UK's Mobico down as Covid funding cuts hurt profits

Saltlux

27/07/2023 09:21

** Shares of transportation firm Mobico Group PLC  MCG.L  falls
as much as 12.1% to 94 pence, one of the top losers on FTSE Mid
250 Index  .FTMC  
    ** Stock on track for worst day in over four months, if
current losses hold
    ** H1 adj oper profit drops to 57.5 mln pounds ($74.63 mln)
from 90.5 mln pounds a year ago
    ** Fall in profit affected by 60 mln pounds reduction in
Covid-19 funding, co says 
    ** Adds that H1 was also affected by significant cost
inflation, especially in salary and wage costs but expects this
to be recovered in H2
    ** Co sees FY 2023 operating profit between 200 mln pounds
and 215 mln pounds 
    ** Stock down ~24% YTD


($1 = 0.7705 pounds)

 (Reporting by Richard Rohan Francis in Bengaluru)
 ((Richardrohan.francis@thomsonreuters.com))