Ground transport operator National Express Group has seen its passenger traffic to UK airports rebound to around two-thirds of pre-pandemic levels.
The UK-based company said its revenue was “tracking close” to 2019 levels and it expected sales to reach around £2.7 billion in 2022.
“We are rapidly adding capacity to flex back up to this improving demand and position the network for an expected strong summer [in the UK],” said National Express in a trading update to investors.
The company’s southern European mobility operation Alsa has also been recovering “more strongly than previously expected”, particularly through its Spanish long-haul bus services.
Revenue from National Express’ German rail operations is now “nearly four times pre-pandemic levels driven by the new contracts”.
Despite the improvement in revenue, National Express warned that its profit margin would be lower than its target, due to a squeeze on consumer spending power caused by the current high level of inflation.
National Express recently failed in its bid to merge with rival UK ground transport firm Stagecoach, which has now been purchased by a Germany-based infrastructure fund.