National Express Q3 revenues rise as passenger journeys recover

Transport operator National Express reported a jump in third-quarter revenues on Thursday as passenger journeys continue to recover, and said FY22 results were set to be broadly in line with expectations.

In the period from 1 July to 30 September, revenues rose 33% year-on-year and were ahead 5% versus 2019 levels at constant currency.

ALSA, the company’s Spanish subsidiary, saw revenues grow 35%, while revenues in North America and the UK were up 11% and 30%, respectively. German revenues rose 63%.

The company highlighted an ongoing recovery in passenger journeys across its diversified markets. It hailed strong growth in UK and Spanish coach businesses, alongside rising occupancy and yields, with bus patronage also recovering well.

National Express said it was making good progress towards meeting full-year driver recovery targets in North America School bus, although the labour market remains tight.

Chief executive Ignacio Garat said: "I am pleased to report sustained momentum across the group and another period of operational progress and revenue growth. We continue to see strengthening passenger numbers in our coach businesses in the UK and Spain, and we are focused on meeting our driver recovery targets for the full year in our North America school bus division.

"We are well positioned for the current inflationary environment with long-term supply contracts, fuel hedging, and a proven ability to pass through price increases over time. While we are mindful of the challenges we face in our sector, we are confident in our Evolve strategy and look forward to making further progress."