REG - Mobico Group PLC - Q1 Trading Update

MobicoAnnouncement

22/04/2024 07:00

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RNS Number : 4169L  Mobico Group PLC  22 April 2024

Mobico Group PLC

Q1 Trading Update

22(nd) April 2024

Mobico Group PLC ("Mobico" or "the Group") today reports its Trading Update
for the period 1 January 2024 to 31 March 2024 ("Q1" or "the period").

Overview

 Revenue growth in-line with FY 2024 guidance

                                        YoY change %
 £m                Q1 2024 revenue      As reported  Constant currency

                   (£m)
 ALSA              285.7                8.7%         12.1%
 North America     308.6                (0.8)%       3.5%
 UK & Germany      207.6                3.5%         4.6%
 UK                147.1                9.5%         9.5%
 Germany           60.5                 (8.6)%       (5.7)%
 Group             801.9                3.5%         6.7%

 

 

·      Q1 Group revenues of £801.9m up £27.5m (3.5%) vs Q1 2023 (6.7%
on a constant currency basis), reflecting an overall Group performance that is
in line with our expectations.

·      FY 2024 Adjusted Operating Profit expected to be in the range
£185m to £205m

 

ALSA

ALSA delivered a strong Q1 performance with revenues up 8.7% on Q1 2023 (12.1%
on a constant currency basis).

Long Haul continues to trade exceptionally well, driven by the continuation of
the multi-voucher scheme coupled with another strong Easter trading period; Q1
passenger numbers 25% higher than Q1 2023.

Its Regional business is continuing to trade well, with passenger numbers up
by 17% vs Q1 2023, in the part of the business that is exposed to passenger
revenue.  Urban operations continue to trade strongly with passenger numbers
up 11% vs Q1 2023.    The acquisition of Canarybus, completed in March
2024, further diversifies the ALSA portfolio. CanaryBus is the leading
operator in the Canary Islands with a significant presence in the important
tourism market, a fleet of around 800 buses and annual revenue of circa
€70m.

North America

North America revenues down by 0.8% vs Q1 2023 on a reported basis (3.5% up on
a constant currency basis). School Bus revenues broadly consistent with Q1
2023 on a constant currency basis, with the impact of continued route recovery
being offset by a larger than usual number of heavy snow days. Operating days
lost as a result of bad weather and the earlier than usual spring break are
expected to be recovered by the end of the school year, i.e. in Q2 2024. Route
reinstatement is marginally ahead of expectations to date and there is a
continued strong focus on securing above-inflation contract pricing increases
as we progress through the current bid season.

In Transit and Shuttle, revenues were up 13% compared with Q1 2023 on a
constant currency basis, reflecting growth from new contract wins from FY 2023
and additional service volume with existing customers. The business continues
to pursue strategically compelling bids, in line with the Evolve strategy
including new fixed route, paratransit and university shuttle contract wins in
Charleston, Chicago and Boston.

UK & Germany

UK revenues were up by 9.5% vs Q1 2023, predominantly driven by UK Bus. In UK
Bus, ticket price rises and passenger growth, including the non-recurrence of
the driver strike disruption seen last year, led to an increase of 18.3% in
revenue compared to Q1 2023.  UK Coach revenues are up by 3.4% reflecting
passenger growth of 4% within the Scheduled Coach business (underlying growth
of 10% when removing the impact of rail strikes in both years).  Progress
continues to be made with the turnaround of the NXTS business.

German Rail revenues were 8.6% lower than in Q1 2023 (5.7% down on a constant
currency basis) reflecting higher revenues in Q1 2023 from the Emergency
Contract Award as well as higher penalties in Q1 2024 for the reasons outlined
in the FY 2023 results.

 

Notes
 

Legal Entity Identifier: 213800A8IQEMY8PA5X34

Classification: 2.2 for the purposes of DTR 6 Annex 1

The information contained within this announcement is deemed by Mobico to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No.596/2014 as it forms part of domestic law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018. By the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

The person responsible for arranging for the release of this announcement on
behalf of Mobico is Simon Callander, General Counsel and Company Secretary.

 

Enquiries

 

 James Stamp        Mobico Group  Tel: +44 (0)121 803 2580
 John Dean
 Stephen Malthouse  Headland      Tel: +44 (0)7734 956 201
 Matt Denham                      Tel: +44 (0)7551 825 496

 

A live webcast of the analyst meeting taking place today at 09.00am (BST) will
be available on the investor page of the Group's website: www.mobicogroup.com.
(http://www.mobicogroup.com.)

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