22 Jan 2014 07:00
22 January 2014
Rotala plc
("Rotala" or "the Company" or "the Group")
Pre-close trading statement
Rotala is pleased to announce the following update on trading for the year ended 30 November 2013 and prospects for the current year ending 30 November 2014.
Pre-tax profits, on a similar level of turnover, were modestly ahead of 2012 and were broadly in line with management expectations. Operating cash flow was strong, and whilst net debt increased slightly to £19.9m, this was after spending £3.8m on acquisitions. The ratio of net debt to EBITDA, which stood at just under 3 times at the end of the year, is expected to decrease to about 2.5 times for 2014. Trading for the current year has begun in line with budget.
More recently advantage has been taken of stable oil prices and the strength of Sterling to extend the fixes on the price of fuel to approximately 95% of the Company's anticipated requirements out to April 2015 and 70% of its requirements in the remainder of 2015. The price achieved is a little below that used for current budgets and forecasts and gives management considerable certainty over one of the Company's major costs for the next two years.
John Gunn, Chairman said:
"The bus industry continues to be volatile and in a state of some change. In this light, we believe that the Company produced an acceptable performance in 2013. The current financial year has started reasonably and we look forward to releasing our final results for FY 2013 in March 2014."
For further information please contact:
Rotala Plc | |
John Gunn, Chairman | 020 7602 7500 |
Simon Dunn, Chief Executive | 07825 808 525 |
Kim Taylor, Group Finance Director | 07825 808 529 |
Numis Securities Limited | 020 7260 1000 |
David Poutney (Corporate Broker); Richard Thomas (Nominated Adviser) |