National Express on track for full-year as profits recover in Q3

National Express said it was on track to meet its profit expectations for the full-year after a 15% increase in third quarter pre-tax profit reversed the decline in growth from the first half of the year.

In the UK revenue grew on the back of higher passenger numbers in UK bus, UK coach and UK rail divisions.

During the quarter, the transport company won a 10-year contract to run bus services in Bahrain and gained a contract for regional coach services in Bilbao for up to 15 years.

"We have made good progress this quarter,” said chief executive Dean Finch.

“We have won new contracts, renewed key concessions, and increased revenues in every division. Our profit last quarter was up on the same period in 2013, helping to offset the one-offs of the first half year. Our cash generation continues to be strong and will remain a focus for the business.”

The company said it is course to deliver its full year free cash flow target of £150m, delivering nearly £500m between 2012 and 2014.