National Express loses steam after 2020 results

Shares in FTSE 250 consumer travel outfit National Express (LON:NEX) fell 3.94% to 301.44p (as of 13:20 GMT) after revenues for the year ended 31st December dropped by 28.7%. Management said that the year had started well before COVID hit the industry, but the overall statutory loss for the year was £326 million despite across the board cost savings.

CEO Ignacio Garat commented: “I am immensely proud of the performance of the National Express team in tackling the challenges faced in the past year and I have been impressed by the professionalism and dedication of my colleagues across the Group, who have done an outstanding job in delivering safe and reliable services for our customers during the most testing of times.

“I am also grateful for the support we have received from both customers and authorities, which demonstrates not only the essential nature of our services but also the strength of the relationships that we have built and the extent to which we are perceived as a trusted partner. This partnership approach, and the non-discretionary nature of the majority of our services positions us well for a strong recovery as travel restrictions are lifted in the months ahead. This is boosted by the sustainable cost savings made, and new contracts won during the period“.