National Express sees revenue rise despite driver strikes
National Express Group PLC has reported first-quarter revenue growth despite the impact caused by bus strikes across the UK.
Quarter one revenues at the company, which run buses in the West Midlands and national coaches, were reported at £774.4m, up £153.9m against 2022 with bosses saying the results were in line with expectations.
Ignacio Garat, Group Chief Executive, said: "I am pleased to report another quarter of progress at National Express with Group revenues in-line with expectations, albeit affected by the bus driver strike in the UK, and recognising that the most significant trading periods for our US School Bus and UK and Spanish coach operations still lie ahead.
"Given ongoing industry and economic uncertainties, we have launched a wide-ranging productivity improvement and cost-reduction programme that will start to deliver benefits in the second half of this year.
"That initiative will also help to ensure we deploy the right resource most efficiently across the business and capitalise on the significant opportunities for growth that we face."
In the UK, revenue grew by 27 per cent compared to Quarter One of 2022.
Scheduled coach revenue was up 87 per cent on the prior year which the company said reflected 'the recovery from the Covid related network shutdown in prior year and the impact of the rail strikes in the UK'.
During the quarter, the business was impacted by the now settled UK Bus drivers' strike, and the associated pay settlement.
"Whilst that pay settlement was higher than expected, we are working internally, and with our partners Transport for West Midlands (TfWM), towards mitigating the impact of these and other cost increases," the trading update said.
