National Express revenue growth accelerates as all divisions pitch in

The company reported total group revenue growth of 8.3% at constant currency for the first four months of the year, up from 6.2% growth over the same period last year, as ALSA enjoyed 11.8% revenue growth at constant currency, or 7.8% on a like-for-like basis, on the back of strong trading in all Spanish segments, Morocco and Switzerland.

The European road travel business was aided by 9.1% revenue growth over the Easter period as customer numbers increased, while it also renewed its largest Spanish urban bus franchise with a 10 -year contract in Bilbao.

However, growth in the North American division dropped to 8.3% from 9% over the same period last year after the impact of school closures and heavy snow weighed on results, while the division also acquired a majority stake in WeDriveU, a shuttle business for Silicon Valley employees.

Chief executive Dean Finch said: "I am pleased all of our divisions have started 2019 in a positive manner and we have seen strong trading over the important Easter period. Organic revenue growth has been secured across all of our increasingly diversified international portfolio. As our acquisition of a majority stake in WeDriveU demonstrates, this diversified international portfolio also continues to present new opportunities for further expansion."

National Express added that its US business chief executive, Matthew Ashley, will become group business development director at the end of August.

"We will continue to focus on operational excellence to drive shareholder value, by both delivering high quality services for our customers and generating cash to invest in technological modernisation and future expansion. We remain on track to meet our full year profit and cash flow expectations," said Finch.

National Express shares were down 0.82% at 409.60p at 0805 BST.