Sales down but profits up at National Express
The chief executive of National Express has described the coach, bus and rail service as “a renewed company” after seeing pre-tax profit jump 38 per cent to £160.5m in its year-end results this morning. However, despite a rise in profit, revenues at the company were down 22 per cent to £2.1bn.
The coach and bus service released its year-end results to 31 December 2010 to the Stock Exchange this morning.
Group operating profit rose by more than £44m compared to its 2009 results to over £204.2m.
The company operates bus services in the UK, Spain and the USA.
Over the 12-month period, National Express said that its UK bus division had returned to industry average margin with operating profit up 36 per cent.
National Express said that its North America Division had delivered $30m in annualised cost savings, with operating profit up 44 per cent.
The company said that its Spanish operation “performed strongly” with margin and profit growth despite “a challenging economic backdrop”.
Dean Finch, National Express Group chief executive, said: "This is a renewed company. Our much improved financial performance provides a platform to drive further growth, continue targeted investment and restore a dividend. With a clear focus on our strategy we are confident in the year ahead."
