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National Express Share Price Plunges 20.4% on £122M H1 Loss

Simon Mugo trader
Updated 22 Mar 2021

OPEN DEMO TRADING ACCOUNT YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
national express coach

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.

Adding:

“We have also secured exceptional governmental funding across all of our major markets and made use of furlough schemes.”

National Express share price

Tradingview chart of National Express share price 13082020

National Express shares today fell 20.4% to a low of 146.1p having closed yesterday at a high of 175.9p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading