The share price of National express edged higher in early trading by 2 percent after the company revealed that trading was slighly above its previously guided base case.
This base case was expecting revenue to be around 50% of pre COVID-19 expectations until the end of August.
Commenting on the trading update was Chris Davies, interim CEO and group Finance Director who noted that business remains optimistic for the long-term and highlighted its tight focus on cost measures in the interim:
“This robust revenue collection and on-going tight cost control is underpinning positive EBITDA and cash flow projections. We are encouraged to see continued passenger growth across the Group, as our services provide safe and reliable services to those choosing to travel.
“We remain resolutely optimistic about the longer term opportunities for the Group. The enduring strength of our customer and stakeholder relationships during the pandemic demonstrate that our reputation for safe and excellent service has provided a crucial resilience as we navigate this uncertain period. In addition – as the recent contract wins in Lisbon and California demonstrate – they also provide the platform for future growth once we emerge from the pandemic.”
The share price of National Express currently stands at 128p.