- National Express made a profit before tax of £200m in 2017, up 11.7% on the previous year.

Group revenue increased by 6.1% to £2.32bn, with growth across all of the portfolio.

The group achieved particularly strong performances in both North America and ALSA, with revenues up 10.1% and 3.6% respectively.

The group's performance in the second half of 2017 in the UK reversed the declines seen in the first six months, to deliver annual revenue growth of 0.6% in the bus and coach businesses.

German rail saw a 20.4% increase in constant currency, in part due to a recognition of revenues that were not included in the 2016 accounts.

Free cash flow increased to £146.4 million (2016: £138.6m) and the group's gearing reduced to 2.3 times EBITDA.

The company is proposing a 10% increase in the final dividend to 13.51p.

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