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31/07/2014 16:27
National Express profits slide due to 'one-off' impacts

UK-based transport firm National Express has suffered declines in profit and revenue as its international operations were hit by "one-off" impacts.

Extreme weather and industrial action in Spain led to a decline in operating profit to £89.5 million in the first half of 2014, from £97.2 million in the same period last year. The firm's revenue dropped to £939.5 million from £956.7 million.

National Express remained upbeat despite these losses, however, claiming positive progress has been made during the first half of the year.

Some £5 billion of contracts have been secured and the company has sustained market-leading contract retention rates. There was also underlying growth in revenue and passenger numbers in the UK, North America and Morocco.

Chief executive Dean Finch said: "We remain determined to deliver the improvements and efficiencies necessary over the course of the year to achieve the Board's expectations."

Mr Finch pointed to the opportunities offered by bids at ScotRail and in German rail, and by National Express' selection as preferred bidder for a bus service in Bahrain, as evidence of a strong project pipeline.