Train strikes put National Express in fast lane to profit

National Express more than tripled its profits last year, as passengers turned to buses and coaches amid train strikes.

The public transport company saw pre-tax profits rise 267.5pc to £145.9m over 2022. Annual revenue jumped to £2.8bn, surpassing pre-pandemic levels for the first time. National Express’s coach business more than doubled after disruptive rail strikes forced passengers to seek alternatives, the group said.

Meanwhile, more people used coaches to travel to airports and between cities as the global travel industry rebounded after Covid.

However, National Express recorded losses of £9.7m from restructuring and other costs, which include fees from its failed takeover of transport rival Stagecoach.