National Express Group PLC on Tuesday said its revenue is close to its 2019 pre-pandemic levels, putting it on track to deliver nearly £3 billion annual revenue in 2022.

Shares in the Perth, Scotland-based transport provider were down 4.3% in London on Tuesday morning at 259.00 pence each, the worst performer in the FTSE 250.

In 2021, National Express recorded revenue of £2.17 billion.

Through 2027, it is guiding for at least £1 billion revenue growth.

Further, National Express said it expects progress toward its 9% average profit margin target from 2022 to 2027 and recovery to its pre-pandemic margin level of around 10% in the later stages of that period. It reported a pretax loss of £84.9 million in 2021.

The profit margin improvement is expected to drive more than £100 million of earnings before interest and tax growth over the same period, it said.

National Express said its Spanish subsidiary, ALSA, has saw revenue recover more strongly than previously expected and is already about 15% ahead of pre-pandemic levels.

In the UK, it is performing in line with expectations, currently at about 85% of pre pandemic levels.

‘A number of major intercity routes have already fully recovered and our airport volumes are currently at around two thirds of pre-pandemic level and continuing to build back strongly, including strong volumes over the recent Jubilee bank holiday weekend,’ the firm added. ‘We are rapidly adding capacity to flex back up to this improving demand and position the network for an expected strong summer.’

National Express also said it was ‘rigorous’ in its capital allocation, reinvesting free cash flow generation into organic opportunities and expects to resume dividend payments for the 2022 full-year.

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