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Annual Results

National Express upbeat after strong FY 2016

23 February 2017 07:47

National Express lifted its FY statutory pretax profit by 11%, revenue by 20% and proposed dividend by 8.4% after what it called another strong performance.

"Our diversified portfolio has delivered another strong performance in 2016, with both revenue and profits up on a constant currency and statutory basis, improving returns and strong cash generation, and a growing dividend," it said.

The company had seen particularly strong growth in its overseas markets, both from acquisitions and organically.

"As we enter 2017, we have a number of tailwinds including the benefits from our successful refinancing of our bond, the full-year effect of acquisitions and lower fuel costs," it added in a statement.

National Express said it had a clear strategy for growth and remained focused on disciplined capital allocation, with a strong pipeline of opportunities for 2017 and beyond.

"The strength of our business, coupled with the removal of our c2c franchise commitments, means we are both raising our annual free cash flow guidance to £120m and we propose a 10% increase in the final dividend."

Earlier in February, National Express completed the sale of c2c to Trenitalia.

Statutory pretax profit was £136.3m, from £122.7m, while group revenue was £2.1bn, from £1.75bn. FY proposed dividend was 12.28p a share, from 11.33p.

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