Source: Sharecast
The news came as the company announced the appointment of finance veteran Brian Egan as its new, permanent chief financial officer, placing Helen Cowing who has served as interim CFO over the past 12 months.
Egan, a chartered accountant, has more than 25 years' CFO experience, having held positions at international outfits including Jefferson Smurfit, Petropavlovsk, Dangote Cement and Coca-Cola.
"We are delighted that Brian will be joining us immediately. His considerable experience working as a CFO for a number of international businesses will serve the Group well and I look forward to working with him," said executive chair Phil White.
The sales of North America School Bus, first announced in late-April for £457m, has made "good progress" in obtaining necessary approvals. The only major approval now needed is from the US Surface Transportation Board, which is said to have already been "tentatively approved and authorised".
Formal STB approval is expected in early July, with the transaction tipped to close shortly after, by which time Mobico will receive upfront net proceeds of £275m-290m, with the remainder due following completion.
"The group continues to have strong liquidity with no significant debt maturities due until the second half of 2027 and the sale of School Bus providing sufficient proceeds to cover those maturities," the company said.
Adjusted operating profits for 2025 are expected to come in the range of £180m-195m, before any contribution from School Bus, with the midpoint more or less in line with the £187.7m reported for 2024.
Shares up were 2.4% at 26.88p in early deals on Tuesday.