Mobico Group Plc (MCG) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to today's meeting, which is the last time I will be presenting MOVICOL results to you. Thank you for taking the time to join us for 24 full-year results. Firstly, I would like to start by thanking you all for your patience over the recent months. We appreciate that it has been some time since we last provided an update. As we go through this morning's presentation, I hope that you will appreciate why the process has again been longer than anticipated, with later conclusion of the audit due to complexities within the results. Overall, you will see that Mobico is continuing along a path to recovery, delivering on our commitments and making some important operational and commercial gains along the way. There are some areas where, despite the relentless focus, we have not progressed as planned, as it is the case with the closing of Germany PTA's negotiation. We will talk about this during the presentation. Helen will shortly talk more about continuing our focus on cash and our absolute commitment to debt reduction. But before I hand over to Helen, I would like to share our key messages from the 2024 results. Firstly, another record performance from ALSA and further growth from We Drive You has driven continued revenue growth for the group, with pricing being the key contributing factor in that growth. Mobico Group has delivered EBIT within guidance in full year 2024, with a corresponding improvement in free cash flow. Our comprehensive profit-improving initiative, Accelerate, delivered ahead of expectations communicated in our Q3 update, supporting an 11% growth in operating profits, which has been a key factor in delivering results that are within our guidance range for the year. We do have some significant impairments and adjusting items that ...