Meet Dean Finch

Prior to joining National Express, Dean Finch was Group Chief Executive of Tube Lines from June 2009. Before that he worked for over 10 years in senior roles within FirstGroup plc. He joined FirstGroup in 1999 having qualified as a Chartered Accountant with KPMG, where he worked for 12 years specialising in Corporate Transaction Support Services, including working for the Office of Passenger Rail Franchising on the privatisation of train operating companies. At FirstGroup, he was Managing Director of the Rail Division from 2000-2004 and then was appointed to the main board as Group Commercial Director in 2004, before being made Group Finance Director. With the completion of the Laidlaw acquisition he became Chief Operating Officer in North America before returning to the UK as Group Chief Operating Officer.

Dean's view on National Express:

We operate in markets that combine to offer long-term growth, strong cash generation and scope to generate good returns for shareholders through dividends, capital return and reinvestment for growth. Our core business of international bus and coach services is robust, sustainable and defensible.

A discounted travel scheme alongside the introduction of new services in UK Coach, investment to stimulate passenger growth in UK Bus, and the integration of targeted acquisition opportunities are all expected to drive profitability. This will help to mitigate the reduction in concession income in UK Coach and a lower rail profit, following the handover of the East Anglia franchise. Alsa has an excellent track record of contract retention and is well positioned to renew upcoming intercity concessions over the next 18 months, and to develop new opportunities in both Spain and Morocco. In North America we expect economic constraints to continue to lead school boards towards outsourcing, whilst the integration of the Petermann acquisition will drive profit growth and synergies. Finally, future participation in UK Rail may offer additional upside opportunity for the Group.

Following a strong end to 2011, we expect passenger revenue to continue to grow in each of our bus and coach divisions. In 2012, as austerity measures, fuel and fare increases make passenger travel by other modes relatively more expensive, National Express provides attractive, value for money alternatives. We believe that our portfolio of businesses will provide sustainable earnings growth, continued cash generation and exciting opportunities for growth in selected markets in the medium term.

We operate in markets that combine to offer long-term growth, strong cash generation and scope to generate good returns for shareholders through dividends, capital return and reinvestment for growth. Our core business of international bus and coach services is robust, sustainable and defensible.

A discounted travel scheme alongside the introduction of new services in UK Coach, investment to stimulate passenger growth in UK Bus, and the integration of targeted acquisition opportunities are all expected to drive profitability. This will help to mitigate the reduction in concession income in UK Coach and a lower rail profit, following the handover of the East Anglia franchise. Alsa has an excellent track record of contract retention and is well positioned to renew upcoming intercity concessions over the next 18 months, and to develop new opportunities in both Spain and Morocco. In North America we expect economic constraints to continue to lead school boards towards outsourcing, whilst the integration of the Petermann acquisition will drive profit growth and synergies. Finally, future participation in UK Rail may offer additional upside opportunity for the Group.

Following a strong end to 2011, we expect passenger revenue to continue to grow in each of our bus and coach divisions. In 2012, as austerity measures, fuel and fare increases make passenger travel by other modes relatively more expensive, National Express provides attractive, value for money alternatives. We believe that our portfolio of businesses will provide sustainable earnings growth, continued cash generation and exciting opportunities for growth in selected markets in the medium term.