Half year profits up for Diamond Bus owner
Public transport group Rotala saw pre-tax profits rise in its latest half year figures.
The Tividale-headquartered group went from a £4,000 profit a year earlier to £865,000 for the six months to the end of May.
Passenger numbers remain at 90 to 95 per cent of pre-Covid levels for Rotala, which includes Diamond Bus with services in the Black Country, Shropshire, Staffordshire and Worcestershire.
Group revenue was up about 35 per cent to £52.6 million for the half year.
Rotala says that trading is in line with the board's expectations for 2022-2023.
Since May it has completed the sale of its Bolton depot for £12.7m which has helped reduce net debt to £32m.
Simon Dunn, chief executive of Rotala, said: "The group performed well in the first six months of the year. Covid-19 has changed bus travel patterns and the bus industry is co-operating closely with central and local Government to align bus services with these changes. We expect this process to continue to produce growth opportunities and I believe that the company is well placed to take advantage of any opportunities that arise."
