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National Express swings to loss in 2020 due to pandemic

Thu, 18th Mar 2021 07:38

(Sharecast News) - National Express said on Thursday that it swung to a loss in 2020 as it took a hit from the Covid-19 pandemic.




In the year to 31 December 2020, the bus and coach operator swung to a statutory operating loss of £381.4m from a profit of £242.3m a year earlier, with group revenue down 28.7% to £1.96bn. The group posted a statutory pre-tax loss of £444.7m versus a profit of £187m in 2019.

National Express said that as the first lockdown hit in March, there was an immediate impact in both bus and coach, with passenger numbers dropping dramatically. At the peak of the lockdown, its bus operations saw passenger numbers fall by more than 80%, with 47% of service operating, while in coach, the nationwide travel ban effectively cut demand to zero,.

Although demand came back quickly when restrictions were lifted, it fell just as quickly when they were re-imposed.

For the year as a whole, passenger numbers were down 47% in the bus division and 71% in the core coach operations.

The company said that given the "unprecedented financial implications" of the pandemic, it has decided not to recommend a dividend for the year.

Still, the group said momentum built throughout the second half of the year and it has seen an improving trajectory, with revenue, EBITDA and cash generation at their strongest levels in the fourth quarter of the year.

"With lockdowns and restrictions still in place in many territories, the outlook for the current year and the timing of the recovery remain difficult to predict, but it is encouraging that we continue to win new and retain existing contracts," it said. "Furthermore, when travel restrictions have been lifted, we have seen a rapid recovery in demand."
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2 Mar 2023 10:38

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National Express reinstates divi as passenger turn to buses on rail strike days

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23 Jan 2023 08:30

TOP NEWS: National Express wins EUR1 billion German rail contract

(Alliance News) - National Express Group PLC on Monday said it has won a contract worth over EUR1 billion to operate the RE1 and RE11 Rhein-Ruhr-Express lines in Germany to 2033.

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23 Jan 2023 07:52

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23 Jan 2023 07:27

National Express wins €1bn German rail contract

(Sharecast News) - National Express Group said Its German business had won a €1bn contract to operate the RE1 and RE11 Rhein-Ruhr-Express (RRX) train lines to 2033.

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5 Dec 2022 08:42

National Express makes interim CFO permanent, joined company in 2017

(Alliance News) - National Express Group PLC on Monday it confirmed James Stamp as its permanent chief financial officer with immediate effect, having served as interim CFO since November 1 and been with the company since July 2017.

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