Profit and debt down at National Express
Coach and bus operator National Express Group has suffered a 26 per cent fall in revenue for the first six months of the year, down to £1,059.6m.
However, the Birmingham-based group has reduced its net debt by 39 per cent to £601.1m.
The group released its half yearly results to 30 June this morning, when it revealed that despite the fall in revenue, group operating profit was up 30 per cent to £95.7m.
Commenting on the results, Dean Finch, National Express Group chief executive, said: "Progress in the first half has been good.
"With a strong financial platform, National Express is now delivering the benefits from its business improvement programmes. Despite challenging economic conditions, greater operational focus is having a positive impact and we will continue to progressively drive improvement in performance and cut costs.
"We have secured growth opportunities, particularly in North America and Spain, in which we will selectively invest in the second half of the year. We expect trading to remain resilient in the next six months and we look to the future with confidence."
