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Bus and train company National Express said its revenue in April had slumped about 50%, though it added the fall was in line with its recent guidance.
The company, however, said it generated positive operating earnings, slightly ahead of its expectations, thanks to cuts to monthly operating cost of around £100m and government support.
'This was further boosted by strong cash collections to drive positive cash flow for the month ahead of our expectations,' National Express said.
'We have further improved our liquidity since our last update, and now have around £1.5bn of cash and undrawn committed facilities,' it added.