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Mobico Group PLC (LSE:MCG) experienced a 15% increase in its share price, driven largely by a strong performance from its Spanish division, ALSA, which helped mitigate declines in the UK and ongoing difficulties in its German rail operations.
For the first half of the year, Mobico's revenues rose by 5.4% to €1.65 billion. ALSA’s contribution was particularly notable, with a 43% increase in revenue, amounting to £82.5 million. The US operations also showed a substantial 55% rise, contributing positively to the overall performance. However, the UK and German sectors faced losses, impacting the company’s regional balance.
Operating profits for the period grew by 24% to £71.2 million. Additionally, pre-tax losses were significantly reduced to £1.5 million, a marked improvement from the previous year's £41.9 million. This progress underscores a successful turnaround from prior financial difficulties.
Mobico has initiated the process of selling its US yellow school bus business as part of a strategic effort to address its £1 billion debt. This divestment is a key component of the company’s plan to streamline operations and improve financial stability. Despite these positive steps, no interim dividend was declared for the period.
Chief Executive Ignacio Garat noted that the first half of the year was strong for ALSA, which achieved record results. Garat also indicated that the company is implementing additional measures to manage debt effectively in the second half of the year.
Looking forward, Mobico has maintained its operating profit guidance for the full year, forecasting a range of £185-205 million. In the UK, the company is preparing for potential changes in the bus franchise system proposed by the government. Garat expressed confidence in Mobico's ability to maintain commercial success regardless of the new model that may be introduced. The firm’s performance reflects a strategic focus on balancing regional challenges while advancing its financial and operational goals.
