お知らせ • May 20
Karen Geary Not to Stand for Re-Election as Senior Independent Director of Mobico Group Plc Mobico Group PLC announced that Karen Geary, Senior Independent Director, has informed the Board that she does not intend to stand for re-election at the Group's 2026 Annual General Meeting, after completing nearly seven years on the Board. The Company will announce a new Senior Independent Director in due course. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Group CEO, CEO of Alsa & Director Paco Campos was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 15
Price target increased by 7.1% to UK£0.38 Up from UK£0.36, the current price target is an average from 5 analysts. New target price is 82% above last closing price of UK£0.21. Stock is down 66% over the past year. The company is forecast to post earnings per share of UK£0.10 next year compared to a net loss per share of UK£0.19 last year. Reported Earnings • Feb 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: UK£0.17 loss per share (improved from UK£1.35 loss in FY 2024). Revenue: UK£2.74b (down 20% from FY 2024). Net loss: UK£95.9m (loss narrowed 88% from FY 2024). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 1.1% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Price Target Changed • Feb 26
Price target decreased by 8.9% to UK£0.36 Down from UK£0.39, the current price target is an average from 6 analysts. New target price is 18% above last closing price of UK£0.30. Stock is down 56% over the past year. The company is forecast to post a net loss per share of UK£0.37 next year compared to a net loss per share of UK£1.35 last year. お知らせ • Feb 19
Mobico Group Plc to Report Fiscal Year 2025 Results on Feb 26, 2026 Mobico Group Plc announced that they will report fiscal year 2025 results on Feb 26, 2026 New Risk • Jan 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-UK£68m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Price Target Changed • Oct 17
Price target decreased by 24% to UK£0.39 Down from UK£0.51, the current price target is an average from 6 analysts. New target price is 42% above last closing price of UK£0.28. Stock is down 63% over the past year. The company is forecast to post earnings per share of UK£0.042 next year compared to a net loss per share of UK£1.35 last year. Reported Earnings • Sep 10
First half 2025 earnings released: UK£0.059 loss per share (vs UK£0.079 loss in 1H 2024) First half 2025 results: UK£0.059 loss per share (improved from UK£0.079 loss in 1H 2024). Revenue: UK£1.32b (up 7.0% from 1H 2024). Net loss: UK£36.1m (loss narrowed 25% from 1H 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 48% per year, which means it has not declined as severely as earnings. お知らせ • Aug 14
Mobico Group Plc to Report First Half, 2025 Results on Sep 09, 2025 Mobico Group Plc announced that they will report first half, 2025 results on Sep 09, 2025 お知らせ • Jul 15
I Squared Capital Advisors, LLC completed the acquisition of National Express LLC from Mobico Group Plc (LSE:MCG). I Squared Capital Advisors, LLC agreed to acquire National Express LLC from Mobico Group Plc (LSE:MCG) for an enterprise value of approximately $610 million on April 25, 2025. Under the terms of the transaction, the enterprise value includes an earn-out of up to $70 million. School Bus contributed approximately $11 million to FY24 Adjusted Operating Profit. It had net assets of approximately $455 million as at 31 December 2024. The acquisition includes all brands associated with National Express School, including Durham School Services, Petermann Bus, and Stock Transportation.
The transaction is subject to regulatory and target board approval, certain customary closing conditions, including anti-trust approvals, and is expected to complete early in the third quarter of 2025. The transaction has been approved by the board of Mobico Group Plc (LSE:MCG). The transaction has been approved by the Surface Transportation Board of United States.
Kyle M. Watson, Claire Campbell, Lucas E. Spivey, Steven M. Keithley, David Wheat, Rebecca L. Fine, J. Robert Fowler and Rebekah Kostelak of Kirkland & Ellis LLP acted as legal advisor to I Squared Capital Advisors, LLC. Gregg Polle, David Llyod, Ed Peel, Michael Ruflin of BofA Securities; Nick Harper, Tom Davies, Dan Howard of Goldman Sachs International; and Anthony Parsons, Alex Thomas, James Hopton of HSBC acted as financial advisors to Mobico Group PLC and I Squared Capital Advisors, LLC. Slaughter and May is acting as UK legal adviser and Foley & Lardner LLP is acting as US legal adviser to Mobico Group Plc. Jefferies Group LLC acted as financial advisor to I Squared Capital Advisors, LLC.
I Squared Capital Advisors, LLC completed the acquisition of National Express LLC from Mobico Group Plc (LSE:MCG) on July 14, 2025. Net upfront proceeds at closing were $364 million to reduce the Mobico Group's debt, with an additional $70 million earn-out contingent on achieving specific revenue, EBITDA, and free cash flow targets. Price Target Changed • Jul 10
Price target decreased by 8.7% to UK£0.51 Down from UK£0.56, the current price target is an average from 7 analysts. New target price is 77% above last closing price of UK£0.29. Stock is down 49% over the past year. The company is forecast to post earnings per share of UK£0.062 next year compared to a net loss per share of UK£1.35 last year. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 35% per year over the past 5 years. お知らせ • Jun 24
Mobico Group plc Announces Chief Financial Officer Changes Mobico Group Plc announced the appointment of Brian Egan as permanent Group Chief Financial Officer ("CFO"). Brian has over 25 years' CFO experience having held positions at international organisations, including, Jefferson Smurfit, Petropavlovsk, Dangote Cement, and Coca-Cola. Brian is a qualified Chartered Accountant, having started his career at KPMG. Brian joins the Group and the Board June 24, 2025. He replaces Helen Cowing who has served as Group Chief Financial Officer on an interim basis for the last twelve months. Price Target Changed • Jun 09
Price target decreased by 7.8% to UK£0.57 Down from UK£0.61, the current price target is an average from 7 analysts. New target price is 93% above last closing price of UK£0.29. Stock is down 42% over the past year. The company is forecast to post earnings per share of UK£0.041 next year compared to a net loss per share of UK£1.35 last year. お知らせ • Apr 30
Mobico Group Plc, Annual General Meeting, Jun 09, 2025 Mobico Group Plc, Annual General Meeting, Jun 09, 2025. Location: the bevan suite at bma house, british medical association, tavistock square, wc1h 9jp, london United Kingdom Reported Earnings • Apr 30
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: UK£1.35 loss per share (further deteriorated from UK£0.30 loss in FY 2023). Revenue: UK£3.41b (up 8.3% from FY 2023). Net loss: UK£824.1m (loss widened 345% from FY 2023). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 50% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 29
Price target decreased by 17% to UK£0.76 Down from UK£0.92, the current price target is an average from 6 analysts. New target price is 139% above last closing price of UK£0.32. Stock is down 42% over the past year. The company is forecast to post a net loss per share of UK£0.33 next year compared to a net loss per share of UK£0.30 last year. お知らせ • Apr 26
I Squared Capital Advisors, LLC agreed to acquire National Express LLC from Mobico Group Plc (LSE:MCG). I Squared Capital Advisors, LLC agreed to acquire National Express LLC from Mobico Group Plc (LSE:MCG) on April 25, 2025. The acquisition includes all brands associated with National Express School, including Durham School Services, Petermann Bus, and Stock Transportation. The transaction is expected to close in the third quarter of 2025. New Risk • Apr 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. お知らせ • Apr 23
Mobico Group Plc to Report Fiscal Year 2024 Results on Apr 29, 2025 Mobico Group Plc announced that they will report fiscal year 2024 results at 8:00 AM, GMT Standard Time on Apr 29, 2025 お知らせ • Mar 27
Mobico Group plc Announces Board Changes Mobico Group plc to announced the appointment of Phil White as Chair of the Board with effect from 1 May 2025 when, as previously announced, Helen Weir will now also leave the Board. Phil has over 40 years' experience in the transport sector and has held a range of non-executive roles across different industries. He was previously CEO of National Express Group plc between 1997 and 2006, during which time he expanded the business internationally and oversaw the transformational acquisition of Alsa. He has also held a variety of board positions across the wider transport industry, including Yorkshire Rider, Travel West Midlands, Stagecoach, Shearings and Porterbrook. Other previous non-executive roles include chairing Unite Group plc, Lookers plc and Kier Group plc. Phil is currently Senior Independent Director at Vp plc, the specialist equipment rental company, but will stand down from this role on 30 June 2025. お知らせ • Feb 04
Mobico Group plc Announces Helen Weir, Chair, Intend to Not Stand for Re-Election Mobico Group plc announced that Helen Weir, Chair of Mobico, has informed the Board that for personal reasons she does not intend to stand for re-election as a member of the Mobico Board at the Group's 2025 Annual General Meeting ("AGM"). The search for Helen's successor will be led by the Nominations Committee together with an external search firm. Price Target Changed • Nov 19
Price target increased by 7.0% to UK£0.90 Up from UK£0.84, the current price target is an average from 8 analysts. New target price is 11% above last closing price of UK£0.81. Stock is up 21% over the past year. The company is forecast to post earnings per share of UK£0.029 next year compared to a net loss per share of UK£0.30 last year. Price Target Changed • Nov 08
Price target increased by 9.7% to UK£0.87 Up from UK£0.80, the current price target is an average from 8 analysts. New target price is 11% above last closing price of UK£0.79. Stock is up 25% over the past year. The company is forecast to post earnings per share of UK£0.032 next year compared to a net loss per share of UK£0.30 last year. Reported Earnings • Aug 22
First half 2024 earnings released: UK£0.029 loss per share (vs UK£0.10 loss in 1H 2023) First half 2024 results: UK£0.029 loss per share (improved from UK£0.10 loss in 1H 2023). Revenue: UK£1.65b (up 5.4% from 1H 2023). Net loss: UK£17.7m (loss narrowed 72% from 1H 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. New Risk • Aug 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. お知らせ • Jul 23
Mobico Group Plc Announces Committee Changes Mobico Group Plc announced that Karen Geary will step down as Chair of the Remuneration Committee with effect from 1 August 2024. Karen will remain as a member of the Remuneration Committee and as the Senior Independent Director. Nigel Pocklington, a current Non-Executive Director and member of the Remuneration and Sustainability Committees, shall assume the role of Chair of the Remuneration Committee with effect from 1 August 2024. お知らせ • Jun 18
Mobico Group Plc to Report First Half, 2024 Results on Aug 21, 2024 Mobico Group Plc announced that they will report first half, 2024 results on Aug 21, 2024 Price Target Changed • Jun 05
Price target decreased by 7.2% to UK£0.79 Down from UK£0.85, the current price target is an average from 8 analysts. New target price is 50% above last closing price of UK£0.53. Stock is down 53% over the past year. The company is forecast to post earnings per share of UK£0.044 next year compared to a net loss per share of UK£0.30 last year. Price Target Changed • May 29
Price target decreased by 10% to UK£0.81 Down from UK£0.90, the current price target is an average from 8 analysts. New target price is 36% above last closing price of UK£0.59. Stock is down 44% over the past year. The company is forecast to post earnings per share of UK£0.048 next year compared to a net loss per share of UK£0.30 last year. Price Target Changed • May 20
Price target decreased by 8.8% to UK£0.85 Down from UK£0.93, the current price target is an average from 8 analysts. New target price is 27% above last closing price of UK£0.67. Stock is down 44% over the past year. The company is forecast to post earnings per share of UK£0.037 next year compared to a net loss per share of UK£0.30 last year. お知らせ • Apr 30
Mobico Group Plc Announces Board and Committee Changes Mobico Group plc confirmed that Enrique Dupuy de Lome Chávarri, a current Non-Executive Director and member of the Audit Committee, will assume the role of Chair of the Audit Committee with effect from the conclusion of the Company's 2024 Annual General Meeting on 11 June 2024. Enrique will, at the same time, become a member of the Nominations Committee. As previously announced, Mike McKeon, currently Chair of the Audit Committee, will stand down from the Board at the conclusion of the 2024 Annual General Meeting on 11 June 2024. Mike has served for almost nine years, having been first appointed to the Board in July 2015. Recent Insider Transactions Derivative • Apr 25
Group CEO & Director exercised options and sold UK£66k worth of stock On the 22nd of April, Jose Garat Perez exercised options to acquire 119k shares at no cost and sold these for an average price of UK£0.56 per share. This trade did not impact their existing holding. For the year to December 2020, Jose's total compensation was 47% salary and 53% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Jose has owned 125.69k shares directly. Company insiders have collectively bought UK£179k more than they sold, via options and on-market transactions, in the last 12 months. お知らせ • Apr 23
Mobico Group Plc, Annual General Meeting, Jun 11, 2024 Mobico Group Plc, Annual General Meeting, Jun 11, 2024. Price Target Changed • Apr 22
Price target decreased by 12% to UK£0.97 Down from UK£1.10, the current price target is an average from 7 analysts. New target price is 78% above last closing price of UK£0.54. Stock is down 56% over the past year. The company is forecast to post earnings per share of UK£0.058 next year compared to a net loss per share of UK£0.30 last year. お知らせ • Apr 19
Mobico Group Plc to Report Fiscal Year 2023 Results on Apr 22, 2024 Mobico Group Plc announced that they will report fiscal year 2023 results on Apr 22, 2024 Price Target Changed • Feb 20
Price target decreased by 9.4% to UK£1.14 Down from UK£1.26, the current price target is an average from 8 analysts. New target price is 36% above last closing price of UK£0.84. Stock is down 32% over the past year. The company is forecast to post earnings per share of UK£0.043 next year compared to a net loss per share of UK£0.40 last year. お知らせ • Feb 01
Mobico Group Plc to Report Fiscal Year 2023 Results on Feb 29, 2024 Mobico Group Plc announced that they will report fiscal year 2023 results on Feb 29, 2024 Price Target Changed • Nov 03
Price target decreased by 7.1% to UK£1.22 Down from UK£1.31, the current price target is an average from 8 analysts. New target price is 88% above last closing price of UK£0.65. Stock is down 62% over the past year. The company is forecast to post earnings per share of UK£0.038 next year compared to a net loss per share of UK£0.40 last year. お知らせ • Oct 31
Mobico Group plc Announces the Appointment of Enrique Dupuy De Lome Chávarri to the Board as an Independent Non-Executive Director with Effect from 1 November 2023 Mobico Group plc announced the appointment of Enrique Dupuy de Lome Chávarri to the Board as an independent Non-Executive Director with effect from 1 November 2023. Enrique will become a member of the Audit Committee upon his appointment, with the intention that he will take over as Chair of the Audit Committee when Mike McKeon steps down from the Board at the Annual General Meeting in 2024 having served almost nine years. Enrique is currently a Non-Executive Director and Chair of the Audit & Risk Committee at Wizz Air Holdings PLC, the UK listed airline group. Prior to this, he was the Group Chief Financial Officer at International Consolidated Airlines Group SA (IAG) and the Spanish airline Iberia. He has also previously held a number of Non-Executive roles at Amadeus IT Group, S.A, British Airways plc and Iberia Lineas Aereas de España, S.A. New Risk • Oct 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (9.9% average weekly change). Price Target Changed • Oct 05
Price target decreased by 8.8% to UK£1.57 Down from UK£1.72, the current price target is an average from 8 analysts. New target price is 87% above last closing price of UK£0.84. Stock is down 51% over the past year. The company is forecast to post earnings per share of UK£0.064 next year compared to a net loss per share of UK£0.40 last year. Price Target Changed • Sep 22
Price target decreased by 7.9% to UK£1.62 Down from UK£1.76, the current price target is an average from 9 analysts. New target price is 84% above last closing price of UK£0.88. Stock is down 54% over the past year. The company is forecast to post earnings per share of UK£0.066 next year compared to a net loss per share of UK£0.40 last year. お知らせ • Jul 28
Mobico Group Plc Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 1 September 2023 The Board of Mobico Group Plc has announced an interim dividend of 1.7 pence, which is in line with its previously communicated policy that the Group's interim dividend will be set at a level equivalent to approximately one third of the prior full year dividend. The Group's policy is to maintain a dividend cover ratio in excess of two times. The interim dividend will be paid on 1 September 2023 to shareholders on the register at the close of business on 4 August 2023. Reported Earnings • Jul 28
First half 2023 earnings released: UK£0.083 loss per share (vs UK£0.003 profit in 1H 2022) First half 2023 results: UK£0.083 loss per share (down from UK£0.003 profit in 1H 2022). Revenue: UK£1.57b (up 19% from 1H 2022). Net loss: UK£51.1m (down UK£52.8m from profit in 1H 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. お知らせ • Jul 18
Mobico Group plc Announces Directorate Changes Mobico Group plc announced the appointment of Nigel Pocklington as an independent Non-Executive Director with effect from 1 August 2023. Nigel is currently Chief Executive Officer of Good Energy Group plc, the renewable energy services company, and is also Senior Independent Director and Remuneration Committee Chair at Kin and Carta plc, the global digital transformation consultancy. He was previously Chief Commercial Officer at Moneysupermarket.com Group plc and before that held a number of roles with Expedia, the online travel company. Matthew Crummack, currently Mobico's Senior Independent Director, will stand down from the Board on 31 July 2023 having completed over eight years' service as an independent Non-Executive Director. Karen Geary (current independent Non-Executive Director and Chair of the Remuneration Committee of Mobico) has been appointed Senior Independent Director with effect from 1 August 2023. Mike was appointed to the Board in July 2015 and will reach nine years of service in July 2024. Mike has agreed to remain as Chair of the Audit Committee until the Annual General Meeting in 2024 in order to ensure a smooth and orderly transition of responsibilities to the new Chair of the Audit Committee. Price Target Changed • Jun 30
Price target decreased by 7.1% to UK£1.90 Down from UK£2.05, the current price target is an average from 10 analysts. New target price is 95% above last closing price of UK£0.97. Stock is down 50% over the past year. The company is forecast to post earnings per share of UK£0.087 next year compared to a net loss per share of UK£0.40 last year. お知らせ • Jun 02
National Express Group PLC to Report First Half, 2023 Results on Jul 27, 2023 National Express Group PLC announced that they will report first half, 2023 results on Jul 27, 2023 お知らせ • May 11
National Express Group plc Approves to Declare A Full Year 2022 Dividend National Express Group PLC at it's AGM approved to declare a full year 2022 dividend of 5.0 pence per ordinary share. Upcoming Dividend • Apr 06
Upcoming dividend of UK£0.05 per share at 4.1% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 15 May 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (4.2%). Reported Earnings • Mar 03
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: UK£0.40 loss per share (further deteriorated from UK£0.17 loss in FY 2021). Revenue: UK£2.81b (up 29% from FY 2021). Net loss: UK£243.1m (loss widened 137% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 27
Price target decreased by 8.9% to UK£2.19 Down from UK£2.41, the current price target is an average from 10 analysts. New target price is 74% above last closing price of UK£1.26. Stock is down 47% over the past year. The company is forecast to post earnings per share of UK£0.052 next year compared to a net loss per share of UK£0.17 last year. Price Target Changed • Dec 21
Price target decreased to UK£2.45 Down from UK£2.73, the current price target is an average from 10 analysts. New target price is 88% above last closing price of UK£1.30. Stock is down 46% over the past year. The company is forecast to post earnings per share of UK£0.056 next year compared to a net loss per share of UK£0.17 last year. Price Target Changed • Dec 16
Price target decreased to UK£2.56 Down from UK£2.78, the current price target is an average from 10 analysts. New target price is 81% above last closing price of UK£1.41. Stock is down 43% over the past year. The company is forecast to post earnings per share of UK£0.058 next year compared to a net loss per share of UK£0.17 last year. 
