National Express in gear for year

Bus and train group National Express said overall third quarter trading remained resilient, despite increasing austerity measures, with profit on target for the year.

Bus and train group National Express said overall third quarter trading remained resilient, despite increasing austerity measures, with profit on target for the year.

The transport operator saw a strong performance in UK bus and in rail while coach endured a difficult year.

It added that 2013 fuel costs will increase by £11m year-on-year. The group, which has completed its hedge fuelling programme for 2013, said UK bus fuel costs will increase by £3m, in Spain by £4m and North America by £4m.

Otherwise it said trading remained resilient in Spain while North America school bus revenue grew 2% year-to-date after a successful start-up to the new school year and following a strong bid season and 97% contract retention.

"The group remains on track to deliver its profit expectations for 2012. The outlook for 2013 remains challenging with low economic growth, government funding pressure and fuel cost inflation likely to constrain progress," the group said in its third quarter update.

"However, our developing pipeline of opportunities in new and liberalising markets will present attractive avenues for growth."

National Express said its financial position remains strong and further analysis of the forthcoming IAS 19 pension accounting change in 2013 has confirmed a limited adverse impact, of around £2m to the UK Bus division earnings, with negligible effect on operating profit in other divisions.

CJ

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023