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National Express Group plc (LON: NEX) said on Thursday that it concluded 2020 with a pre-tax loss due to the COVID-19 restrictions that weighed on its revenue. The Coronavirus pandemic has so far infected more than 4.2 million people in the United Kingdom and caused over 125 thousand deaths.
National Express shares tanked more than 2% in premarket trading on Thursday and lost another 1.5% on market open. Including the price action, the stock is now exchanging hands at £3.04 per share.
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In comparison, National Express had started the year 2021 at a per-share price of a much lower £2.28. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a comparison of the top few to make selection easier for you.
National Express reports £1.96 billion of revenue
According to National Express, its performance in H1 of 2021 is expected to remain unchanged from the second half of last year as the health emergency continues to curb demand for public transport.
The British multinational reported £444.7 million of pre-tax loss in 2020. In the previous year, its it had posted £187 million of pre-tax profit instead. On an adjusted basis, National Express lost £106.1 million versus the year-ago figure of £240 million.
In its earlier report published in August, the public transport firm had registered £61 million of pre-tax loss for the first half of 2020.
The Birmingham-headquartered company generated £1.96 billion of revenue in the recently concluded year. In comparison, its revenue in 2019 had come in at a higher £2.74 billion.
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National Express’ statement on Thursday
In its official statement on Thursday, the company said:
“Our base-case scenario assumes that vaccines will reduce infection rates by the summer, with a consequent lifting of travel restrictions allowing a steady recovery in revenue in the second half such that by December 2021 group revenue recovers to levels similar to December 2019.”
In separate news from the United Kingdom, gambling group 888 Holdings said on Thursday that its full-year adjusted core earnings posted an increase as the COVID-19 crisis fuelled demand for online betting.
National Express Group plc performed largely downbeat in the stock market last year with an annual decline of close to 50%. At the time of writing, the British multinational public transport company has a market cap of £1.86 billion.
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