Shares in National Express owner jump as it starts sale of US school bus business

Mobico also reports 24% increase in half-year profits to 71.2m as group tries to reduce 1.2bn debt

The owner of National Express has revealed it has begun the sale of its North American school bus business in an effort to reduce its 1.2bn debt, sending its shares sharply higher.

The share price of Mobico, which changed its name from National Express Group in June 2023, jumped by more than 20% after markets opened on Wednesday, before settling at 14% up at 66p by mid-morning.