16th Jun 2022 11:41
Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Sells surplus leasehold property in the Queslett area of northern Birmingham for a gross cash of GBP350,000.
"In an acquisition made in 2006, the group acquired a leasehold bus depot in Queslett, which, because of its proximity to another depot of the group, was never actually used by Rotala and has been sub-let for most of the intervening period. The depot has now been sold back to the freeholder, Birmingham City Council," company explains.
It notes it carried a GBP310,000 liability on its balance sheet for the depot, so the sale will result in a profit of about GBP643,000 following costs.
Says net cash proceeds will be used to reduce its debts. Also notes its normalised pretax profit for the first half is expected to show a break even position.
Reports pretax loss for six months ended May 31, 2021 of GBP123,000.
Current stock price: 33.96 pence
12-month change: up 6.1%
By Paul McGowan; [email protected]
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