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Rotala forecasts flat performance amid government support for bus sector
StockMarketWire.com
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Bus operator Rotala said it expected to report a flat result for the full year as a drop in demand due to the Covid-19 pandemic was buffered by support from the UK government.
Rotala noted the support measures were designed to ensure that the company made neither a profit nor a loss at the normalised level for the second half of the year.
'Therefore, the company's results for the 2020 financial year are likely to be broadly the same at the normalised level as the first-half results,' it said.
'A further announcement on the group's current trading and prospects will be made following the company's year-end and this is expected to be released in mid-January 2021.'
Rotala said passenger numbers rose steadily throughout the summer months and, prior to the re-imposition of lockdown restrictions in England, which became effective on 5 November, reached a peak of about 60% of levels seen in the same period last year.
The commencement of the renewed lockdown phase earlier this month had reduced passenger volumes once again to about 45% of pre-Covid-19 levels.
Cash flow had been positive since the beginning of May and was expected to remain so for the foreseeable future, Rotala said.
At 9:19am: (LON:ROL) Rotala PLC share price was 0p at 22.5p
Story provided by StockMarketWire.com
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