Shares of UK buses and coaches operator National Express Group (LON: NEX) today fell 20.4% after the company reported a 22.7% decline in revenues to £1.03 billion in the six months ended June 2020, as compared to the £1.34 billion recorded in H1 2019.
The transport operator noted that passenger numbers fell 80% during the coronavirus lockdown period, which saw it book a £122 million pre-tax profit in H1 2020. The firm’s profits were up 17% before the coronavirus pandemic hit.
The company’s operations in Spain, Morrocco, and the US saw passenger usage numbers drop, but still generated a fixed income for the company, limiting its losses.
Dean Finch, National Express Group’s CEO, commented: “During the lockdowns, we proactively communicated with customers to vary service and negotiate additional support and payments.
“We have also secured exceptional governmental funding across all of our major markets and made use of furlough schemes.”
National Express share price
National Express shares today fell 20.4% to a low of 146.1p having closed yesterday at a high of 175.9p.