National Express coach owner Mobico (MCG) has seen its shares fall 85% over the past five years as recovery remains slow since the Covid pandemic.

Last March it lowered annual profit guidance and delayed the publication of its results due to audit issues at its German business.  

Fast forward to 29 April this year and Mobico’s chief executive Ignacio Garat announced he was stepping down ‘with immediate effect’ after five years at the helm.

Despite offering investors a glimmer of hope with its latest set of results – an 11.3% rise in annual adjusting operating profit and the $608 million sale of its North America School Bus business - the company’s financial woes are not going away, much to the ire of investors.

The company reported a statutory pre-tax loss of £793.8 million and adjusted net debt of £1.2 billion for the year ending 31 December.

Although revenue increased 1.1% in UK and Germany, the company saw a further decline in German Rail due to ongoing challenges.

Mobico is the second-largest operator in North Rhine-Westphalia Germany and is one of the top five operators in Germany. [SG]

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