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