National Express seeing recovery in passenger numbers as revenue up 33 per cent
Public transport group National Express, which operates bus services in the West Midlands, saw revenue rise by 33 per cent in the three months to the end of September.
The Birmingham-based group, which also runs national coach services, said it was five per cent up on the same pre-pandemic period in 2019.
It is seeing ongoing recovery in passenger journeys across its markets with strong growth in UK and Spanish coach businesses.
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."
UK revenue grew 30 per cent in the third quarter of its financial year. In core coach operations revenue more than doubled year on year.
On several of its core UK inter-city corridors it is seeing demand well in excess of 2019 levels.
UK bus is now running at around 90 per cent of 2019 levels and up 24 per cent year on year. The Bus Services Improvement Plan funding of £88 million (over three years) has been formally granted to Transport for West Midlands.
This funding has allowed TfWM to announce frozen fares and for National Expresss to seek to maintain its comprehensive network as passenger numbers recover. The phasing of the grant is expected to be finalised shortly.
