LONDON (ShareCast) - Bus and rail group National Express (LSE: NEX.L - news) has reported challenging trading conditions for the first
half of the year and announced the resignation of its chief executive.
The company, whose operations are generally resistant to economic weakness, said all of its businesses have experienced difficult market conditions. It has also failed to secure improved terms over the loss-making East Coast franchise.
It said its chief executive Richard Bowker has decided to step down to take up a position as chief executive designate of the Union Railway in the United Arab Emirates.
National Express said UK bus and coach growth slowed during the second quarter, while the rail business has continued to experience declining revenue growth rates.
In Spain, total revenue in local currency terms is expected to have increased by 2%in the first half year. The firm said revenue in the North America school bus business has remained robust.
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