National Express has enjoyed a revival in revenue as passengers return following the end of pandemic restrictions.
The bus company has reported that the number of UK customers using its services has reached 76 per cent of pre-pandemic levels from 2019.
Its domestic business UK Coach is now operating 56 per cent of services, up from 37 percent at the end of June.
The company also reports that collective agreements for driver wages have been concluded at a 2 percent increase, both in 2021 and 2022.
It does not believe that the recent fuel shortages in the UK have had an impact on its services, which is fully hedged through 2022 and into 2023
However, payroll and fuel account now for 70 percent of its cost base; while ongoing driver shortages remain an industry-wide challenge.
The company is reported to be in talks to buy rival bus service Stagecoach.
More to follow.