| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: TRAVEL & LEISURE |
National Express resumes divi, returns to the black |
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Thu 29 Jul 2010
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LONDON (SHARECAST) - Bus and rail firm National Express said it plans to resume dividend payments as the group posted a return to profit.
The group said it made a pre-tax profit of £24.5m for the six months to 30 June compared to a loss of £48.1m a year earlier after the group pushed through cost cuts. Revenue fell 26% to £1.1bn after the loss of its East Coast franchise and the sale of its Travel London bus business.
Chief executive Dean Finch said, "Progress in the first half has been good. We expect trading to remain resilient in the next six months and we look to the future with confidence."
National Express said operating margins in its UK, North America and Spanish businesses had improved.
Net debt has been reduced 39% to £601.1m.
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