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Transport company National Express, stung this week over its CEO’s bonus, said today that currency shifts have helped it produce a near 16 per cent rise in revenues.
The bus, coach and rail company, with operations in the UK, Europe and the US, said today that revenues so far this year are up by 5.4 per cent on a constant currency basis, but that translates to a 15.8 per cent gain on a reported basis when allowing for the weaker pound.
Organic growth, acquisitions and “significant foreign exchange tailwinds” have all helped, the company said.
Still, the company is likely to face a grilling at its annual shareholder meeting today. Large investors have balked at plans to award its chief executive a £1m bonus for a year that included a school bus crash in the US that killed six children.
The shareholders, who plan to vote against the UK bus company’s remuneration report, believe the board should have cut the annual bonus to zero in line with a clause that says an improvement in safety processes is a precondition of any award.