Half Year results for the six months ended 30 June 2023

27 July 2023 7:00 AM

Strong revenue and passenger growth reflecting growth across all markets

H1 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

FY 2023 Operating Profit expected to be between £200m and £215m

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First half results, six months ended 30 June 2023


 H1 2023

H1 2022

Change (Constant FX)

Change (Reported)

Group Revenue










Group Adjusted1 Operating Profit





Group Adjusted1 Profit Before Tax




Adjusted basic1,2 EPS




Dividend per share




Return on Capital Employed











Group Operating Profit




Group (Loss)/Profit Before Tax




Group (Loss)/Profit After Tax2




Basic EPS2




Free cash flow




Covenant net debt




Covenant gearing




H1 2023 highlights

  • Strong revenue performance up 19%, driven by:
    • Strong growth across all business lines in ALSA
    • North America delivering good price increases of over 13% on the 40% contracts that were up for renewal this bid season
    • UK revenues up 20% reflecting strong growth in passengers in Coach and Bus partly offset by the impact of reduced Bus funding
  • 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
  • Group Operating Profit is £8.7m (H1 2022: £42.3m) as a result of the the reduction in Covid-19 funding
  • Cost inflation came before price rises and cost actions that will be delivered in H2. Actions already taken give confidence in stronger than normal H2 weighting
  • Annualised cost savings of £30m higher than previously announced (£25m), with £15m savings expected in H2 23
  • Strong cash generation in H1 with Free Cash Flow of £79.7m (£63.8m in H1 22) with over 100% FCF generation
  • Improved debt maturity and liquidity with a £600m RCF refinanced to 2028, and £400m bond refinancing on track for delivery in Q3 23
  • US Leadership change and UK restructure to accelerate Evolve strategy and support growth agenda
  • 2023 Full Year Adjusted Operating Profit expected to be between £200m and £215m

Ignacio Garat, Mobico Group Chief Executive, said:

“2023 is a year where the Group transitions away from significant Covid-19 support. We saw strong Revenue growth in the first half, driven by customer demand. The profit result compared to prior year was impacted by a £60m reduction in Covid-19 funding. Although operating profit was down on the year, once the £60m reduction in 2022 Covid support is taken into account, Adjusted Operating Profit grew significantly.

In addition, we have seen significant wage inflation however, we expect this to be recovered - as planned - in the second half. Although there remain some market uncertainties, encouraging passenger growth, pricing power, continued pipeline conversion, high levels of contract retention, the actions we have taken on pricing and costs, and the ongoing successful mobilisation of contracts all support our confident full-year outlook.”

“I’d like to pay tribute to all of our employees, customers and partners for their considerable efforts, in a challenging environment, as we continue to lead the modal shift from cars to mass transit, improving social mobility and reducing carbon emissions in the process.”


  1. To supplement IFRS reporting, we also present our results (including EBITDA) on an adjusted basis to show the performance of the business before adjusting items. These are detailed on page 27 and principally comprise intangible amortisation for acquired businesses, re-measurement of historic onerous contract provisions and impairments, re-measurement of the WeDriveU Put Liability, voluntary repayment of UK CJRS grant income ('furlough') and Group wide restructuring and other costs. In addition to performance measures directly observable in the Group financial statements (IFRS measures), alternative financial measures are presented that are used internally by management as key measures to assess performance. Further explanation in relation to these measures can be found on page 13.

    For the six months ended 30 June 2023, we have changed this terminology from ‘underlying’ to ‘adjusted’ to make clearer what this performance measure represents. There are no changes to the definition of what is included in these items.
  2. H1 2022 restated in respect of correction to deferred tax assets and liabilities. This has changed 2022 Group Profit After Tax from £15.8m to £15.2m and 2022 adjusted EPS from 6.2p to 6.1p and 2022 statutory EPS from 0.4p to 0.3p. Please see note 1 to the Financial Statements.
  3. This announcement contains forward-looking statements with respect to the financial condition, results and business of Mobico Group PLC ("Mobico" or the "Group"). By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Mobico's actual future results may differ materially from the results expressed or implied in these forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Mobico does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including without limitation, during management presentations to financial analysts) in connection with this announcement.  


Mobico Group

James Stamp

+44 (0)121 803 2580

John Dean

+44 (0)121 803 2580

Headland PR

Stephen Malthouse

+44 (0)7734 956 201

Matt Denham

+44 (0)7551 825 496

A live webcast of the analyst meeting taking place today at 9:00am (BST) will be available on the investor page of the Group’s website: www.mobicogroup.com.  The Group plans to release its next Trading Update on 19 October 2023.

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