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National Express says profits beating expectations | National Express says profits beating expectations |
(about 3 hours later) | |
Coach and rail operator National Express has said it is returning to healthy profit margins sooner than management or the markets had expected. | Coach and rail operator National Express has said it is returning to healthy profit margins sooner than management or the markets had expected. |
The transport firm launched a business recovery plan in the summer as profit margins lagged competitors. | The transport firm launched a business recovery plan in the summer as profit margins lagged competitors. |
As a result, the company said profits would now beat market expectations. | As a result, the company said profits would now beat market expectations. |
It was helped by a return to modest revenue growth at its West Midlands bus business despite 4% lower mileage, thanks to a shake-up of its routes. | It was helped by a return to modest revenue growth at its West Midlands bus business despite 4% lower mileage, thanks to a shake-up of its routes. |
"The Board now expects normalised profit before tax for 2010 to be a little above current market expectations and markedly stronger than expected in January," the company said href="http://www.nationalexpressgroup.com/nx1/media/news/corp_news/pr2010/2010-12-17/" >in its statement. | |
National Express' share price rose 2.8% at the open of trading on Friday, following the statement's release. | National Express' share price rose 2.8% at the open of trading on Friday, following the statement's release. |
Revenues at its staple UK coach business - which is being reorganised - were up 3%, while those at its rail franchises - including Anglia and C2C - rose 7%. | Revenues at its staple UK coach business - which is being reorganised - were up 3%, while those at its rail franchises - including Anglia and C2C - rose 7%. |
Inter-city revenues at its Spanish coach business Alsa returned to growth for the first time since 2008. | Inter-city revenues at its Spanish coach business Alsa returned to growth for the first time since 2008. |
Operating profit margins at its start-up North America business were up 50% compared with 2009. | Operating profit margins at its start-up North America business were up 50% compared with 2009. |
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