2nd Jun 2014 09:29
LONDON (Alliance News) - Transport operator Rotala PLC Monday said it had reached a settlement of a claim it had taken out against National Express Ltd in the wake of the loss of two routes it used to operate on behalf of the coach, bus and train operator.
When Rotala put out the results for its last financial year back in April, it had blamed an 8.5% decline in contracted services revenue almost entirely on the loss of the National Express routes. At that time, it said it thought National Express had breached their contract and it had therefore started legal proceedings to recover its losses.
Its contracted services revenue fell to GBP20.6 million in the year to November 30, from GBP22.5 million a year earlier. It also wrote off GBP364,000 for the legal action, which it said formed part of its claim.
In its statement Monday, bus, coach and transport management company Rotala said its settlement was full and final, though it didn't give any details.
Rotala shares last traded at 52.75 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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