Mobico Group Faces Share Dip

Mobico Group, formerly known as National Express, saw a decrease in its shares following the announcement of a delay in the release of its 2023 earnings report. The company revealed that the accounting of its German rail business needs to undergo a thorough review, leading to the postponement.

At 1031 GMT, shares were down by 7.8% at 77.75 pence, with a significant drop from an early trading low of 66.85 pence. Over the past year, shares have plummeted by 40%.

Revised Publication Schedule and Maintained Guidance

Originally scheduled for release on Feb. 29, Mobico Group now anticipates publishing its 2023 results before the end of March. Despite the delay, the company affirmed its guidance for the year.

The company remains confident that adjusted earnings before interest and taxes, which excludes exceptional and other one-off items, will fall within the range of £175 million to £185 million ($220.4 million to $233 million). Notably, its German rail business is projected to contribute less than 6% to its adjusted EBIT for 2023.

For more information, contact Michael Susin.