Mobico once again lowered its annual profit range on Monday as the group flagged accounting issues related to its German rail business.
The group, which operates transport services in the UK, North America, Europe, North Africa and the Middle East, told investors that changes to how the German transport sector determines cost recovery levels will result in a hit of around £15million to its bottom line..
The former National Express group now expects adjusted operating profit for the year to be between £160million to £175million
Mobico shares were down by 8.05 per cent to 65.70p in Monday morning trading.
But the bus, coach and rail operator, which last month delayed its annual results citing an accounting review, said it expects operating profit to be in the ‘upper end’ of its new forecast range.
The FTSE 250 group’s German rail business has been affected by industry-wide driver shortages and volatile energy prices.
In February, the business said it would publish its results ‘before the end of March’, after its auditor Deloitte warned that it needed more time to complete its work on the German arm of the business.
However, the group revealed it now expects to publish results ‘in the second half of April’.
Mobico is one of the top five operators in Germany.
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