Driving mobility solutions


We have a clear vision and purpose

There has been underlying growth across our operations, and we have acted decisively in a uniquely challenging operating environment.

Download the Annual Report 2022

Group Highlights Video
"I have been greatly impressed by the focus on safety which is embedded in our culture and at every level of the business. Our safety performance in 2022 is our best ever.”

Evolve & demand recovery delivering significantly improved results

Improving financial and operating performance
  • Revenue up 29% to £2.8bn; underlying operating profit of £197.3m, more than double the prior year
  • Strong cash conversion of 81%, delivering free cash flow of £160.5m; ROCE up 430bps to 7.7%
  • Reinstating full year 2022 dividend at 5.0p per share reflecting confidence in the future
  • Statutory loss before tax of £209.9m driven by £261m non-cash impairment of goodwill in ALSA, arising from a rise in discount rates; underlying trading assumptions unchanged
Progress on driver recruitment and route reinstatement in US School Bus
  • 900 net new drivers added in 2022, closing the gap by one third as expected, allowing route reinstatement to commence 
  • Average rate increases of just above 10% achieved on the 40% of contracts renewed in the year recovering increased driver costs albeit with a timing lag
Strong growth in passenger demand with good momentum
  • 23% increase in passenger journeys across the Group 
  • Sustained growth in passenger demand in Spain, Morocco, the UK and Germany; strengthening in the second half of the year
Improving covenant gearing
  • Covenant gearing at 2.8 times (December 2021: 3.6 times); expect to be close to target range in the next two years with reducing leverage remaining a key priority
Resilient and agile in the face of industry headwinds
  • Restructured operations in Spain, Morocco, North America and the UK
  • Network relaunch in UK scheduled coach saving 6% in cost per passenger mile
  • Actively managing contracts to recover inflation 
  • Fuel cost 100% hedged for 2023 and 56% for 2024
Evolve strategic momentum delivering tangible results; well-positioned to deliver future growth
  • 35 new contracts won, including the RRX Lot1 contract in Germany, worth approximately £150m in annualised revenue demonstrating our ability to convert a strong pipeline of opportunities into tangible growth
  • Commenced service in new key target cities, such as Lisbon and Richmond, Virginia as well as multi-modal hub expansions in Geneva, Madrid and Boston
  • Fleet decarbonisation accelerating with plans approved for 1,500 ZEVs across the Group by 2024

Divisional review

Financial overview

Group Income Statement, Group Balance Sheet, Group Cash Flow Statement & Five Year Summary

Evolve Strategy

We have a clear vision and purpose, which drives everything we do

Investment case

Driving our business forward in sustainable and growing markets