Business
Interim Management Statement
Interim Management Statement.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \nRNS Number : 8510X National Express Group PLC 11 May 2016 \n\n \n\n \n11 May 2016\n \nNational Express Group PLC\nInterim Management Statement\n \nStrong start to the year\n \nNational Express Group PLC (\"National Express\" or \"the Group\") today reports its Interim Management Statement for the period from 1 January 2016 to 30 April 2016 (\"the period\").\n \nOverview\nThe Group has made a strong start to the year, with total revenue up 11% in the period on a constant currency basis, including the benefit from acquisitions and the start of German rail operations in December 2015. After adjusting for these new operations, revenue was up 4% on an underlying basis. All divisions achieved an increase in revenue, supported by total underlying passenger growth across the Group of 3%. The Group remains on target to deliver its profit expectation and free cash flow and leverage targets for the year.\n \nHighlights\nOur strategy of consistently focusing on operational excellence to drive cash and returns, as well as opening up new growth opportunities, continues to deliver. \n \nDelivering operational excellence\n· Group profit before tax is up year-on-year on a constant currency basis, despite higher bid costs and a significant increase in the c2c franchise premium.\n· UK Bus had commercial revenue growth of 3%, with passenger volumes broadly flat. These results demonstrate that our partnership-based strategy continues to yield results. \n· 4% underlying revenue growth in UK Coach, which was achieved despite a notable reduction in passenger numbers immediately following the terrorist attacks in Brussels in late March. Despite this, passenger volumes grew by 6% in the period. We expect revenue growth to recover from this weak April through to the half year, based on improvements starting to be seen in advance bookings.\n· 7% like-for-like growth in passenger journeys at c2c. Following a surge in demand after the introduction of a new timetable in December 2015, agreement has been reached with the Department for Transport to bring 24 carriages into service later this year, three years ahead of schedule and at no net incremental cost to the Group.\n· Passenger growth of...