National Express Q1 revenues back at 2019 levels

Coach operator National Express said on Tuesday that first-quarter group revenues were back to 2019 levels, with the group actually trading ahead of the same time two years earlier during March.

National Express stated it had delivered its seventh consecutive quarterly improvement, with revenue up 30% year-on-year in constant currency, driven by a "particularly strong recovery" in its UK and ALSA coach businesses, demonstrating strong pent-up demand for travel.

The FTSE 250-listed firm also highlighted that fuel was hedged 100% for 2022, 69% for 2023, and 33% for 2024 at prices in line with, or below, 2021.

National Express added that it had renewed confidence in its short and long-term guidance, including 2022 revenue in line with 2019 levels, and delivering at least £1.25bn of free cash flow between 2022 and 2027.

Chief executive Ignacio Garat said: "We have made a good start to the year and it's pleasing that revenues have bounced back to 2019 levels, improving through the first quarter.

"Looking ahead, having made an encouraging start to 2022, we anticipate further strong recovery in demand over the balance of the year, and are confident of delivering further improvements in performance during the year."

As of 0815 BST, National Express shares were up 5.95% at 238.39p.