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National Express today said it was back on track to being a "sound" business, as the train, coach and bus operator prepares to hand over the driving seat to the man who used to help run the Tube.
The firm said the appointment of chief executive Dean Finch, poached from London Underground contractor Tube Lines, would help it save money and "selectively grow" the business in profitable directions.
In a pre-close update, National Express said revenue patterns had "stabilised" in the fourth quarter, with takings at the UK coach business up 4%. Revenue from UK bus services also rose slightly.
In America earnings from the Yellow Bus schools business fell, and National Express said cost-cutting had been "disappointing". Its Spanish operation saw takings down 5% year-on-year.
But shareholders may rejoice over a statement including terms like "stabilised" after a tumultuous year in which National Express handed the East Coast Main Line franchise back to the Government, struggled to complete a £360 million rights issue because of opposition from Spain's Cosmen family - its biggest shareholder - and batted off takeover approaches from rivals FirstGroup and Stagecoach.
Chairman John Devaney today described the past year as "challenging" but said it had "resolved significant issues".
