National Express continues to push forward in a range of markets, and pre-tax growth excluding rail is already in consistent double digits. North America ... is now the major theatre for expansion.
PETER HYDE | LIBERUM SECURITIES
Ongoing cost control and continuing volume growth has enabled National Express to deliver further margin improvement in the second year of its restructuring plan. Strategically [the firm] is focused on generating a 15 per cent return on capital in each business.
DOUGLAS MCNEILL | CHARLES STANLEY
It’s been a good year for National Express, and the UK bus division in particular looks to have finished the period strongly. But the share price already reflects that good performance, and indeed suggests further margin improvement to an extent that we think is unlikely.