Coach operator National Express has said that it is currently operating at half its normal revenue due to the impact of the coronavirus pandemic on travel.
In a trading update, the firm said its revenue in April was 50 per cent what it was in the same month last year.
However, the coach company said that this was in line with its previous expectations, and added that by reducing its operating costs it had generated positive earnings, ahead of forecasts.
Shares in the firm rose 9.3 per cent in the morning’s trading.
National Express also said that it had further improved its liquidity, and now had around £1.5bn in cash and undrawn facilities.
Last week the blue-chip stock said it would place up to 20 per cent of its share capital to further boost its finances as crisis continues.
According to its worst case scenarios, profit at the firm could fall up to 40 per cent in 2020.
National Express said that it had started selling tickets for services from 1 July for routed based around urban areas.
The firm also provided an update on its operations around the world, saying that it had won a new contract in North America despite the ongoing lockdowns.
The new deal to run school bus services will last for five years and adds to National Express’ existing operations in California, Idaho and Alaska.
It also said it was seeing lockdown measures being eased in Spain and Morocco, and expects to see a subsequent increase in demand on its Alsa subsidiary.
According to the update, the firm said it only needs to carry 15 passengers on its Spanish long-haul services to cover its costs.