National Express owner shares hit after results woes as finance boss quits
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy National Express owner Mobico has posted plunging profits and revealed its finance boss will stand down in the wake of accounting issues that twice delayed full-year results. Shares in the group, which rebranded as Mobico from National Express last year, tumbled as much as 11% as it reported a 36% fall in underlying group pre-tax profits to £92.9 million for 2023. Our 2023 results are below the expectations we set ourselves at the beginning of the year Ignacio Garat, Mobico chief executive The results were initially due to be reported on February 29, but had to be delayed twice due to accounting problems with its German rail arm, which were caused by unexpected changes to indices used by the country’s statistics office. In an update on first quarter trading released alongside the results, the group also showed that group-wide revenue growth slowed to 6.7% on a constant currency basis, with lower revenues in Germany and North America.
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