Operating costs surge drags Mobico to loss

Mobico (MCG) – formerly known as National Express until it changed its name last month – suffered in its first half from the unpleasant combination of the withdrawal of government pandemic support and inflationary headwinds. The shares were marked down by 6 per cent as a 22 per cent increase in operating costs pulled the transport business down to a loss despite chunky passenger number growth and a double-digit revenue boost across all its divisions.