The first Half Year has seen National Express successfully:
Secure £1.7 billion of contract wins, including: two German Rail services; four US Transit services; bus services in Tangiers; and a new Luton Airport-London Victoria coach service.
Integrate the Petermann acquisition in North America with the school bus business now running at nearly double the 2009 operating margin.
Deliver revenue growth in Spain and Morocco, including profitable new services in Guadalajara and Bilbao.
Extend the c2c rail franchise until September 2014 and be shortlisted for the Crossrail contract.
Deliver nearly 10% passenger growth on the core National Express coach network.
Record non-rail performance in revenue and operating profit for the first Half Year.
Non-rail revenue up 10% and operating profit up 2.7%.
Substantially mitigated significant headwinds of nearly £20 million of cost inflation, the ongoing impact from government cuts and the end of the National Express East Anglia (NXEA) rail franchise in 2012.
Delivered over £90 million of free cash flow in the first Half Year and increased Full Year target to £150 million.
Group net debt reduced to £809.4 million (31 December 2012: £828.2m).
Interim dividend increased 3% to 3.25 pence per share (2012: 3.15p).
National Express remains on track to reduce its net debt to its target of 2x EBITDA by the end of 2014.
