Aug 21 (Reuters) - British transport company Mobico ( NXPGF )

posted on Wednesday a 28.1% jump in its first-half

profit, and said it has initiated the sale process for its North

American school bus business in an attempt to cut debt.

The Birmingham-based company, which changed its name from

National Express to Mobico ( NXPGF ) last year, said it will launch new

debt-reduction initiatives in the second half of 2024.

The bus unit generated 1.12 billion pounds ($1.46 billion)

in revenue in 2023, while the group's net debt at the end of

June stood at 1.24 billion pounds.

Last year, Mobico ( NXPGF ) suspended its dividend and decided not to

pay an interim dividend.

The company was hit hard during the pandemic as lockdowns

restricted travel and governments had to support transport

operators.

Mobico ( NXPGF ), which operates across 12 countries, on Wednesday

logged an adjusted operating profit of 25.4 million pounds for

the six-month period ended June 30.

The company retained its forecast for an annual profit of

between 185 million pounds and 205 million pounds.

($1 = 0.7682 pounds)