|Master Investor Magazine
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FTSE 250 consumer travel group National Express (LON:NEX) has seen its share price rise by 3.11% to 437.80p (as of 14:05 BST) after profits before tax for the six months ended 30th June climbed by 10.4%. Revenues for the period were up by 10.5%.
Chief executive Dean Finch said: “I am delighted to report another record set of results, primarily driven by organic revenue, profit and margin growth in every division. Group free cash also grew strongly. We are currently trading ahead of expectations despite the impact of unprecedented bad weather in North America.
“Our disciplined diversification means we have a portfolio of businesses that enable global best-practice and efficiency to be shared, while allowing local growth opportunities to be pursued. Our strong cash generation continues to allow investment in new technology and strategic acquisitions to drive organic growth and new market expansion.
“The prospects for growth are strong. We continue to drive improvements in our core bus and coach businesses, add significant new contracts like Rabat and expand in newer markets such as Switzerland and US shuttle, through our recent WeDriveU acquisition.
“We retain a disciplined focus on growing shareholder returns. The Board has again demonstrated their confidence in our future growth with another 10% increase in the interim dividend. With many opportunities to pursue, we are confident of our future prospects”.
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