Key performance indicators

Measuring our progress, both financially and operationally


Underlying Operating Profit (£m)



2020: £(50.80)m

Relevance to strategy

A key measure of the overall performance of the business.

We are focused on driving growth in operating profit in order to generate higher and sustainable returns for our shareholders and providing the platform for further growth for all our stakeholders including our employees, our customers and our partners.

Free cash flow (£m)



2020: £(196.0)m

Free Cash Flow

Relevance to Strategy

Strong cash generation provides the funding to invest in initiatives to drive our strategy.

This focus on strong cash generation ensures that we are running the business efficiently, converting profit to cash to enable investment into the business; returns to shareholders; and providing the platform for further growth for all our stakeholders.

Return on capital employed (%)



2020: (2.0%)

Return on capital employed

Relevance to Strategy

Demonstrates how efficiently the Group is deploying its capital resources to generate operating profit.

A focus on ROCE ensures that we maintain a disciplined approach to capital investment and continue to invest in those areas in which we deliver the best returns. This ensures that we maximise returns to shareholders for the capital they invest.


Safety - Facilities and Weighted Injuries



2020: 1.844

Safety - Facilities and Weighted Injuries (FWI)

Relevance to strategy

Safety is of paramount importance to a public transport operator and being the ‘safest’ is one of the five Evolve outcomes.

Safety is at the heart of our values and is our priority for both our customers and our employees.

High safety standards also help to drive sustainable growth through customer loyalty and new business wins.

Passenger journeys



2020: 578.7m

Passenger journeys

Relevance to Strategy

Growth in passenger journeys is a leading indicator for growing our business and hence driving modal shift from cars to buses and coaches.

National Express is targeting increased passenger ridership as a longer-term driver of sustainable value for both the business and the environment, with public transport a key solution to lowering carbon emissions and easing travel congestion.

GHG emmissions*



2020: 23.93

Reduction in GHG emmissions

Relevance to Strategy

Reducing the environmental impact of transport is core to our purpose.

Per passenger, bus and coach travel is vastly less polluting than cars and, as such, modal shift is the single most important thing we can do. But we are also committed to making public transport greener. We have adopted targets through to 2025 that are ‘science based’ and aligned with limiting global warming in line with the Paris Agreement.

*Measured as tCO2e/million passenger km.

A rapidly changing market

Our Belief: quality mass transit is fundamental to a safe, green and prosperous future

Financial overview

Group Income Statement, Group Balance Sheet, Group Cash Flow Statement, Five Year Summary.

Investment case

Driving our business forward in sustainable and growing markets