Rotala has released unaudited interim results for the six months to May 31, 2013.
Earnings per share were up 6% to 2.40p (2.27p in 2012). Net assets per share were also up 5% to 64p from 61p. The operator’s interim dividend was up by 10% to 0.55p per share, from 0.50p in 2012.
The firm’s earnings remained largely the same, but revenue was £26.7m, down from £28.5m in 2012 (7%). This was attributed to a fall in concessionary fare reimbursement rates, the variable element of relinquished council contracts and commercial routes being cut back or withdrawn. Gross profit rose from £4.31m to £4.37m, while profit from operations was down slightly at £1.60m (from £1.61m). Profit before tax was down £13,000 to £946k, but profit for the period attributable to the equity holders of the parent was up £44,000 to £846k.
In his Chairman’s statement, John Gunn said: “The industry remains in an extended phase of considerable change. It began when the government implemented funding cuts, directly or indirectly, after its election in 2010. I’m sure the industry will continue to undergo a searching self-examination of what it does and how it does it – Rotala is no different from any other firm.
“We’ve responded with a hard look at all our operations and taken corrective action where necessary, including withdrawal from routes. We anticipate a continuing need for the same disciplined approach for the foreseeable future, but it is to be noted that, while revenues in the first half of 2013 were down on the first half of 2012, they were up on the second half of 2012, even though the business of the group is slightly more weighted to the second half of the year.”