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.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
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
National Express shares today fell 20.4% to a low of 146.1p having closed yesterday at a high of 175.9p.
