Managing Settlement Risk at National Express

by Mike Dixon, Assistant Group Treasurer, National Express plc

National Express is one of the world’s leading international public transport groups, with an annual turnover of £2.6 billion. Over one billion passengers a year use its services in the UK, North America and Spain. The company has 43,000 employees across three continents. Its 20,000 vehicles worldwide provide bus, coach, train, tram, school bus and airport transfer services.

The company has its roots in the formation of the state-owned National Bus Company in the UK in the 1960s; following its flotation in 1992, the renamed National Express Group expanded by acquiring businesses privatised by national and local Government. The company has developed a strong reputation for successfully transferring companies from the public to the private sector, primarily in the UK but also overseas.

To cope with its increasingly complex international treasury requirements, National Express Group implemented the Wallstreet Treasury ASP solution.

Treasury Organisation

We have a centralised Group Treasury function at National Express, with three people who manage the Group’s funding requirements, interest rate, currency and commodity hedging programmes and group cash management. In addition, we have local treasurers based in each of our key regions, namely the UK, North America and Spain, who manage local payments and collections.

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