Half Year 2024 Mobico Group PLC Earnings Call Transcript
Key Points
- Full-year 2024 guidance is on track with adjusted EBIT between GBP185 million and GBP205 million.
- Record H1 results in ALSA and improvement in North America, alongside ongoing recovery in the UK and Germany.
- Significant contract wins with 123 new contracts, totaling GBP91 million per annum in revenue.
- Successful implementation of cost reduction programs, leading to improved profitability and cash flow.
- Positive momentum in passenger growth across key business segments, with double-digit growth in ALSA long haul and North America corporate shuttle.
- Higher finance costs and increased tax charges have led to a decline in earnings per share to 0.3p in the first half.
- No group dividend was paid at the half-year mark.
- Revenue reduction in Germany due to ongoing structural issues such as energy market volatility and train driver shortages.
- Adjusted operating loss in Germany continues to impact overall performance.
- Challenges in the UK bus segment, including constraints from contractual terms with Transport for West Midlands and the impact of the GBP2 fare cap initiative.
Good morning, and thank you for joining us for our 2024 half-year results. Before I take you through the results, I would like to welcome Helen Cowing. For those who didn't have the chance to meet Helen at our AGM, Helen is our new Group CFO, who has joined us for the long term and is already making an impact. We have formed a strong partnership visiting our markets together and engaging in highly constructive discussions with customers and our teams.
Helen is already bringing clarity and effectiveness to our reporting on how we best deploy capital to generate returns with a key focus on deleverage. Later in the presentation, Helen will talk more about our focus on cash and our commitment to debt reduction, as well as our financial priorities for the balance of this year and beyond.
Before I hand over to Helen, I would like to share our key messages from the half-year results. Firstly, I can confirm full-year 2024 guidance is on track with adjusted EBIT of between GBP185 million and GBP205 million, with an
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