NATIONAL EXPRESS owner Mobico has announced the departure of its chief financial officer after accounting issues caused the firm to delay publication of its full-year results twice.

James Stamp will stand down at the group's annual general meeting on 11 June. Helen Cowling, a veteran CFO, will fill the role of interim CFO.

Mobico had expected to report its full-year financial results on February 29. However, audit issues at its German rail business caused by changes to indices used at the country's statistics office pushed back publication twice, sending shares spiralling on both occasions.

The second announcement in March fell alongside a profit warning, as Mobico revealed it would take a £15m hit from its German subsidiary amid the issues.

It comes after a torrid year for the company, which rebranded from National Express early last year but has since seen shares fall over 50 per cent.

In its full-year results, Mobico said group adjusted pre-tax profit had decreased 36 per cent to £92.9m, prompting shares to fall more than seven per cent by midday.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) decreased 7.7 per cent to £386m, as the firm flagged continued cost inflation and significantly reduced Covidera subsidies.

Ignacio Garat, chief executive, said: "Our 2023 results are below the expectations we set ourselves at the beginning of the year. The delays due to the additional work relating to the German Rail business was regrettable but it is now concluded."

Shares closed down 9.91 per cent following the update.

(c) 2024 City A.M., source Newspaper