Full Year 2023 Mobico Group PLC Earnings Call Transcript
Good morning, and welcome to our 2023 full-year results and Q1 update. Thank you again for your understanding and waiting for this. We are pleased to have completed the supplementary inquiries around German rail that were deemed necessary, and James will walk you through the conclusions of that and the water group performance in a few moments.
Before that, I would like to share the key messages that we have taken from what has been a more challenging '23 than we have hoped or expected. In short, our story is one of continuing positive demand drivers, but with profit recovery and therefore reduction in net debt somewhat slower than we have hoped.
Yet, 2023 has been a year in which important underlying progress has been made in the context of an evolving and challenging market where Mobico has adapted and acted decisively. The fact that demand and revenue growth remains healthy is certainly encouraging. And we see that continuing.
As well as delivering strong new business conversion and healthy margins on ROCE, we're also retaining and
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