Knutsford’s $84-million profit buoyed by removal of virus restrictions Loop Jamaica

Black Immigrant Daily News

Luxury-bus service Knutsford Express is reporting significantly improved net profits for its first quarter ended August 31, 2022, buoyed by increased passenger travel following the removal of COVID-19 restrictions both locally and internationally, the company said.

Net profits for the period stood at $84.2 million, up from $15.2 million recorded in the first quarter of its previous financial year.

“The rebound of passenger travel, the continued growth of [the] courier business and the new rental income from the Drax Hall Business Centre resulted in the improved performance over the previous year,” the company said.

Knutsford Express acquired the Drax Hall holding in 2019, a year before the pandemic hit, as a means of diversifying its income stream and investments.

Revenue also grew to $415 million, a 78.5 per cent jump over the corresponding period last year when the company posted $233 million in revenues.

Knutsford Express said it implemented a number of initiatives to drive growth over the period of review, including smarter route planning and income diversification.

Its subsidiary, KE Connect Limited, has also been repositioned to make “… a greater contribution with its focus on the charter and travel market.”

Total assets also grew from $1,314 Million to $1,523 Million or 15.9 per cent, the company said noting its investments in technology and property contributed to the growth seen for the period.

Knutsford Express expanded its courier service in 2020 amid the pandemic’s impact on its core business.

At the time, diminished fares resulted in the company posting losses of $25.1 million, making the June to August 2020 period the worst quarter in its history.

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