Business
Half-year Report
Half-year Report.
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 2023\nStrong revenue and passenger growth reflecting growth across all markets\nH1 Adjusted Operating Profit affected by £60m reduction in Covid-19 funding, and inflationary costs before the delivery of cost recovery and pricing actions in H2\nFY 2023 Operating Profit expected to be between £200m and £215m\n \nFirst half results, six months ended 30 June 2023\n\n\n\n\n\n\n\n H1 2023\n\n\nH1 2022\n\n\nChange (Constant FX)\n\n\nChange (Reported)\n\n\n\n\nGroup Revenue\n\n\n£1.57bn\n\n\n£1.32bn\n\n\n14.4%\n\n\n18.5%\n\n\n\n\nGroup EBITDA1\n\n\n£166.7m\n\n\n£197.8m\n\n\n(19.3)%\n\n\n(15.7)%\n\n\n\n\nGroup Adjusted1 Operating Profit\n\n\n£57.5m\n\n\n£90.5m\n\n\n(39.7)%\n\n\n(36.5)%\n\n\n\n\nGroup Adjusted1 Profit Before Tax\n\n\n£25.4m\n\n\n£68.7m\n\n\n\n\n\n\n\n\n\n\nAdjusted basic1,2 EPS\n\n\n1.0p \n\n\n6.1p \n\n\n\n\n\n\n\n\n\n\nDividend per share\n\n\n1.7p \n\n\n- \n\n\n\n\n\n\n\n\n\n\nReturn on Capital Employed\n\n\n5.9%\n\n\n5.9%\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\nStatutory\n\n\n \n\n\n\n\nGroup Operating Profit\n\n\n£8.7m\n\n\n£42.3m\n\n\n\n\n\n\n\n\n\n\nGroup (Loss)/Profit Before Tax\n\n\n£(23.4)m\n\n\n£20.5m\n\n\n\n\n\n\n\n\n\n\nGroup (Loss)/Profit After Tax2\n\n\n£(39.4)m\n\n\n£15.2m\n\n\n\n\n\n\n\n\n\n\nBasic EPS2\n\n\n(8.3)p\n\n\n0.3p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow\n\n\n£79.7m\n\n\n£63.8m \n\n\n\n\n\n\n\n\n\n\nCovenant net debt\n\n\n£908.5m\n\n\n£946.8m \n\n\n\n\n\n\n\n\n\n\nCovenant gearing\n\n\n2.8x\n\n\n3.1x\n\n\n\n\n\n\n\n\n\n\n \nH1 2023 highlights\n§ Strong revenue performance up 19%, driven by:\no Strong growth across all business lines in ALSA\no North America delivering good price increases of over 13% on the 40% contracts that were up for renewal this bid season\no UK revenues up 20% reflecting strong growth in passengers in Coach and Bus partly offset by the impact of reduced Bus funding\n§ Adjusted Operating Profit down on H1 2022 as a result of a reduction in Covid-19 funding of £60m. Excluding this, Group Adjusted Operating Profit has increased by £27m, driven by the strong revenue performance\n§ Group Operating Profit is £8.7m (H1 2022: £42.3m) as a result of the the reduction in Covid-19 funding\n§ Cos...