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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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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.

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10 Mar 2022 07:54

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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3 Mar 2022 16:01

UK earnings, trading statements calendar - next 7 days

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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.

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