6th May 2021 15:13
Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Reports revenue of GBP78.1 million for financial year ended November 30, up from GBP67.5 million the year before. However, swings to pretax loss of GBP4.8 million from profit of GBP2.6 million after taking GBP4.0 million in exceptional items, more than double GBP1.8 million booked a year ago. The exceptional items charge largely brought about by pandemic, it says.
Was trading in line with budget and on course to achieve "best ever" annual results up until pandemic triggered first of several lockdowns of the year. Covid-19 saw restrictions on travel imposed, with passenger loadings falling to under 15% of expected levels on a like-for-like basis at the beginning of the pandemic.
"The provisions of CBSSG Restart and the associated UK Government support measures have been designed to ensure that the Group makes neither a profit nor a loss at the normalised level for as long as this package of measures is in place. Therefore any financial results for the year ending 30 November 2021 must be expected to conform to these restrictions unless and until CBSSG and its associated measures are terminated," company says.
However, adds that it is "very well placed" to take advantage of the opportunities which are likely to occur for both organic growth and acquisitions.
Current stock price: 32.00 pence
Year-to-date change: up 19%
By Lucy Heming;Â [email protected]
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