National Express (Nat Ex) has reported growth in revenues of 33% for the period 1 July to 30 September, putting it ahead of 2019 levels, citing strong growth in its UK and Spanish markets.
UK revenue was up 30% in the period, driven by growth in “core coach operations” where revenue more than doubled year-on-year, and where occupancy grew almost 20% year-on-year, putting it 8% ahead of 2019 levels.
Nat Ex cites its quick reactions to industrial action on the railways and a growth in demand for coaches during the funeral of Her Majesty Queen Elizabeth II as primary factors in the recovery.
Its UK bus patronage also continues to grow and is now reported to be running at 90% of 2019 levels, 24% up year-on-year.
“I am pleased to report sustained momentum across the Group and another period of operational progress and revenue growth,” says Group Chief Executive Ignacio Garat. “We continue to see strengthening passenger numbers in our coach businesses in the UK and Spain, and we are focused on meeting our driver recovery targets for the full year in our North America school bus division.
“We are well positioned for the current inflationary environment with long-term supply contracts, fuel hedging, and a proven ability to pass through price increases over time. While we are mindful of the challenges we face in our sector, we are confident in our Evolve strategy and look forward to making further progress.”
The operator is to benefit from £88m allocated as part of the Bus Service Improvement Plan granted to Transport for West Midlands, where it seeks to “maintain (its) comprehensive network as passenger numbers recovery”. The phasing of the grant is yet to be finalised.
