Strong international growth, with record trading in North America, Spain and Morocco, have offset what National Express Group (NEG) CEO Dean Finch describes as “challenging trading” in the UK.
It also says it “Will remain disciplined and have rejected 18 potential acquisitions in North America alone in the first half. However, our strong and sustainable cash flow provides the opportunity to pursue further acquisitions this year.” It has made three overseas acquisitions so far this year
Reporting its six-month results to 30 June, NEG says revenue is up by 6.5% to £1.17bn and profit up by 8.3% to £93.7m (both figures adjusted for currency fluctuations).
It says that UK Coach, UK Bus and Spanish operations have all increased the proportion of sales through the internet and apps.
Mr Finch adds: “The initial success of our low fare zones in UK Bus are particularly encouraging.
“Our confidence in the strength of our approach to deliver growing shareholder value is demonstrated by a further 10% increase in the interim dividend.”
