National Express reports revenue rise ahead of second lockdown

The Birmingham headquartered company, which operates bus services in the West Midlands, said about 70 per cent of last year's revenue was secured in October, compared to about 60 per cent in August.

National Express continues to generate a positive EBITDA (earnings before interest, tax, depreciation and amortisation), with October delivering the highest monthly total in 2020 to date.

It now expects its EBITDA to be between £170 million and £190 million for 2020.

The firm also revealed it has won a major employee shuttle contract and first accessible transport contracts outside the West Midlands.

Ignacio Garat, group chief executive, said: "The positive vaccine news of the last few days may signal a faster service recovery in the medium term than we had hitherto envisaged. Nonetheless, these remain difficult times for the public transport sector, at least in the short term. I am convinced, however, that National Express will continue to weather the challenges we face and has strong foundations in place to prosper once the pandemic is over.

"I am pleased by the strength of our relationships with customers and governments across the group. This is reflected in the amount of support we have and continue to receive. We will continue to proactively engage customers and relevant authorities to navigate the challenges the pandemic presents. Alongside this, we will continue to closely and carefully manage costs and remain very disciplined in the returns we seek on investment, as part of our broader focus on maintaining the group's financial position.

"National Express will retain its focus on safety, operational excellence and being an employer of choice, values that have underpinned its success in recent years. Fundamentally, National Express is a service company and we will redouble our efforts and programmes to make sure every customer's experience is outstanding."