National Express Group PLC Brief Trading Update (9821M)
May 15 2020 - 1:00AM
UK Regulatory
TIDMNEX
RNS Number : 9821M
National Express Group PLC
15 May 2020
NATIONAL EXPRESS GROUP PLC
Brief trading update
National Express Group today provides a brief update on April
trading. This follows recent post-Covid-19 updates of 19 March and
14 April 2020 and that released alongside the Placing announcement
on 6 May 2020.
April performance
Revenue for April is around 50% compared to the same month in
2019 which is in line with the guidance provided to investors
during the recent Placing. Pleasingly, driven by reductions to our
monthly operating costs of around GBP100m along with continued
support from governments and customers, we generated positive
EBITDA, slightly ahead of our expectations. This was further
boosted by strong cash collections to drive positive cash flow for
the month ahead of our expectations.
We have further improved our liquidity since our last update,
and now have around GBP1.5 billion of cash and undrawn committed
facilities.
Recent developments
In addition, there have been further positive developments as we
move out of lockdown in our key markets:
-- North American School Bus: we have won our first contract
(subject to school board approval) that came to market after the
previous operator had the service removed following Covid-19
disruption. This contract is for 5 years and follows recent
stand-out wins in: Boise, Idaho; Fairbanks, Alaska; and, Oakland,
California:
o Across North America we have already begun start-up
discussions with a large number of school districts, for a return
to service at the start of their standard school year;
o In Quebec, Canada, when schools re-opened this week we note
that 80% of students signed-up for school buses immediately.
-- ALSA: we are seeing lockdown measures being removed in both
Spain and Morocco and expect services and demand to increase in
both countries in the coming weeks:
o Spanish long haul: our early experience of the lockdown
relaxation measures is demonstrating that we are able to cover our
variable-costs with only 15 passengers on-board.
-- We have started selling UK coach tickets for a 1 July
re-start - respecting government guidance and advice - of a core
coach network that focuses on large and medium-sized
conurbations.
Enquiries
National Express Group PLC
Chris Davies, Group Finance Director 44 121 460 8655
Anthony Vigor, Director of Policy and
External Affairs +44 7767 425 822
Louise Richardson, Head of Investor Relations +44 7827 807766
Legal Entity Identifier: 213800A8IQEMY8PA5X34
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END
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