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National Express Group PLC on Tuesday said revenue in March beat the same month of the pre-pandemic year 2019.
Noting it was posting its seventh consecutive quarterly improvement in results, the Birmingham-based coach and train operator said first quarter revenue ended March 31 equalled its 2019 level. Compared to a year ago, the first quarter of 2021, revenue grew 30%. The firm expects 2022 revenue to be in line with 2019.
Revenue in the UK grew by 33% in the first quarter compared to a year ago, while revenue generated through its rail services in Germany jumped by 64% in constant currency. The business in Germany was ‘boosted by the successful mobilisation of the two emergency contract awards,’ National Express explained.
Revenue of the firm's Madrid-based subsidiary ALSA rose by 53% in constant currency year-on-year in the first quarter.
‘The cost of living crisis is starting to bite for many people, and our bus services offer an attractive low cost alternative form of travel to help offset higher prices elsewhere,’ Chief Executive Ignacio Garat said.
Giving long-term guidance for the years 2022 to 2027, National Express aims to deliver at least £1.25 billion of free cash flow between these years.
Commenting on its proposed all-share combination with Perth, Scotland-based peer Stagecoach Group PLC, Garat said National Express continued to believe the value creation opportunity to be superior to an offer made by Frankfurt-based DWS Group.
National Express shares were 8.7% higher at 244.67 pence each in London on Tuesday morning.
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