Member story: David Daniels, Group Treasurer, National Express

1. Please provide a brief description of your career

After graduating from Sheffield University with a degree in Mathematics, I qualified as a Chartered Accountant, and then like many treasurers, fell into treasury when my company grew to a size where it needed a corporate treasury function. I completed my AMCT exams in 2003, and then took up the role of Treasury Manager at InterContinental Hotels Group which along with Mitchells and Butlers had just demerged from the Six Continents Group. I became their Group Treasurer in 2008 and then moved to my current role as Group Treasurer at National Express in 2015.

2. What do you like about working in treasury?

Building and managing strong relationships with both internal and external stakeholders, getting into the business to identify and manage financial risks, and the fact that every day is different.  

3. What has been the most interesting project you have been involved in and why?

Managing the treasury function through the pandemic was stressful but at the same time extremely rewarding. My treasury career has spanned over 20 years, however in 2020 I experienced for the first time things such as covenant waivers (including for a USPP than was still under a delayed draw), an equity placing, issuing commercial paper to the Bank of England and issuing a £500m hybrid bond. 

4. How did the pandemic effect your business?

The pandemic has had a significant impact on the global transportation sector as a whole. Having started 2020 strongly, our EBITDA ended up over 60% down on 2019, however with over 50% of our global revenues being contracted, and after cutting costs and taking advantage of government support schemes, our EBITDA in 2021 rose by over 60%, and by Q1 2022, our revenues were back to 2019 levels.

5. You are converting your fleet to zero emission vehicles. Please tell us a bit about this?

As part of our sustainability strategy, our environmental aim is to be the world’s greenest mass transit operator, and our Group’s vision and purpose makes clear our ambition to lead modal shift from cars to multi-modal services on clean and green vehicles. Using both battery electric and hydrogen technology, our UK Bus fleet will be solely zero emission by 2030, our UK Coach division by 2035, whilst our plans for North America, Spain and Morocco are progressing.

6. Who is your career hero?

Ingvar Kamprad, the founder of IKEA, who was a very inspirational and humble leader. I had the pleasure of meeting him twice during my time working for IKANO Bank, a sister company of IKEA.

7. What is the best piece of advice you have ever been given?

Knowledge is power, and it’s not what you know, it’s who you know!

8. What member benefit do you use the most?

Having access to the technical team at the ACT is invaluable when my boss asks me a tricky question that I can’t answer.

9. What gadget could you not do without and why?

My Garmin watch – I’m a bit of a stats nerd and I love tracking my swimming, running and hiking activities.

10. What book are you reading at the moment?

I’m currently reading Investing Demystified by Lars Kroijer for the second time – easily the best personal finance book I have read.