National Express Group PLC have released their full year results for the year ending 31 December 2010.
The company have stated that 2010 was a year of successful transformation. They announce they are are ahead of plan in their Business Recovery, delivering significantly improved margins and returning to underlying revenue growth.
With this sound financial footing, National Express have restored the dividend and they are driving forward performance, delivering value for all shareholders.
- Normalised margin rose from 5.9% in 2009 to 9.6% in 2010
- Normalised operating profit increased over £44m to £204.2m (2009: £159.8m)
- Normalised profit before tax rose 38% to £160.5m (2009: £116.2m)
- Franchise extensions secured for National Express East Anglia and c2c; potential for future value creation in Rail
- UK Bus returned to industry average margin with operating profit up 36%
- Over $30m annualised cost savings delivered in North America; operating profit up 44%
- Despite challenging economic backdrop, Spain performed strongly with margin and profit growth
- Dividend restored with a proposed final dividend payment of 6 pence per share
| Full year ended 31 December, £m | 2010 | 2009 | ||
| Revenue | 2,125.9 | 2,711.1 | (22)% | |
| Group operating profit | 204.2 | 159.8 | 28% | |
| Share of results from associates | 0.3 | (0.1) | n/a | |
| Net finance costs | (44.0) | (43.5) | (1)% | |
| Profit before taxation | 160.5 | 116.2 | 38% | |
| Operating margin | 9.6% | 5.9% | 63% | |
| Net debt | 610.4 | 657.9 | 7% | |
| Basic earnings per share (pence)* | 23.6 | 30.5 | (23)% | |
| Return on capital employed (pre-tax) | 13.2% | 10.7% | 23% | |
| Statutory profit/(loss) for the period | 62.3 | (52.7) | n/a |
Dean Finch, National Express Group Chief Executive, said, “This is a renewed company. Our much improved financial performance provides a platform to drive further growth, continue targeted investment and restore a dividend. With a clear focus on our strategy we are confident in the year ahead.”
