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Trading statements

National Express on track to deliver profit target

25 October 2016 07:11

National Express said it is on course to at least deliver its targets for profit, cash flow and gearing for the year.

"The Group has continued to make strong progress in the period," it said in a statement.

"Both revenue and profit are up year-on-year in constant currency, with operating profit up 9% in the third quarter driven by particularly strong performances in our overseas businesses, through both organic growth and the benefit of acquisitions.

"Year to date, like-for-like Group operating profit is 5% higher on a constant currency basis and up 12% on a reported basis, boosted by foreign currency movements on overseas earnings and after a significant increase in the c2c franchise premium."

CEO Dean Finch commented:

"With two thirds of our earnings generated outside of the UK this geographic diversity, combined with a focus on operational excellence and the deployment of technology, continues to deliver good growth, a strong cash flow and opens new market opportunities.

"We will stick to our fundamental principles of safe and punctual operations at affordable prices with particular emphasis on controlling costs to generate cash and keep fares low.

"The combination of our relatively resilient UK performance together with the strong growth we are seeing from our international operations enables us to selectively invest in growth opportunities subject to our strict financial criteria and continue to deliver attractive and sustainable returns to shareholders."

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