National Express Group plc, Q1 2013 Interim Management Statement Call, May 07, 2013

National Express Group plc reported interim management statement for the first quarter of 2013. For the period, the company has posted capital expenditure was over £40 million, reflecting core fleet investment across the business. For the year 2013, the company expects capital investment to be £100 million. Capital efficiencies and strong free cash flow will allow to reduce debt during 2013.

National Express Group plc announced that its UK Coach and North American Transit operations have recently won important new business. National Express will begin running dedicated services between London Luton Airport and London Victoria Coach Station, from May 1st. The services are expected to deliver a minimum of £6 million of annual revenue. The agreement lasts for seven years. National Express will deliver a new and improved service offering faster journey times, more frequent services and more seats available at peak times. All coaches will be equipped with free WiFi, power sockets and business-class legroom. An enhanced timetable, specially engineered around flight times, will further benefit customers. At peak, coaches are timetabled to run every ten minutes, with 150 services travelling to and from the airport each day. This is equivalent to a third more seats than the outgoing operator at peak times.