Half Year Results for the six months ended 30 June 2015
National Express Group PLC ("National Express" or the "Group"), a leading international public transport group, operates bus and coach services in the UK, continental Europe, North Africa, North America and the Middle East, together with rail services in the UK.
The Group has made strong progress in the first half of the year with results in line with expectations and both revenue and profit up year-on-year. We have achieved further significant new contract wins and we remain on target to generate £100 million of free cash for the full year. Our strong operational and financial position means we are both able to invest in growth and increase our interim dividend payment by 10%.
Financial highlights include:
Revenue growth in every division in constant currency; Group revenue up 2.2% year-on-year to £960.2 million (2014: £939.5m).
A 6% increase in like-for-like Group operating profit, after excluding rail and Middle East bid costs and at constant currency; Group normalised operating profit rose by 19%; statutory profit after tax increased by 117%.
Return on capital employed increased to 11.9% (31 Dec 2014: 10.7%); excluding rail and Middle East bid costs return on capital employed has improved to 12.8% (31 Dec 2014: 12.4%).
On target to generate £100m of free cash for the year.
A proposed interim dividend of 3.685 pence, up 10% year-on-year (2014: 3.35 pence).