National Express begins bounce back after trading update

The price of shares in FTSE 250 transport firm National Express (LON:NEX) climbed by 4.15% to 269.32p (as of 13:05 BST) after the firm reported that it was continuing to generate positive EBITDA and cash flow during the lockdown. Revenues have been negatively impacted by COVID-19, but overall revenues for the quarter ended 31st March were up by 9.4%.

CEO Dean Finch commented: “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.

“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“.