National Express wins prestigious award
National Express, the leading transport group, was honoured at the prestigious annual Institute for Turnaround (IFT) Awards last night. National Express received the Listed Company Turnaround Award for its transformation from significant difficulty to robust financial health, posting record profits and securing thousands of jobs.
The IFT awards - widely regarded as Europe's top turnaround awards - recognise companies that have faced financial or operational difficulties over the last few years but have, thanks to an excellent turnaround strategy, transformed their business to come out stronger than ever before. Such transformations are especially important in the current economic climate.
In 2009 National Express was going into decline, with shareholder disquiet, below industry-average margins, a highly leveraged balance sheet and a poor relationship with its principal regulator, the Department for Transport.
In order to tackle this, under new CEO Dean Finch's leadership, new Managing Directors were appointed by mid-2010. They put a two year business recovery programme in place which included key steps such as restoring business margins, tackling costs, improving operational performance and customer service, and setting out a clear plan for future growth and improved shareholder value. This successful transformation has strengthened the financial situation of the company, repaired its relationship with the Department for Transport and improved its reputation amongst the public.
Dean Finch, CEO of National Express said, "We are delighted to win this award. It is a reflection of the hard work put in by everyone at National Express over the last three years. We have managed to transform the fortunes of the Group and are now well positioned for the future."
Christine Elliott, Chief Executive of the Institute for Turnaround (IFT) said, "National Express is a shining example of a business with great potential being brought back from the brink by implementing the key skills that all of our members use time and again. Such businesses play a vital role in both the national and local economy and it is important that they are supported in their efforts to turn their businesses around."
The Awards are judged by an independent panel including London Business School, the Confederation of British Industry, Global Turnaround Publishing and a number of senior accredited Turnaround professionals with expertise across all categories.
Notes to Editors
For more information, please contact IFT's press team on 0207 6189 100 or e-mail firstname.lastname@example.org
The Institute for Turnaround is the leading professional body in Britain and Europe for operational, funding and advisory practitioners in business. It is an independent professional body established in 2000, supported and encouraged by government, the clearing banks and other financiers' private equity investors and leading accountancy firms.
It is a nonprofit making company limited by guarantee. It was established in late autumn 2000, supported and encouraged by government, the clearing banks and other financiers, private equity investors and leading accountancy firms.
IFT Award Winners
- Chairman's Award: Kate Swann, CEO WHSmith
- Chairman's Award: Jaguar Land Rover
- International Company Turnaround 2012: Texon International Group Ltd
- Listed Company Turnaround 2012: National Express Group PLC
- Private Company Turnaround 2012: Attends Healthcare Group
- SME Company Turnaround 2012: Arcare (West Midlands) Ltd
- Turnaround Financier 2012: Barclays Business Support, Barclays Bank PLC
- Turnaround Legal Adviser 2012: Pinsent Masons LLP
- Financial Restructuring 2012: Southern Cross Healthcare Group PLC
- The Institute's Turnaround Professional of the year Award 2012: Michael Corner-Jones, Alvarez & Marsal