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The parent company of National Express coaches has reported falling UK revenue in the first months of this year after it benefited less from rail strikes.
Mobico said turnover in its UK coach business was down 6% in the three months to March, compared with the same period last year.
The company, which also runs some bus services across Britain, said bus revenues were slightly higher than last year, with passenger volumes remaining roughly the same.
Mobico’s previous chief executive Ignacio Garat left last month after a series of profit warnings.
The company recently welcomed back chairman Phil White, who was chief executive between 1996 and 2006.
The company announced a 9% bump in first quarter revenue overall after a strong performance from its Spanish business ALSA.
But the group is part-way through a “large scale, complex turnaround” of its UK business.
Mr White said: “In my first weeks in the role I have met with many of our shareholders and spent time with our many businesses.
“I can see that considerable value and momentum exists across the group, and 9% revenue growth in the first quarter is evidence of continuing growth in demand for our services, particularly in ALSA.
“Our priority remains in strengthening our balance sheet and accelerating the pace of operational and financial improvement to drive the change that is necessary to creating a business that can take advantage of the opportunities ahead.”
Shares have fallen nearly two-thirds this year, amid Mr Garat’s departure at the end of April.
English (US) ·