National Express sees revenue increase and passenger demand rise
National Express, which run buses in the West Midlands and national coaches, has confirmed group revenue was up 29 per cent to £2.8bn last year.
Statutory pre-tax losses went from £84.9m to £209.9m, though underlying operating profits more than doubled from £39.7m to £145.9m.
In the UK, revenue was up 32.8 per cent to £528.3m and the division returned to underlying operating profit to deliver a full-year out-turn of £25.6m compared to a 22.6m loss in 2021. After separately disclosed items, the statutory operating profit was £18.1m.
National Express also reported strong growth in passenger demand with good momentum – a 23 per cent increase in passenger journeys across the Group.
And it said it had seen sustained growth in passenger demand in Spain, Morocco, the UK and Germany, strengthening in the second half of the year.
The company revealed it has won 35 contracts including the RRX Lot1 contract in Germany, worth approximately £150m in annualised revenue demonstrating our ability to convert a strong pipeline of opportunities into tangible growth.
And it had commenced service in new key target cities, such as Lisbon and Richmond, Virginia as well as multi-modal hub expansions in Geneva, Madrid and Boston.
Ignacio Garat, Group Chief Executive of National Express said: "I am pleased with the significant progress we made in 2022, which saw strong growth in passenger volumes resulting in a 29% increase in Group revenue and the doubling of revenue in our UK coach business.
"After a first quarter that was impacted by Omicron, the resilience and agility of our teams amid a uniquely challenging operating environment meant we saw momentum build across our businesses through the year and continue into 2023.
"Whilst the operating backdrop remains challenging, with inflationary pressures continuing in key markets, we expect to see that momentum continue, driven by growth in passenger numbers, mobilisation of new contracts.
"Our expectations for 2023 are unchanged, and we have clear and robust actions in place to mitigate macro-economic headwinds and to reduce costs if necessary. The continued and expanding demand for public transport over the coming years will bring growth opportunities and our strategy positions us well to capitalise on them."