Knutsford Express Q2 revenues hit $500 million

Knutsford Express Ltd's revenue surpassed the $500 million mark in the November quarter of 2024 as the company prepares for higher arrivals with the completion of the US General Elections, often seen as a travel deterrent.

“Looking ahead, we anticipate a rebound in travel demand as headwinds from the recent US election cycle and associated travel advisories subside,” the company stated. Knutsford Express remains committed to delivering long-term value for all stakeholders through prudent management and continued innovation.

The second quarter ending November 30 reflected stable demand for the company's core services. Revenue for the period increased by 5.7 per cent to $500 million, compared to $473 million a year earlier. This growth was driven by increased passenger volumes across all routes. For the six-months, revenue rose 8.8 per cent to $1 billion, up from $965 million in the comparative period.

“Continued investments in our coach fleet have enabled us to meet growing customer demand and position the company for sustained growth,” management stated in the preface to the financials.

The company’s courier service also remains a strong contributor, providing dependable package delivery seven days a week. Knutsford Express is actively focused on expanding into convenient courier locations and improving service processes to better serve customers.

Despite contributions from rental income at the Drax Hall Business Centre and café operations, net profit for the quarter declined by 26 per cent to $53 million, compared to $71.7 million in the prior year.

A reduction in tourist passenger ridership and operating expenses associated with the refurbishing of depots affected net earnings for the quarter under review. Earnings per share for the six months ended November 30, 2024, stood at $0.24.

Total assets grew 12.5 per cent to $2.0 billion as of November 30, 2024, up from $1.8 billion a year earlier, reflecting ongoing investments in expanding the coach fleet and other operational resources. Equity totalled $1.35 billion, up from $1.15 billion a year earlier.