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National Express earnings improve on cost cutting; revenue recovery

By BFN News | 07:43 AM | Wednesday 12 May, 2021


Bus and train group National Express said it was continuing to post operating profits, thanks to cost cutting and a recent improvement in sales. Revenue for the four months through April was down 16% year-on-year, though during the month of April it was up 50% year-on-year. Operating profit was ahead of last year driven by actions taken to reduce costs. National Express said that given ongoing restrictions on travel, it still expected its first-half performance to be at least in line with that delivered in the second half of 2020. It's still hoping for a robust improvement in the second half as vaccination programmes enable more restrictions to be lifted. 'I am pleased to see the continued improving performance trajectory across our business in the first four months of 2021 despite the ongoing lockdown restrictions,' chief executive Ignacio Garat said. 'It is very encouraging to see the positive impact on profit delivery of the management actions taken last year.' Story provided by StockMarketWire.com

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