Check out our new Timeline feature to give you the latest updates on all the stocks you follow. Clickhere to set up your Timeline.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksNEX.L Share News (NEX)

  • There is currently no data for NEX

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

National Express posts 2020 loss but sees revenue recovery ahead

Thu, 18th Mar 2021 10:16

(Alliance News) - National Express Group PLC on Thursday reported a sharp fall in revenue for 2020 and a swing to loss as the pandemic and subsequent travel restrictions emptied public transport.

Revenue for 2020 slumped 29% to GBP1.96 billion, while the company swung to a pretax loss of GBP444.7 million from a profit of GBP187.0 million in 2019.

The public transport operator said it had a "very strong" performance pre-pandemic, with revenue up 17% in the first two months of 2020. However, travel restrictions imposed in the wake of the coronavirus crisis hit demand for public transport and, as such, National Express's results for the year "have been materially depressed".

Looking out, National Express said uncertainty over the virus makes it difficult to forecast its financial performance.

"In our base case we anticipate the macro situation to be similar in the first half of 2021 to the second half of 2020, with varying levels of lockdowns and travel restrictions remaining in place. Accordingly we anticipate performance in the first half of 2021 to be similar to that achieved in the second half of 2020," the company said.

National Express expects that the rollout of vaccines will reduce infection rates by the summer, with a lifting of travel restrictions allowing a "steady recovery" in revenue in the second half. By December this year, revenue is expected to recover to levels similar to December 2019.

"Under this scenario we anticipate robust positive free cash flow in 2021 as Ebitda improves through the year and the capital expenditure reduction actions taken in 2020 take effect on the maintenance capital outflows," said National Express.

The company said it will not pay a dividend for 2020, and will reinstate the payout when "economic conditions permit".

Shares in National Express were down 3.6% at 302.52 pence in London on Thursday.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
10 Mar 2022 08:48

TOP NEWS: National Express mulls options after Stagecoach rejection

(Alliance News) - National Express Group PLC on Thursday posted a narrowed annual loss and said it is "considering its options" after being spurned by Stagecoach Group PLC.

Read more
10 Mar 2022 07:54

LONDON MARKET PRE-OPEN: Balfour ups dividend; DS Smith trades in line

(Alliance News) - Stock prices in London were called to open lower on Thursday with the European Central Bank and US inflation figures taking centre stage while hope for peace in Ukraine emerges.

Read more
10 Mar 2022 07:07

National Express delivers improved FY performance as demand recovers

(Sharecast News) - Public transport operator National Express said on Thursday that full-year revenue, underlying earnings and pre-tax profits had all improved year-on-year in 2021 as demand for its services recovered "significantly" during the period.

Read more
9 Mar 2022 18:25

StageCoach takes different route after new suitor trumps National Express bid

March 9 (Reuters) - British bus and rail operator StageCoach on Wednesday backed a 594.9 million pound ($780 million) takeover offer from a European infrastructure fund that trumps a bid by rival National Express.

Read more
9 Mar 2022 17:08

LONDON MARKET CLOSE: Stocks rise amid hopes to settle Ukraine conflict

(Alliance News) - Stocks in London on Wednesday were attempting to claw back steep losses incurred since Russia's invasion of Ukraine as investors grew hopeful a diplomatic solution could be found.

Read more
9 Mar 2022 12:21

LONDON MARKET MIDDAY: Stocks attempt to rally after Russia oil ban

(Alliance News) - European stocks bounced back on Wednesday, surging into positive territory around midday after a difficult week so far, as investors go searching for bargains.

Read more
9 Mar 2022 11:06

SMALL-CAP WINNERS & LOSERS: Stagecoach ditches National Express bid

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

Read more
9 Mar 2022 10:22

UPDATE: National Express notes rival Stagecoach takeover offer

(Alliance News) - National Express Group PLC on Wednesday noted the announcement by Stagecoach Group PLC that it has accepted a new cash takeover offer and no longer recommends the all-share merger previously agreed with National Express.

Read more
9 Mar 2022 09:05

LONDON MARKET OPEN: Stocks surge after more Russia sanctions

(Alliance News) - European stocks raced ahead at the open on Wednesday with the confirmation of a ban on Russian oil not sapping renewed investor optimism.

Read more
9 Mar 2022 09:00

TOP NEWS: Stagecoach changes horses, accepts new cash takeover offer

(Alliance News) - Stagecoach Group PLC has walked away from its all-share merger with larger UK peer National Express Group PLC, opting for a cash offer instead.

Read more
9 Mar 2022 08:23

LONDON BRIEFING: Stagecoach and National Express both up after jilting

(Alliance News) - Stagecoach has walked away from its all-share merger with larger UK peer National Express, opting for a cash offer instead.

Read more
9 Mar 2022 07:58

LONDON MARKET PRE-OPEN: Stagecoach disembarks from National Express

(Alliance News) - Stock prices in London were set to rise at the open on Wednesday but are likely to remain volatile after the US and UK announced Tuesday they are cutting off imports of Russian oil, in the most far-reaching action yet by Western allies to punish Moscow for invading Ukraine.

Read more
9 Mar 2022 07:56

National Express out of the running as Stagecoach agrees takeover by DWS

(Sharecast News) - Stagecoach said on Wednesday that it no longer plans to recommend a £470m takeover by National Express, after agreeing to be bought by an infrastructure fund managed and advised by DWS Infrastructure, in a £594.9m deal.

Read more
3 Mar 2022 16:01

UK earnings, trading statements calendar - next 7 days

Read more
15 Feb 2022 09:00

Zenobe signs deal with UK's National Express for 130 electric buses

LONDON, Feb 15 (Reuters) - Zenobe has signed an agreement to provide 130 electric buses to public transport group National Express that will see the UK startup provide everything from new vehicles to charging infrastructure, replacement batteries and spare parts.

Read more

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.