Business
First half results, six months ended 30 June 2024
First half results, six months ended 30 June 2024.
About this update from Mobico Group Plc
[{"type":"text","content":"\n\nMobico Group PLC (\"Mobico\" or the \"Group\"): results for the six months ended 30 June 2024\nContinued revenue and passenger growth\nFY 24 Adjusted Operating Profit guidance unchanged at £185m to £205m\nDeleveraging remains a priority: North America School Bus sale process underway\n \nFirst half results, six months ended 30 June 2024\n \n\n\n\n\n \n\n\n HY 24\n\n\nHY 23\nRestated2\n\n\nChange (Constant FX)\n\n\nChange (Reported)\n\n\n\n\nGroup Revenue\n\n\n£1.65bn\n\n\n£1.57bn\n\n\n7.6%\n\n\n5.4%\n\n\n\n\nGroup Adjusted EBITDA1\n\n\n£183.8m\n\n\n£166.7m\n\n\n13.2%\n\n\n10.3%\n\n\n\n\nGroup Adjusted1 Operating Profit\n\n\n£71.2m\n\n\n£57.5m\n\n\n28.1%\n\n\n23.8%\n\n\n\n\nGroup Adjusted1 Profit Before Tax\n\n\n£25.4m\n\n\n£25.4m\n\n\n\n\n\n\n\n\n\n\nAdjusted basic1 EPS\n\n\n0.3p\n\n\n1.0p\n\n\n\n\n\n\n\n\n\n\nDividend per share\n\n\n0.0p\n\n\n1.7p\n\n\n\n\n\n\n\n\n\n\nReturn on Capital Employed\n\n\n7.8%\n\n\n6.0%\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nStatutory\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n\n\nGroup Operating Profit/(Loss)\n\n\n£45.5m\n\n\n£(9.2)m\n\n\n\n\n\n\n\n\n\n\nGroup Loss Before Tax\n\n\n£(1.5)m\n\n\n£(41.9)m\n\n\n\n\n\n\n\n\n\n\nGroup Loss After Tax\n\n\n£(4.1)m\n\n\n£(51.9)m\n\n\n\n\n\n\n\n\n\n\nBasic EPS\n\n\n(2.9)p\n\n\n(10.4)p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow\n\n\n£90.5m\n\n\n£79.7m\n\n\n\n\n\n\n\n\n\n\nCovenant net debt\n\n\n£987.9m\n\n\n£908.5m\n\n\n\n\n\n\n\n\n\n\nCovenant gearing\n\n\n2.8x\n\n\n2.8x\n\n\n\n\n\n\n\n\n\n\n \n \nH1 2024 highlights\n§ Continuing positive passenger demand - strong revenue performance up 7.6% (at constant currency), with continuing growth across much of the Group.\n§ Profit improvement initiatives on track - Group Adjusted Operating Profit increased by £13.7m, (23.8% on a reported basis).\n§ Unchanged FY 24 Adjusted Operating Profit guidance of £185m to £205m.\no Cost inflation lower than in prior year, with full benefit from mitigating pricing actions in 2023 and H1 2024 expected in H2 this year\no Accelerate cost saving programme remains on track, FY 24 expected savings of £30m under Accelerate 1.0 and £10m under Accelerate 2.0.\n§ Stable balance sheet with clear plans to reduce leverage and debt\no Good cash generation, with Free Cash Flow of £90.5m (£79.7m in H1 23)\no N...