UK's Mobico sinks to record low on forecast cut, dividend suspension

Saltlux

12/10/2023 09:40

(Updates)
    ** Shares of British transport firm Mobico  MCG.L  fall as
much as 33.2% to record low of 56.75 pence 
    ** Stock among top pct losers across London stocks
    ** Co cuts annual operating profit forecast and suspends
dividend saying surging costs are delaying full recovery in
profitability 
    ** Sees FY operating profit to be between 175 mln pounds and
185 mln pounds vs 200 mln pounds-215 mln pounds range forecast
previously
    ** Co says UK bus revenue growth estimates tempered, as
growth in passenger numbers slightly below expectations
    **"We are sceptical that sufficient value can be realised
from Student Bus without a significant improvement, and the
driver shortages ease, leaving leverage a pressing concern" -
Peel Hunt
    ** Stock down 52.6% YTD


    
   

 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))