It was all going so well for National Express before Covid-19. The FTSE 250 passenger transport group was basking in double-digit revenue rises during the first two months of the year (Miles Costello writes).
But when lockdowns took place in its main markets a month later, the company’s bus and coach services were decimated. Its long-haul trips effectively were shut down and the short-hop routes in some cases had barely any passengers to carry.
So far the group has been able to trade profitably before interest and other charges but — like the rest of its sector — has been forced to fill up on government support schemes, extract contracted revenues from customers and seek emergency funds from shareholders. It’s a baptism of fire for