"2020 has, without a doubt, been an unprecedented year for both society in general and businesses everywhere around the world. The impact of Covid-19 has been particularly hard for transport companies, with national and local lockdowns in every market necessitating significant travel restrictions – and even when lockdowns were lifted, the guidance from many governments was for people not to travel and to stay at home wherever possible."
We were performing strongly before the crisis with revenue up 17% year-on-year in the first 2 months of the year.
As the pandemic hit we saw an 80% drop in passenger demand following lockdown. We mitigated this through proactive customer engagement, limiting revenue loss to 50% and taking swift action to reduce service to save variable costs.
"We proactively engaged with customers and authorities in order to secure support and limit revenue loss and we took swift and decisive action to adjust the cost base to limit the flow-through of revenue decline." - Ignacio Garat, Group CEO
An unprecedented year
Our response to Covid-19
We've set the exit trajectory to emerge stronger
We are confident that our reputation for service and safety, close relationships with customers and improved Balance Sheet mean we are well placed to prosper post pandemic.
The pandemic had an immediate and unprecendented impact .
Ready to emerge strongly from the crisis
- We remain excited by the long-term opportunity.
- Public transport will continue to play a key role in social mobility as well as a key solution in tackling cleaner air and congestion issues.
- Our strong reputation for service and safety, close relationships with customers and improved Balance Sheet mean we are well placed to prosper post pandemic.
2020 has also been a time of significant change for National Express, specifically in terms of leadership.
Year ended 31 December 2020 2020 2019 Revenue £559.3m £824.7m Underlying operating profit £6.7m £109.5m Statutory operating (loss)/profit £(93.5)m £93.8m Revenue €629.3m €940.6 Underlying operating profit €7.5m €124.9 Statutory operating (loss)/profit €(105.2)m €106.9m Operating margin 1.2% 13.3%
Francisco Iglesias Chief Executive, ALSA
Year ended 31 December 2020 2020 2019 Revenue £869.2m £1,230.1m Underlying operating profit £12.4m £123.0m Statutory operating (loss)/profit £(176.0)m £88.0m Revenue €1,116.0m €1,569.7* Underlying operating profit €15.9m €157.0* Statutory operating (loss)/profit €(226.1)m €112.3m Operating margin 1.4% 10.0%
* Revenue and Underlying Operating Profit at constant currency, adjusting for Canadian Dollar to US Dollar foreign exchange rate movement in the year
Gary Waits, Chief Executive, Student Transportation, North America
UK & Germany
Year ended 31 December 2020 £ 2019 £ Revenue 388.2m 599.7m Underlying operating profit (49.0)m 85.0m Statutory operating (loss)/profit (99.4)m 84.1m Underlying operating margin (12.6)% 14.2%
Tom Stables, Managing Director, UK and Germany
Group Income Statement, Group Balance Sheet, Group Cash Flow Statement & Five Year Summary
2020 Financial review
Decisive action taken to reduce costs and conserve cash.
Driving our business forward in sustainable and growing markets