 raised its full year dividend by nearly 10 percent on Thursday){kind=link}
Transport operator National Express (LON:NEX) raised its full year dividend by nearly 10 percent on Thursday, after seeing “particularly strong growth” both in the UK and internationally.
Both revenue and profits rose on constant currency and statutory basis after improved returns and strong cash generation, leading to an 8.4 percent rise in dividend. The dividend hike comes after National Express raised its full year dividend to 12.28 pence from 11.33 pence a year earlier.
Pretax profit during the year ended December 31st 2016 rose 11 percent to £136.3 million pounds, up from £122.7 million a year earlier. Revenue rose 20 percent to £2.10 billion, up on last year’s figure of £1.75 billion.
Revenue and growth in North America saw an impressive boost after a successful bidding season, up 14.3 percent and 11.9 percent respectively.
The company’s operations in Spain and Morocco also experienced unprecedented demand during the period, pushing revenue up 5.7 percent and operating profit up 5.3 percent, both in constant currency.
Dean Finch, National Express Group Chief Executive said the group had delivered a “strong set of results”, and remained “confident” about its prospects for 2017.
“We carried a record 921 million passengers in 2016 and will continue to invest in new technology to deliver ever-improving services to our customers.
“With the recent sale of our c2c franchise, we have further opportunity to invest in our fastest growing markets which deliver strong returns, but we will continue to do so in a disciplined manner. We have developed a strong track record and team in identifying and completing acquisitions that generate significant value and we have identified a strong pipeline of further opportunities.”
Shares in National Express are currently up 2.34 percent at 349.80 (0916GMT).