National Express maintains bus service despite crisis

The first two months saw 17 per cent year-on-year growth for the Birmingham-based business, which operates bus services in the West Midlands, but there was a significant decline last month as services were withdrawn.

"We are confident that the range of Government measures mean we are able to offer a bus network in the West Midlands on a break-even basis during the pandemic," said the group.

National Express said it had lost two members of its workforce to Covid-19 and was providing support to both families

"Both were highly-regarded colleagues and will be very fondly remembered by all who knew them," the group said.

Chief executive Dean Finch said: "I would like to pay tribute to our two colleagues who have tragically lost their lives to Coronavirus. They were much respected colleagues and will be sorely missed. We are providing their families with support during this very difficult time. Equally, we pass on our best wishes to other colleagues suffering from the virus and hope for their safe recovery. Our priority remains protecting the safety of our colleagues and customers. I am particularly proud of the excellent work my National Express colleagues are doing during this exceptionally difficult period."

Across the group many people are self isolating and some are receiving treatment for Covid-19.

"We have acted swiftly and decisively to protect the business and made good progress with national governments and customers, as well as cost management across the group," said National Express.

Even in the lockdown it is continuing to generate positive earnings before tax and cash flow.

It has improved liquidity with more than £200 million cash on deposit and more than £1 billion in undrawn committed facilities.

In the UK for the first three months revenue was down 1.7 per cent overall with bus up 7.6 per cent and coach down 11.6 per cent.

Through National Express Accessible Transport the group is delivering food packages to vulnerable groups and in the West Midlands bus services are free for health workers travelling to and from work. NEAT is also running shuttle buses to and from hospitals from train stations across the West Midlands.

National Express is still running 46 per cent of its West Midlands bus operations, after agreement with Transport for West Midlands, to sustain an emergency key worker network, but has temporarily suspended coach services until further notice from April 5.

A small number of private hire contracts, principally for local authorities, the Ministry of Defence and the NHS, continue to operate.

Around a half of its UK workforce has been moved on to the Government's Coronavirus Job Retention Scheme.

All members of National Express board have volunteered pay sacrifices in light of the pandemic.

Mr Finch said: "We continue to make important progress in dealing with the impact of the pandemic across our businesses. We are combining self-help with productive discussions with customers, national governments and relationship banks. We are also determined to play our part by continuing to provide essential services where they are still needed. This pandemic has reinforced the absolutely fundamental and essential role our services play in the communities we serve. With their exceptional actions, governments and authorities have clearly recognised this as well.

"National Express went in to this crisis with revenue up strongly across the group. I remain confident that we will emerge out of this unprecedented period with our portfolio of strong assets ready to return to delivering industry-leading service to our customers."