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
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