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National Express (NEX)


Friday 20 May, 2022

National Express

All-Share Combination with Stagecoach now Lapsed

RNS Number : 2594M
National Express Group PLC
20 May 2022


20 May 2022


All-Share Combination between National Express and Stagecoach now Lapsed

The Board of National Express notes the announcement by DWS that its offer for Stagecoach is now unconditional. As such, National Express confirms that the all-share combination with Stagecoach has now lapsed.

The Board of National Express looks forward to continuing to execute its Evolve Strategy as a stand-alone business, with a differentiated position in the sector driven by:

-  a uniquely diversified and balanced international portfolio;

leading positions and high market share in attractive and growing international markets; and

significant opportunities to compound growth through organic and inorganic expansion and multi-modal in-market consolidation, in particular in its North American and ALSA businesses.

The National Express Board has full conviction its stand-alone targets of:

at least £1 billion of revenue growth from 2022 to 2027;

at least £100 million of profit growth from 2022 to 2027, with an operating profit margin averaging around 9% over the coming years; and

at least £1.25 billion of free cash between 2022 and 2027 inclusive, with average cash conversion over 80%.

As set out in its trading statement on 26 April 2022, the business has made an encouraging start to the year, with revenue recovering to 2019 levels and improving through the first quarter. Looking ahead, we anticipate a further recovery in demand over the balance of the year.


National Express

  Chris Davies, Chief Financial Officer

+44 (0) 121 460 8655

  Louise Richardson, Head of Investor Relations

+44 (0) 7827 807766


  Neil Bennett

+44 (0) 20 7379 5151

  James McFarlane

+44 (0) 7584 142665


About National Express

National Express is a leading mass transit provider with bus, coach and rail services in the UK, North America, continental Europe, North Africa, and the Middle East.



Legal Entity Identifier: 213800A8IQEMY8PA5X34


Cautionary Note Regarding Forward Looking Statements

This announcement, oral statements regarding its contents and other information published by National Express may contain certain forward looking statements with respect to the financial condition, strategies, objectives, results of operations and businesses of National Express and its group. These forward looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of National Express about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. Forward looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by National Express in light of its experience and its perception of historical trends, current conditions, future developments and other factors it believes appropriate. By their nature, forward looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward looking statements. Although it is believed that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and readers are therefore cautioned not to place undue reliance on these forward looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. For a discussion of important factors which could cause actual results to differ from forward looking statements in relation to National Express Group, refer to the annual report and accounts of National Express Group for the financial year ended 31 December 2021. Each forward looking statement speaks only as at the date of this announcement. Neither National Express nor any member of its group assumes any obligation to update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law.


No Profit Forecasts or Estimates

No statement in this announcement is intended as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share or dividend per share for National Express for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share or dividend per share for National Express


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