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Knutsford Express operates from Montego Bay, connecting locals and visitors to major tourist and travel destinations.
The bus transportation company, Knutsford Express Ltd, reported a profit of $66 million for its first-August quarter of 2024, or one-fifth less than the previous year.
Revenue for the quarter totalled $550 million, marking a 12 per cent increase from the previous year.
However, administrative expenses rose by 18 per cent to $451 million, eating into the revenue gains. “Net profit was impacted by additional staff expenses in the quarter, as we focus on further enhancing our customer experience,” stated the company.
Knutsford Express operates from Montego Bay, connecting locals and visitors to major tourist and travel destinations. CEO and founder Oliver Townsend developed the idea for the business during his weekly commutes between Montego Bay and Kingston while studying for an MBA. The company found the proverbial Goldilocks gap in the market. The existing bus services were affordable but too informal and chaotic, while air travel was comfortable but too expensive. The business quickly took off and was listed on the Jamaica Stock Exchange Junior Market in January 2014.
The company is now worth $2.1 billion in total assets, up from $1.85 billion in the previous year. The growth arose from the addition of five new buses to meet higher commuter demand.
“As we realize the benefits of our investments in our Knutsford Express Business Centre in Drax Hall, St Ann, and recognise the expansion of business generally in this area now known as greater Ocho Rios, we expect further growth from this location,” the company stated.
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