National Express Annual Reports and Accounts 2011

Annual Report and Accounts 2011

Group at a glance


Revenue Profit before tax Earnings per share
£2,238.0m £180.2m 27.0p
Operating profit Operating margin Dividend
£225.2m 10.1% 9.5p


Spain Click to enlarge
Revenue Operating profit
£551.1m £90.1m


Our Spanish business, ALSA, operates long distance, regional and urban bus and coach services across Spain and in Morocco.

ALSA was acquired by National Express in 2005, and our position in Spain was strengthened with the acquisition of Continental Auto in 2007. Apart from its position in bus and coach services, the business also operates service areas and other transport-related businesses, such as fuel distribution.

North America

North America Click to enlarge
Revenue Operating profit
£481.0m £47.9m

Durham School Services
Stock Transportation

Our business in North America is focused solely on student transportation and operates in 30 US states and four Canadian provinces.

The business operates through medium-term contracts awarded by local school boards to provide safe and reliable transport for students, and is the second largest private operator in North America.

UK Bus

UK Bus Click to enlarge
Revenue Operating profit
£263.5m £32.7m

National Express West Midlands
National Express Coventry
National Express Dundee
Midland Metro

National Express is the market leader in the UK’s largest urban bus market outside of London. We also run bus services in Coventry and Dundee. We operate more than 1,600 vehicles and cover over 70 million miles per year.

We operate the Midland Metro light rail service between Birmingham and Wolverhampton.

UK Coach

UK Coach Click to enlarge
Revenue Operating profit
£259.1m £34.9m

National Express
The Kings Ferry

National Express is the largest operator of scheduled coach services in the UK. The business operates high frequency services linking around 1,000 destinations across the country.

We are the UK partner in the Eurolines network which serves over 500 destinations across Europe and North Africa.

UK Rail

UK Rail Click to enlarge
Revenue Operating profit
£688.3m £43.4m


National Express operates the industry-leading c2c franchise which serves London and South Essex. It is an important commuter route serving 25 stations on the line out of Fenchurch Street station, London. We ran National Express East Anglia until February 2012.

All profit and margin numbers unless otherwise stated refer to normalised results, which can be found on the face of the Group Income Statement in the first column. The definition of normalised profit is as follows:

Statutory result excluding profit or loss on the sale of business, exceptional profit or loss on sale of noncurrent assets and charges for goodwill impairment, intangible asset amortisation, exceptional items and tax relief thereon, for continuing operations. The Board believes that the normalised result gives a better indication of the underlying performance of the Group.

Operating margin: the ratio of normalised operating profit to revenue for continuing businesses.