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

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.