(Sharecast News) - Transport provider National Express reinstated guidance on Thursday after revenues continued to improve in October and underlying earnings hit their highest monthly total in the year-to-date.
National Express said revenues were down 30% year-on-year in October, a ten-point bump from the 40% decline recorded in August.
The FTSE 250-listed firm also reinstated guidance following greater clarity on school start-up in North America and the latest round of lockdowns from Downing Street and related support, with the group now anticipating normalised EBITDA of between £170.0m and 190.0m for the full-year.
However, National Express did caution that despite its progress, the pace of the group's recovery had been slower because of the impact of the second wave of infections and the associated lockdowns.
National Express highlighted that it retained "significant liquidity" and expects to close the year with around £1.5bn in cash and undrawn committed facilities.
Chief executive Ignacio Garat said: "The positive vaccine news of the last few days may signal a faster service recovery in the medium term than we had hitherto envisaged. Nonetheless, these remain difficult times for the public transport sector, at least in the short term.
"I am convinced, however, that National Express will continue to weather the challenges we face and has strong foundations in place to prosper once the pandemic is over."
As of 0840 GMT, National Express shares were down 0.70% at 227.39p.
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