Rotala PLC (LON:ROL), the UK bus operator, saw revenues rise 8% and underlying profits jump by 18% in the year to end November.
John Gunn, chairman, said that before the onset of coronavirus the company had been making good progress, but it was now operating in' extraordinary times'.
Bus services are regarded by the government as an essential service, he said, and steps have been taken to ensure that bus companies have sufficient cash flow to support the operations that they are running.
In addition, Rotala has taken action on many fronts to align the bus services being operated with local requirements, reduce commensurately the costs of operation and conserve cash, added Gunn.
That has meant the proposed final dividend for the year of 1.95p per share being cancelled.
Revenues for the group for the year to November 2019 were £67.5mln with pre-tax profits up 4% to £4.42mln.
Gunn added that looking beyond coronavirus, the government’s large-scale investment in bus transport heralds a new era in the industry after a difficult ten year period.
In order to prosper in these conditions, bus companies will need to possess strong and experienced management such as Rotala’s.
“Furthermore we do not see any let-up in the potential for divestment and acquisition activity in the bus market in the next few years.
“We believe we are very well positioned to take full advantage of all these developments.”