Leading sustainable travel
Mobico is a leading international transport provider, diversified internationally with operations in North America, continental Europe, the UK, Middle East and North Africa.
Vision
Our vision is to be the world’s premier shared mobility operator
Purpose
Our purpose is to lead the modal shift from cars to mass transit
Financial highlights
Revenue
Free Cash Flow
Adjusted Operating Profit
Statutory Operating Loss
Adjusted EPS
Statutory EPS
Covenant Gearing
Return on Capital Employed
Chair's statement
"Progress — but still more to do.
Whilst 2024 has been another challenging year for the Group, it is encouraging that we were able to announce revenue growth of 8.3% and Adjusted Operating Profit in line with guidance at £187.7m, up 11.3%. As a Board, our key focus is accelerating the Group’s deleveraging. "
CEO review
"I’d like to thank all of our people for their outstanding dedication and support in what has been another challenging year
In FY24, the Group has delivered another good revenue performance across most of the major business units, reflecting a continuing ability to capture growth in markets with attractive long-term drivers"
Financial review
"Mobico Group has achieved the EBIT guidance range after another challenging year with good cash generation, up year-on-year."
Mobico Group has delivered EBIT within guidance in the full year 2024, with a corresponding improvement in free cash flow and debt. An underlying good performance with some headwinds mean we have more to deliver but are continuing on a positive journey."
Operational highlights
- In German Rail, we have continued to suffer from persisting levels of driver shortages, resulting in reduced operating mileage, higher agency driver costs and higher contractual penalties. The situation regarding driver shortages has not recovered in line with what we had previously anticipated; and this has been coupled with infrastructure disruption suffered through the year. We are seeking to abate the driver shortage issues through significant additional investment in driver recruitment and training over the coming 12 to 24 month period.
- In ALSA, Canary Bus was acquired, and has performed well in its first term of ALSA ownership, and in line with the business case at acquisition. The integration process has been meticulously managed across all departments, fostering operational excellence and safety.
- ALSA won the “Best Customer Experience in Transport” award at the EMT Muévete Verde 2024 for its project enhancing services for people with disabilities or functional diversity on intercity routes in Madrid. Real-time customer information has enhanced the journey experience for longhaul passengers.
- WeDriveU as a brand has been adopted as the single, unifying brand for the whole Transit & Shuttle operation, bringing together the seven North America Transit brands that existed previously.
- Separation of School Bus and WeDriveU business units in North America is substantially, and successfully, complete, with WeDriveU able to operate independently.
- North America School Bus is now far more adept at identifying and tracking under-utilised fleet having created and deployed the new MOR (‘Max On Road’) system that highlights underutilised assets and makes them available elsewhere. In FY24, we cascaded 517 buses to meet contract requirements in this way. This improved fleet allocation of vehicles no longer suited to one customer, to other contracts, is helping to improve asset utilisation, cash flow and customer satisfaction.
- Intensive focus on operational KPIs in UK Bus resulted in significant increase in punctuality metrics during the year, improving customer satisfaction.
- UK Coach operational initiatives are gaining momentum with particular focus on:
- yield through automated algorithmic pricing;
- driving conversion rates through web and app;
- deploying a pipeline of new ancillary offers on the back of our new Go- to-market strategies; and
- leveraging our significant CRM database and driving loyalty, with first ever NX loyalty programme launched in Q4.
Divisional review
-
ALSA
Revenue
£1,327.6m(2023: £1,165.4m)
Adjusted Operating Profit
£186.1m(2023: £136.8m)
Statutory Operating Profit/(Loss)
£176.9m(2023: £121.0m)
Adjusted Operating Margin
14.0%(2023: 11.7%)
-
North America
Revenue
£1,205.3m(2023: £1,115.6m)
Adjusted Operating Profit
£38.3m(2023: £27.1m)
Statutory Operating Profit/(Loss)
£(531.6)m(2023: £(7.1)m)
Adjusted Operating Margin
3.2%(2023: 2.4%)
Tim Wertner, CEO: North America School Bus
Erick Van Wagenen, CEO: North America Shuttle and Transit -
UK & Germany
Revenue
£623.0(2023: £610.1)
Adjusted Operating Profit
£6.5(2023: £23.5)
Statutory Operating (Loss)/Profit
£(12.2)m(2023: £1.3)
Adjusted Operating Margin
1.0%(2023: 3.9%)
Financial overview
Group Income Statement, Group Balance Sheet, Group Cash Flow Statement & Five Year Summary