in the 2016 accounts.
Free cash flow increased to £146.4 million (2016: £138.6m) and the group's gearing reduced to 2.3 times EBITDA.
The company is proposing a 10% increase in the final dividend to 13.51p
HARRYCAT
- 12 Mar 2018 09:53
- 55 of 63
Deutsche Bank today reaffirms its hold investment rating on National Express Group PLC (LON:NEX) and raised its price target to 390p (from 380p).
HARRYCAT
- 19 Apr 2018 10:18
- 56 of 63
Liberum Capital today downgrades its investment rating on National Express Group PLC (LON:NEX) to hold (from buy) and cut its price target to 410p (from 420p).
HARRYCAT
- 16 May 2018 09:39
- 57 of 63
StockMarketWire.com
Bus and train service operator National Express Group said revenue grew by 6.2% in the first fourth months of the year on a constant currency basis, boosted by a strong performance at its North American bus business.
On a reported basis, revenue grew by 1.7%.
Revenue from the North American operation grew 9.0% on a constant currency basis, which the company said reflected the benefit of recent acquisitions and 'robust' underlying trading, despite the impact of school closures after a period of severe snow.
A 'sizeable proportion' of the lost schools days were expected to be made up within the first half of the year, National Express said.
The UK bus and coach businesses grew sales by 0.7% and 2.3%, respectively, while revenue at the German rail business fell by 0.7%.
'We remain on track to meet our full year profit and cash flow expectations,' chief executive Dean Finch said.
Bus and train service operator National Express Group said revenue grew by 6.2% in the first fourth months of the year on a constant currency basis, boosted by a strong performance at its North American bus business.
On a reported basis, revenue grew by 1.7%.
Revenue from the North American operation grew 9.0% on a constant currency basis, which the company said reflected the benefit of recent acquisitions and 'robust' underlying trading, despite the impact of school closures after a period of severe snow.
A 'sizeable proportion' of the lost schools days were expected to be made up within the first half of the year, National Express said.
The UK bus and coach businesses grew sales by 0.7% and 2.3%, respectively, while revenue at the German rail business fell by 0.7%.
'We remain on track to meet our full year profit and cash flow expectations,' chief executive Dean Finch said.
HARRYCAT
- 02 Jul 2018 11:45
- 58 of 63
UBS today downgrades its investment rating on National Express Group PLC (LON:NEX) to neutral (from buy) and raised its price target to 415p (from 410p).
HARRYCAT
- 04 Jul 2018 09:42
- 59 of 63
StockMarketWire.com
National Express Group said it had been awarded a major bus contract in the cities of Rabat, Sala and Temara in Morocco.
The 500-bus contract, expected to carry 109m passengers a year across 61 routes, would source an anticipated €1bn of revenue over its life, the company said.
It was initially for 15 years, with an option of a further seven-year extension, with services commencing within a year. 'It is particularly pleasing that our track record for service excellence in Morocco played a significant part in this successful bid,' chief executive Dean Finch said.
'We hope to build on this success and secure further expansion in the coming years.'
National Express Group said it had been awarded a major bus contract in the cities of Rabat, Sala and Temara in Morocco.
The 500-bus contract, expected to carry 109m passengers a year across 61 routes, would source an anticipated €1bn of revenue over its life, the company said.
It was initially for 15 years, with an option of a further seven-year extension, with services commencing within a year. 'It is particularly pleasing that our track record for service excellence in Morocco played a significant part in this successful bid,' chief executive Dean Finch said.
'We hope to build on this success and secure further expansion in the coming years.'
HARRYCAT
- 26 Jul 2018 08:45
- 60 of 63
StockMarketWire.com
National Express said statutory half year pre-tax profit jumped 24% to £80.1m in the first half of 2018.
The transport operator reported growth in free cash of over 3% to £85.2m and raised full year guidance to £170m.
ROCE increased by 20 basis points to 12.2%; net debt gearing held flat at 2.3x EBITDA and the interim dividend increased by 10.1% to 4.69p.
SALES GROWTH HIGHLIGHTS:
- North America: grew by 9.7% in constant currency to $753.2m;
- ALSA: grew by 7% in constant currency to €395.7m;
- UK: grew by 0.8% to £273.6m, with strong commercial growth in core coach (5.2%) offset by last year's strategic exit from two operations;
- German Rail: declined 1.3% in constant currency, as last year benefitted from catch up revenues (up 5.6% on an underlying basis).
CEO Dean Finch said: "National Express has had another strong start to the year, delivering its best ever half year statutory profit, up 24% year-on-year.
"Our increasingly diversified portfolio has again delivered strong results and has entered a new phase of expansion in to complementary growth markets.
"All of our divisions have grown revenue, profit and commercial passengers through a relentless focus on good customer service and technology investment.
"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."
National Express said statutory half year pre-tax profit jumped 24% to £80.1m in the first half of 2018.
The transport operator reported growth in free cash of over 3% to £85.2m and raised full year guidance to £170m.
ROCE increased by 20 basis points to 12.2%; net debt gearing held flat at 2.3x EBITDA and the interim dividend increased by 10.1% to 4.69p.
SALES GROWTH HIGHLIGHTS:
- North America: grew by 9.7% in constant currency to $753.2m;
- ALSA: grew by 7% in constant currency to €395.7m;
- UK: grew by 0.8% to £273.6m, with strong commercial growth in core coach (5.2%) offset by last year's strategic exit from two operations;
- German Rail: declined 1.3% in constant currency, as last year benefitted from catch up revenues (up 5.6% on an underlying basis).
CEO Dean Finch said: "National Express has had another strong start to the year, delivering its best ever half year statutory profit, up 24% year-on-year.
"Our increasingly diversified portfolio has again delivered strong results and has entered a new phase of expansion in to complementary growth markets.
"All of our divisions have grown revenue, profit and commercial passengers through a relentless focus on good customer service and technology investment.
"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."
HARRYCAT
- 14 Sep 2018 10:09
- 61 of 63
Exane BNP Paribas today reaffirms its outperform investment rating on National Express Group PLC (LON:NEX) and set its price target at 610p.
Morgan Stanley today downgrades its investment rating on National Express Group PLC (LON:NEX) to equal weight (from overweight) and raised its price target to 705p (from 680p).
Claret Dragon
- 15 Sep 2018 20:57
- 62 of 63
A very good company. Use them from Londinium to Stansted and back. 680p looks a long way off though.
HARRYCAT
- 18 Oct 2018 17:48
- 63 of 63
StockMarketWire.com
International coach travel company National Express reported a good summer of trading with group revenue up 8.9% in constant currency terms, boosted by "outstanding" UK coach and "particularly strong" Spanish division performances.
With group profit before tax up 10.7% in constant currency terms for the period from 1 July to 30 September, and year-to-date PBT growing 16%, the company expected to continue this positive momentum in the medium term.
"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, Group Chief Executive.
Looking forward, the company said its outlook remained positive amid still paused Spanish concession renewals (indicating there would be no impact from this in 2019), a major contract starting during 2019 in Rabat and encouraging pricing trends in North America,
"Our continued focus on cashflow and operational performance should allow us to continue to grow profit in the years ahead," added Finch.
International coach travel company National Express reported a good summer of trading with group revenue up 8.9% in constant currency terms, boosted by "outstanding" UK coach and "particularly strong" Spanish division performances.
With group profit before tax up 10.7% in constant currency terms for the period from 1 July to 30 September, and year-to-date PBT growing 16%, the company expected to continue this positive momentum in the medium term.
"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, Group Chief Executive.
Looking forward, the company said its outlook remained positive amid still paused Spanish concession renewals (indicating there would be no impact from this in 2019), a major contract starting during 2019 in Rabat and encouraging pricing trends in North America,
"Our continued focus on cashflow and operational performance should allow us to continue to grow profit in the years ahead," added Finch.
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