Knutsford Express Services Limited at the end of its third quarter period in February saw increased revenues of $301 million — 63 per cent above the $185 million earned for the corresponding quarter last year.
The luxury bus company, which suffered significant fallouts from the novel coronavirus pandemic following sharp reductions in normal passenger volumes, said that the resumption of travel activities globally and inter-parish travel over the last few months continue to augur well for its top line growth. This, it said, has also driven nine months revenues of $774 million, up from $456 million earned in the similar period of 2021.
Profits for the company also rebounded, amounting to $37 million for the quarter and $45 million for the nine months following losses incurred in the comparative periods last year. Earnings per share during the quarter moved to $0.08 up from a loss of $0.01 while total assets grew 18.7 per cent to total $1.3 billion.
“We anticipate that while the pandemic has redefined customer behaviour, there is a vital need for humans to physically connect, reconnect and travel,” the company’s directors said in a recent report accompanying its latest unaudited financial statements.
The directors said that while the rising price of fuel was also impacting its business, there were opportunities for growth as motorists who may feel the need to park their vehicles and engage public transport services could also “have the opportunity to enjoy huge cost saving benefits in travelling across the country” on their buses.
“We view this as a great opportunity to increase ridership and revenue,” the company also said in its commentary.
The luxury coach operator, which also operates a courier services, said that its delivery side of the business was also positively aiding the recovery. Activities across its growing number of courier service lockers, along with its Drax Hall superhub in St Ann, are expected to further fuel growth for the company.
The company’s management said that owing to good take-up and forward commitments at the commercial facility, full tenancy was expected by the end of its current financial year. The 25,000 square feet complex comprises a company base along with 15 store fronts of rentable space expected to house businesses including a pharmacy, water store and restaurants among other enterprises.
“We are essentially a company that is synonymous with passenger travel and the movement of packages. We will align our strategy accordingly to maximise growth,” the company said.
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