National Express drives higher as first-half profit up 19%

The group’s share price had risen 2.60% to 370.6p in early trading following the release of the earnings report.

Normalised operating profit came in at £111.6m, in comparison with the £93.7m it earned during the opening two quarters of last year.

Earnings per share rose to 13p from 10.9p year-on-year, while revenue increased 16.2% to £1.17bn.

The increased profits and revenue came off the back of strong performances in its North American, Spanish and Moroccan divisions, with international markets now making up 80% of the group’s earnings.

National Express also revealed that it had turned down as many as 18 new acquisitions in North America as it attempts to maintain disciplined growth in the short term.

Group chief executive Dean Finch said: “We have delivered a strong set of results, again benefiting from our internationally diverse portfolio of cash-generative businesses.

“We continue to see the benefit of our recent acquisitions in driving good growth and creating shareholder value. These acquisitions are also helping us to expand in new growth markets, but we will remain disciplined in the opportunities we pursue.”