Saturday, 3 March 2012

Impressive Results from National Express



With the announcement this week of impressive  full year results for the year ended 31st December, National Express Group Chief Executive, Dean Finch, said: “In just two years National Express has moved from reporting losses to the record profits we have announced today. With a record financial performance in 2011, we are now delivering industry-leading performance in most of our markets and are well positioned to exploit emerging growth opportunities. Following a strong end to 2011, we expect passenger revenue to continue to grow in each of our bus and coach divisions. " The figures include record profits in the UK Coach Division.
  • Record statutory profit before tax and amortisation of £180.2 million (2010: £97.3m)
  • Revenue growth of 5.3% to £2,238.0 million (2010: £2,125.9m)
  • Operating profit1 increased by 10.3% to £225.2 million (2010: £204.2m)
  • Revenue and profit growth in every division. Record profits in our UK Coach business of £34.9 million
  • Industry leading operating margins in Spain, North America, UK Coach and Rail – North America achieved 10% margin; Group margin has almost doubled since 2009
  • Passenger journeys rose by 5.4 million journeys to 656.6 million
  • Strong balance sheet with long-term funding maturity. Gearing ratio further improved to 1.9x (2010: 2.1x)
  • Basic EPS increased 14.4% to 27.0p (2010: 23.6p); 20.3p delivered from non-rail earnings (2010: 17.9p)
  • Final dividend increased 8.3% to 6.5p
Financial summary
Year ended 31 December 2011 2010 Change
Revenue (£m) 2,238.0 2,125.9 +5.3%
Group operating profit (£m) 225.2 204.2 +10.3%
Share of results from associates (£m) 1.4 0.3 +366%
Net finance costs (£m) (46.4) (44.0) -5.5%
Profit before taxation (£m) 180.2 160.5 +12.3%
Operating margin (%) 10.1 9.6 +50 bps
Net debt2 (£m) 633.7 610.4 +3.8%
Gearing ratio - net debt:EBITDA 1.9x 2.1x +10%
Basic earnings per share (pence) 27.0 23.6 +14.4%
Statutory profit for the period (£m) 102.6 62.3 +65%


David Gambles

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