Knutsford Express posts 59 per cent increase in revenue
Montego Bay-based Knutsford Express Services, announced at its recent annual general meeting (AGM), that following its strong performance in the financial year ending May 31, the company has expanded its routes and will be investing in additional luxury coaches.
Based on the financial statements unveiled, Knutsford Express's total assets have expanded by 60.7 per cent, moving up to $214 million from $133 million. Revenue grew 59 per cent, moving from the previous year's $203 million to $323 million from $203 million.
"We are totally customer focused and as a result, we responded to the travelling market's needs by extending our services along Jamaica's south coast, and despite starting these routes from scratch, have managed to realise positive contribution," said chairman of Knutsford Express, Gordon Townsend.
In the period in question, the company's working capital increased by 137 per cent to $83.4 million from $30 million and accumulated surplus has grown to $160 million from $80.4 million.
"We are pleased that even with the addition of new routes and in the environment of rising fuel prices we were still able to contain fuel costs to 19.5 per cent of revenue." said Oliver Townsend, chief executive officer of Knutsford Express Services Limited. "Net profit improved by 43 per cent from $35 million in 2013 to $50 million in the current financial year."
While the company's operation focus remains on operational efficiencies and customer satisfaction, expansion is also integral to the company's plans.
"We will continue to grow our fleet of modern luxury coaches and continue to offer islandwide passenger and courier services, which contributed to boosting revenues over the last year" said Anthony Copeland, executive director.
- Adrian Frater