US school buses boost National Express sales
TRANSPORT firm National Express Group said it had traded well in the first quarter of 2012, driven by strong growth at its rail and North American school bus businesses.
National Express said yesterday revenues at its C2C commuter rail service, which runs into central London, grew 10 per cent in the first three months of the year.
It also completed the handover of the East Anglia franchise in February 2012, with franchise revenues of £56m delivered in the current year.
Ticket sales at its British bus unit rose four per cent on the same period a year ago on unchanged passenger volumes, it said.
The bus and rail group said revenues at its US school bus business rose six per cent in the quarter, helped by new contracts and further charter growth.
On Monday the company won US antitrust approval to acquire student bus company Petermann Partners on the condition that it divest eight school bus transportation contracts in Texas and Washington state.
Revenues at the group’s Spanish intercity coach and urban bus businesses grew well during the period.
Rival Stagecoach last month said all of its businesses would maintain profit growth this year.
This came after transport firm FirstGroup said that lower economic activity, particularly in the North of Britain, had hurt the performance of its UK bus business.
Shares in National Express, which have fallen 10 per cent in the last month, edged up slightly yesterday.
They closed up 2.2 per cent, ahead of the overall index, at 221.50p, valuing the company at £1.1bn.